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Fort Jackson SC 7 Things You Should NOT Do When Applying For A Home Loan

This is a list of things to steer clear of when you are seeking to obtain financing for a home. The following items may prove to be a detriment when you wish to move forward with the loan process.

1. Don’t buy or lease an auto!  Lenders look carefully at your debt-to-income ratio. A large payment such as a car lease or purchase can greatly impact those ratios and prevent you from qualifying for a home loan.
2. Don’t move assets from one bank account to another!  These transfers show up as new deposits and complicate the application process, as you must then disclose and document the source of funds for each new account. The lender can verify each account as it currently exists. You can consolidate your accounts later if you need to.
3. Don’t change jobs!  A new job may involve a probation period, which must be satisfied before income from the new job can be considered for qualifying purposes.
4. Don’t buy new furniture or major appliances for your new home!  If the new purchases increase the amount of debt you are responsible for on a monthly basis, there is the possibility this may disqualify you from getting the loan, or cut down on the available funds you need to meet closing costs.
5. Don’t run a TRW report on yourself!   This will show as an inquiry on your lenders credit report. Inquiries must be explained in writing.
6. Don’t attempt to consolidate bills before speaking with your lender!  The lender can advise you if this needs to be done.
7. Don’t pack or ship information needed for the loan application!  Important paperwork such as W-2 forms, divorce decrees, and tax returns should not be sent with your household goods. Duplicate copies take weeks to obtain, and could stall the closing date on your transaction.

I hope you have enjoyed this special report. We currently have over 40 creative loan programs to fit your needs. Please contact us at 803-454-3418 to set up your FREE No-Obligation consultation where we will meet to tailor a program to fit your needs and comfort levels for monthly payment and investment.

Columbia SC VA Mortgage Loans, Columbia SC – Bill Oliver, a VA Loan Specialist. Cendera Funding is ready to serve your mortgage needs in Columbia, Forest Acres, Lexington, West Columbia, and Irmo South Carolina. Our experienced loan officers have all the right tools to make sure that you get the right mortgage loan for your short and long term financial needs. We strive to exceed your expectations on every transaction. (803) 719-5072 or (803) 454-3418

Columbia SC Mortgage Loans FREE REPORTS when looking for Mortgage Loan. 7 Things You Should NOT Do When Applying For A Home Loan,  Top Questions You Must Ask Before Applying for a Mortgage How to Finally Stop Renting And Own A Home Of Your Own,  Important Terms You Must Know Before Obtaining A Mortgage,  Checklist of Items Lenders Need To Approve Your Loan Application, 12 Secrets To Lowering Your Homeowner Insurance Cost Your Agent Doesn’t Want You To Know, Money & Time Saving Tips For Successful Move, Tested and Proven Strategies For Building A Better Credit Record Faster and Easier, 3 Quick Tips For Repairing Your Credit Report, and The Dangers of Identity Theft and How to Protect Yourself! as well as VA Eligibility Requirements, and VA Rates

Columbia SC Mortgage Tax Credit

First Time Homebuyer- The $8,000 First Time Homebuyer Tax Credit from the U.S. Government has been extended! But before you wait too long- this tax credit is scheduled to go away April 30, 2010- so time is of the essence in getting pre-approved for your financing, being referred to a Realtor, and finding your new home. Rates are also near record lows and so are home prices- if you are not a homeowner right now you should call right away to take advantage of this unique opportunity. You do not ever have to repay this First Time Homebuyer Tax Credit- and you can use it for whatever you like (home improvements, savings, furniture, paying off existing debt, etc.).

Move Up Buyer- Congress approved an addition to the First Time Homebuyer Tax Credit with this most recent extension and now allows up to $6500 in a tax credit for those who buy and close on a home of higher value than what they currently or recently have owned. Time is also of the essence for this program as it is also scheduled to expire April 30th. If you are looking to sell your existing home- call the Bill Oliver’ team and they will arrange for a complimentary property valuation analysis and professional counseling on the listing of the sale of your home. Due to the First Time Homebuyer Tax Credit mentioned above- there is good demand for buyers of homes on the lower end- which might still allow you to sell your home if you price it properly.

Refinancing opportunities still exist. If you have an adjustable rate mortgage or a fixed rate mortgage with over a 6% interest rate- you should immediately complete the attached Mortgage Fitness Check Up for a complimentary analysis to see can save you money. In many instances, by structuring the loan properly, may even be able to help you skip up to two monthly payments to recover your closing costs.

Cash Out or Debt Consolidation loans- If you have consumer debt that is not secured by your home and have equity in your home- you should complete a Mortgage Fitness Check Up to see if a debt consolidation or cash out loan would provide you financial benefits. Basically, if we have debt- we want to have it against our home so that it is tax deductible. Generally, home loans are also at much lower interest rates and more favorable payments. You may also want to consider a cash out refinance for home improvements.

Columbia SC VA Mortgage Loans, Columbia SC – Bill Oliver, a VA Loan Specialist. Cendera Funding is ready to serve your mortgage needs in Columbia, Forest Acres, Lexington, West Columbia, and Irmo South Carolina. Our experienced loan officers have all the right tools to make sure that you get the right mortgage loan for your short and long term financial needs. We strive to exceed your expectations on every transaction. (803) 719-5072 or (803) 454-3418

Columbia SC Mortgage Loans FREE REPORTS when looking for Mortgage Loan. 7 Things You Should NOT Do When Applying For A Home Loan,  Top Questions You Must Ask Before Applying for a Mortgage How to Finally Stop Renting And Own A Home Of Your Own,  Important Terms You Must Know Before Obtaining A Mortgage,  Checklist of Items Lenders Need To Approve Your Loan Application, 12 Secrets To Lowering Your Homeowner Insurance Cost Your Agent Doesn’t Want You To Know, Money & Time Saving Tips For Successful Move, Tested and Proven Strategies For Building A Better Credit Record Faster and Easier, 3 Quick Tips For Repairing Your Credit Report, and The Dangers of Identity Theft and How to Protect Yourself! as well as VA Eligibility Requirements, and VA Rates.

Columbia, SC Veteran Learns the Truth About VA Loans

A client that was referred to me was just plainly TAKEN ADVANTAGE OF and it made me so angry.

He was just the Average Joe. He is retired Army and now lives on Lake Murray in Columbia, SC . Many Veterans retire in Columbia, SC because of being close to the Lake Murray plus the advantage of living in a City with a Military Base, Fort Jackson.  Since, he retired he has worked as a Postal Carrier.  I remember the first time I met him. His shirt was soaking wet from sweat. He said that he just finish walking his postal route which is 8 miles long. I can not image walking 8 miles a day.

This client was referred to me by a Financial Planner that thought he should get a second opinion. He had gone online to get his mortgage refinanced.  He was advised by the online mortgage company to get to an FHA mortgage loan with a rate 5% costing him 2 points. The Internet Mortgage Company asked for a credit card number and they ordered an appraisal before anything else would happen. That was $385!  Also, with an FHA loan, he is required to pay a Mortgage Insurance Premium (1.5%) which is financed in the loan and pay a monthly Mortgage Insurance payment.  The total closing cost he was quoted was $13,000! He was ok with that! He did not think anything was wrong. He just wanted a better rate.

After speaking with him for just 5 minutes, I learned two very important points. One, he currently had a VA mortgage loan and two, he was disabled. Why is having a current VA mortgage important? Well, you are able to refinance your current VA loan with a VA Interest Rate Reducation Loan where there  are very few closing cost.  One of them being the appraisal.  Two, why was it  important to know that he was disabled? Since, he was disabled, he was not required to pay VA Mortgage Insurance Premium which would have been 1.5%.  Bottom Line: He got a 5% rate with zero points and his closing cost was $3600 compared to $13,000.

If you currently have VA loan, ask about your VA mortgage loan options first! Don’t  let this happen to you!

Columbia SC VA Mortgage Loans, Columbia SC – Bill Oliver, a VA Loan Specialist. Crescent Moon Mortgage is ready to serve your mortgage needs in Columbia, Forest Acres, Lexington, West Columbia, and Irmo South Carolina. Our experienced loan officers have all the right tools to make sure that you get the right mortgage loan for your short and long term financial needs. We strive to exceed your expectations on every transaction. (803) 719-5072 or (803) 454-3418

Columbia SC Mortgage Loans FREE REPORTS when looking for Mortgage Loan. 7 Things You Should NOT Do When Applying For A Home Loan,  Top Questions You Must Ask Before Applying for a Mortgage How to Finally Stop Renting And Own A Home Of Your Own,  Important Terms You Must Know Before Obtaining A Mortgage,  Checklist of Items Lenders Need To Approve Your Loan Application, 12 Secrets To Lowering Your Homeowner Insurance Cost Your Agent Doesn’t Want You To Know, Money & Time Saving Tips For Successful Move, Tested and Proven Strategies For Building A Better Credit Record Faster and Easier, 3 Quick Tips For Repairing Your Credit Report, and The Dangers of Identity Theft and How to Protect Yourself! as well as VA Eligibility Requirements, and VA Rates.