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Mortgage Cycling Revealed : Brought to you by – The Ultimate, Super, Fantastic, Mortgage…Resource
Sep 11th
Mortgage Cycling Revealed : Brought to you by – The Ultimate, Super, Fantastic, Mortgage…Resource
Brought to you by: L.W. Seals
Mortgage tips, secrets, advice, etc.
- MORTGAGE CYCLING **Bookmark this page**
L.W. Seals here,
Todayâs topic: MORTGAGE CYCLING
How are you this evening?â¦Great, great! Happy to hear that, happy to hear that. Welcome to our show. You know, everyone is getting ready for the 4th of July weekend, and all types of crazy stuff is going on. Little kids are strapping firecrackers onto the backs of stray animals; fires are sparking up all over the country. The temperature was about 97 degrees today. Itâs a little bit wild⦠We still haveânt purchased any fireworks yet, but we should have one of those mega-family fun packs by the end of the night.
Anyway, today we have a great show for you. On the Ultimate, Super, Fantastic, Mortgageâ¦Resource Site! I had someone ask what Mortgage cycling was. So I want to discuss some aspects of âMortgage Cycling Revealedâ. It explains how to quickly build equity in your home, and pay it off within 10 years or less, all without making biweekly mortgage payments. This would be a pretty cool thing to do right? First off, you pay down your mortgage a lot faster than originally planned. Once your house is payed off, that does mean less stress right? Not to mention more spending money from the equity that youâve built. Who knows, maybe you can use that extra money to add on to your existing home, pay for your childâs college tuition, go on your dream vacation around the world, or maybe even purchase a second property! Itâs your money, do what you want with it.
To our previous caller, some of the things I really like about âMortgage Cycling Revealedâ, is that you get bonuses like the mortgage Cycling Calculator, a guide so that youâll know âWhich Loan is Right For Me?â, Specialty Mortgage Products, âYour Mortgage Checklistâ, and learn how to âCancel Your Private Mortgage Insuranceâ.
As far as this mortgage cycling goes, we know some of you may say, â What about the economy? Things may not look so good in the futureâ. It really doesânt matter when you use a system that works no matter what shape the economy is in. Some of you may live in certain areas that you are not so sure of, or worry about the type of mortgage you are tied into. It doesnât matter where you live or what type of mortgage you have. Some people donât know anything, or very little about mortgages. But it doesânt make a difference how much you know or donât know about mortgages.
Mortgage Cycling Tip:
If youâre looking to pay down your home in a fraction of the time and have the extra cash to spare, why wouldânt you save $$$ on the interest charges of your home? Some say itâs riskyâ¦anything is when you donât go about it the right way. Learn the facts, and take advantage of the benefits. Knowledge is power.
(interrupted by short commercial) For up to date info. and more tips, strategies, secrets, or stories, please visit The Ultimate, Super, Fantastic, Mortgageâ¦Resource Site! for full details:
http://ultimatemortgagetips.blogspot.com
Uh, oh! Thereâs a knock at the doorâ¦Gotta go! Hope to see you soon.
read more: Blog4Mortgage.com
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Getting a Maine Mortgage: The New Process
Sep 1st
Getting a Maine Mortgage: The New Process
Nowadays in this market, it is actually more essential than ever before to have a professional assist you in your hunt for a Maine Mortgage. The days of “Everyone is Approved” are over, and these are the times of “Even in the event you qualify, may very well not”! I had an underwriter let me know just the other day that despite the fact that you qualify for a mortgage, meeting every one of the guidelines, you might still not qualify. What?!? What do i mean?
I thought it was as simple as Applying, Qualifying and Closing?
Not anymore¦.welcome to the new Maine Mortgage Industry, where we are bailing out the mistakes of Wall Street, along with the major mortgage companies for the ridiculous mortgages they made. The best one was 100% NINA along with a 660 Consumer credit rating. NINA stood for (it obviously no longer exists) No Income, No Assets! Really, they really gave someone a Maine Mortgage without any income, with no assets and with no money down? Yes, and because of it, we are paying for it now. I’ll explain what the underwriter I mentioned above meant. Up to now, the process went something like this:
Qualify the borrower, take application, submit it to an automated decision engine, and close the loan.
There are automated decision engines that analyse if the loan quality meets the mortgage programs standards. These are called DU and LP. In past times, any time you had a DU Approve/Eligible or an LP Accept, you were approved for a Maine Mortgage. All the underwriter did was assess the documents to determine if they matched up to what was submitted to the engine. Now, it’s different. We still have DU and LP, and we still must submit the loans to them and get an Approve/Eligible or an Accept “but now there is much more to it than simply the approval. Due to the Mortgage crisis, the lenders have grown to be considerably stricter. Not only must you have an approval, but, the credit score, and also credit profile will have to be good. Let’s say you have a 645 credit score, and your loan received an Approve/Eligible. The underwriter will review your credit history, and if there are too many late payments, or a habit of shoddy credit, they are able to still decline your loan. Ah, that’s what she meant. That’s a change from 3-4 years ago.
This is the reason you’ll need a professional Maine Mortgage Broker/Lender to help you!
You want one who now’s the particulars of the approval process. You want someone who will allow you to make the correct decision for you and you future. You may be thinking you’re ready to get a Maine mortgage now, but you may not be. The purchase of a home is quite possibly the biggest and most important decision you’ll ever make. Why buy a house now, and foreclose in two years time, as it was not a good situation in your case? Good Mortgage decisions are more important now than in the past.
Get all theinside information you need about a Maine Mortgage. A home loan very well may be the most important financial decision of your life, so get the tools you need to succeed. Check me out at http://travispenny.com/mainemortgage/
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