Attention everyone:  The President announced today that it is time to refinance because interest rates are low and we are on the road to an economic recovery. So call up your local Irvine Mortgage broker and find out how much refinancing will cost, then figure out how much reduction in payment you will receive each month. This will be your rate of return for the money you spent to obtain an Irvine refinance. Please remember that we are available to look over your Good Faith Estimate to be sure you are getting the best Irvine Home mortgage possible. As always, our services are FREE.

When you are ready to find a mortgage either for a refinance or a new home purchase, be sure to research all the different loan programs. Even if you have damaged credit, you may still qualify for a mortgage. However, if you have excellent credit, then you are in the perfect position to have the best loan programs available to you. These are a few of the loan options available to people with good credit scores.
Loans that do not require verification of your income are call “stated income loans”. This type of loan is for people whose wages may change from month to month such as those who work on commission or work as an independent contractor.  Often times, people get turned down for these types of loans because they are either working with an inexperienced loan officer or banker. So you may need to tell the person whom you are working with to seek a stated income mortgage on your behalf.
The stated income loan is suited for people who have an excellent credit score, but do not meet the requirements set forth by the lender for income verification.  A classic example would be a bartender who does not claim all of his cash tips on his W-2. He might earn more than enough to qualify for the mortgage, but there is no way for him to prove this to the bank.  Most of the time, the interest rate on this loan is slightly higher than a conforming loan, and this is when a good credit score comes in handy.
For this type of loan, only verbal verification of employment is conducted by the lender prior to closing or a written verification is used in its place.  The main requirement of this loan is for the person’s stated income to be in line with this job title and to have verifiable money in the bank. The lender will ask if the job title fits the standards for the stated income. To find out, the lender will use Salary.com.  The lender will send a form to be verified by the bank for the amount in all accounts.
The other loan program deals with people with a good credit score but not enough funds in the bank or the funds has not seasoned yet - meaning it was recently deposited.  Another reason someone might need this loan is a requirement to have money after all the cost associated with the home purchase or refinance is paid for.  This is called a “reserve”.  This might be the case with some people and the stated asset loan is perfect for them.  As with the stated income loan, this loan only requires you state the value of your assets.
If these types of mortgages seem like an attempt to mislead the lender, they are not. The lender realizes the additional risk factors associated with these loans and will charge a slightly higher interest rate for it. In this way, the lender is making up for the loose requirements.
It is important to realize a good credit rating can be used in the negotiation of your interest rate and closing costs.  There are unscrupulous loan officers out there who will not mention this benefit to you in hope of collecting a higher commission.
Even with a savings of 1/10th of one percent can result to a huge savings over the term of the loan. So use your negotiation skills wisely and use your good credit score as a bargaining chip.

Unless you have been living in a cave these past few months, you know that we are in the middle of an economic crisis. And with a crisis of this magnitude, many unavoidable things will happen. People will lose their jobs, be forced to take an early retirement, or experience a reduction in hours. And to make matters worse, our cost of living have gone up in the past year due to ever-growing energy prices.  All of these factors combined have resulted in the falling behind of payments on credit cards, auto loans, and mortgages.  But the government is stepping in to try to alleviate the squeeze a bit by requiring lenders to work with homeowners so these hardworking people can continue to afford their house payments.
Without these loan modifications, people will be forced to seek the protection of bankruptcy courts to protect their homes from creditors because many feel this is their only option.
By doing a mortgage modification, the lender will agree to a reduction in monthly payments and/or current balance due. This is based on the belief that the alternative for the lenders would be to deal with more foreclosures and the continuation of fallling real estate prices.
As you are aware, when it comes to dealing with lenders, there are subjects upon which you must educate yourself with regard to the modification of your home loan.
By knowing the procedures and guidelines set forth by these lenders to approve or denial a modification request, you will have armed yourself with extra ammunition and increased your chances of success.
Remember that you will only be able to do this once; therefore, you must make all efforts to get the best deal possible.  While your goal is to reduce monthly payments and current balance, you must be conscious of the lender’s expectations and limits so that you are not asking for the impossible.
Educating yourself about mortgage modification will result in saving hundreds and possibly thousands of dollars that would otherwise be paid to a consultant.