I will be going over the basics of a Traditional refinance or a Rate and Term Refinance. I will give you an understanding of the importance of an appraisal waiver versus doing an appraisal. We will go over the differences between FHA, VA and conventional loans. Review credit scores and the difference between online credit score companies and our credit report. We will also go over the benefits of doing a traditional refinance.
I'm going over the basics of a cash out refinance so you understand what your getting into before you get into it. The appraisal is a big deal for a cash out refinance because it tells you how much cash out you can get. Most people do cash out refinances using FHA, VA and conventional loans, but other options are available. The benefits of a cash out for debt consolidation give people a fresh start. they can also be used for home improvements, buying a car, paying for college, or whatever you need it for.
I found a Condo complex in which people cant get a loan to buy or refinance a home there. The Vista Grande Condo Complex in Lakewood CO has completely screwed up and made it impossible for any of the residents to sell their homes. This is the law of unintended consequences. I doubt the Vista Grande townhouse HOA knew what they were doing, but its done and it needs to be made right. If you live in this complex, the value of your homes just dropped by $50 to $100,000 dollars.
1st time home buyers usually ask me about the difference between FHA and Conventional loans. This is a short description of some of the main points that make them different. Those are not the only differences so contact a seasoned mortgage professional with any additional questions.
Why is my credit score so low? What am I doing wrong? Episode 1 You make all your payments on time but your credit score is still low. For people that want to buy a home I help them improve their credit scores with a few suggestions.
Darrell Schwandt with Key Mortgage Experts and Buddy The Dog will be doing a tutorial on how to calculate the maximum mortgage payment you qualify for. The video will go through tips and explain how to calculate your income and liabilities so that you can determine the maximum mortgage payment. Once done you can decide if that is too much or not enough to buy your dream home.
VA loans are mortgages guaranteed by the Department of Veteran Affairs. These loans offer military veterans exceptional benefits, including low interest rates and no ...
