My wife and I are looking at buying our first home. We don't have the best credit but it's by far not the worst either and we do have the money to payoff any past due accounts on our credit reports. What we need to know is what do we do first? Do we pay everything off first or approach a lender first and let them tell us what we need to payoff
Right now, the most important thing is to know what your credit score is and then determine what, if anything, needs to be paid in order to qualify for the loan. For example, if the past due accounts are medical it may not be something you need to pay off in order to qualify. I would be happy to run a credit...

how do i get a home loan with no credit
Establishing a credit history can often be difficult especially for young people. First, we would need to make sure you have "no credit history" and if that is the case, then we can take a look at some options to help you build a credit history in order to qualify for a mortgage loan. My name is...

Is it true that buyers now can select their escrow and title companies? If so, should we pick it ourselves or leave it still to our realtor to recommend?
Yes, the buyer does have the right to choose an escrow and title company. The seller also has the right to choose one for themselves, and NO they don't have to be the same company. Having had 12 years of experience as an Escrow Officer at a title company, I can tell you that the closing process does tend...

Need advice - trying to get pre-approved but am in a strange situation
First, let me say being "pre-approved" and "pre-qualified" are two different things. There's no need for you to wait until the in-laws refinance before you can seek a pre-approval. Just let your loan officer know up front that your in-laws are in the process of...

15-yr vs 30-yr
As far as the numbers go, a 15 year loan is going to save you a considerable amount of interest verses a 30 year loan. Of course, it all depends on your situation and which payment best fits your comfortability level. If you choose the 15 year loan, your going to see a huge savings over the life of the loan, but...

How long will the rates remain this low? My option ARM expires in a few months. can i still ride it out?
Although there is no way to know for sure, it's a pretty good assumption based on the mortgage backed securities that the interest rate will start to rise. I would suggest beginning to explore your options of refinancing to a fixed rate by contacting a lender to review your current loan. Depending...

If we have 20% equity in our home, can we still get a HELOC? if so, what would be the rate?
You should be able to find a local lender offering a HELOC program allowing you a 10% loan on the equity. The interest rate will be higher on the HELOC, so you may also want to discuss a cash-out refinance and look at the over-all picture based on how long your expecting to repay the loan because the...

Is comparing Good Faith Estimates between 2 lenders the best possible way to compare 2 loans? if so, what should I be looking for?
The Good Faith Estimate would be the best way to compare a loan between 2 lenders, so long as both lenders are using the same loan scenerio. For instance, if you are looking for a 30 year fixed rate FHA loan, then make sure both lenders have quoted their good faith estimates using the same loan program, the...

Is it possible for someone with damaged credit to own a home?
Actually, the credit score is the first factor in determining your ability to obtain a mortgage loan, it's now at a minimum of 620 for qualifying. However, the USDA program doesn't require a minimum credit score, but you'll need to check with a lender in your area to see if they have an...

Can I qualify for an FHA loan with a state tax lien?
You can still qualify for the loan, however, the lien will have to be paid in full prior to closing the loan.

My ARM is resetting, I have equity and good credit, should I refinace?
Depending on the type of ARM you have it could adjust every 6 months or every year. Basically, your current rate of 5.25% is about what the new fixed rate would be if you decided to refinance now. The Note you signed at closing should have an ARM Rider attached to it. Be sure to review this document so you...

Do you refinance manufacture mobile homes? yr 1995.
Sorry we don't; however, I've heard US Bank provides financing for double wide mobile homes. Hope this helps!

Can We Get A Loan?
We require a minimum of 640 credit score for loan approval. You could have your father purchase the home in his name only - keep in mind if he already owns a home, this home would be considered a second home and the interest rate will be slightly higher than the interest rate given on primary residences. ...