If you’re self-employed and applying for a home loan, you may have heard that it is next to impossible to secure one. But fear not, the idea that self-employed people aren’t eligible for home loans is a common misconception.
The U.S. Bureau of Labor Statistics estimates that roughly 14 million people in the United States are self-employed. These people, like you, are hardworking individuals who need to buy homes and cars and secure lines of credit. The truth is, you’re as apt to get a mortgage as a traditional W2 employee. The second truth is, since you can’t produce the same documentation as “traditional employees,” you may have to provide a little more documentation to secure the same loan. Read more
https://www.midoregonlending.com/wp-content/uploads/2016/06/Getting-a-Home-Loan-when-Youre-Self-Employed.jpg334500Mid Oregon Lendinghttps://www.midoregonlending.com/wp-content/uploads/2014/08/midorlogo.jpgMid Oregon Lending2016-06-09 21:04:522016-06-09 21:05:24How to Get a Home Loan When You Are Self-Employed
Applying for a home loan can be confusing and nerve-wracking for anyone, especially first-time home buyers. You work hard and go through a gamut of emotions just to find your dream home, and then comes the part where you have to complete the financing process! One of the most basic concepts home buyers need to grasp is the different types of loans available to them. In this post, we’ll cover the basics about a conventional mortgage.
Part 1: What is a Conventional Mortgage?
When you apply for a home loan you have several of different products available to choose from, but the most common are conventional loans or government insured loans. Government insured loans, such as VA, FHA, AND USDA loans, are insured by agencies within the federal government. Conventional loans, on the other hand, are Underwritten to the guidelines of Fannie Mae (the federal national mortgage association or FNMA) or Freddie Mac (the federal home loan mortgage corporation, or FHLMC) who provide the backbone for the secondary mortgage market. Fannie Mae and Freddie Mac purchase loans from primary lenders to help them fill their coffers and make more home loans to consumers. Conventional loans, on the other hand, are insured through private companies.
Conventional mortgage loans meet Fannie Mae and Freddie Mac guidelines for the size of the loan and your personal financial situation. Conventional mortgages are attractive to most borrowers because they often feature more attractive terms than jumbo or government insured loans.
Conventional Mortgage Rates
Conventional home loans are available in both fixed or adjustable rate options. A “fixed-rate” mortgage refers to a product that offers an interest rate that won’t change for the life of your loan. This is a great option people who plan on living in their home for many years and want to know exactly what their monthly payments will be for the duration of the loan. Read more
https://www.midoregonlending.com/wp-content/uploads/2016/05/What-You-Need-to-Know-about-a-Conventional-Mortgage.jpg240500Mid Oregon Lendinghttps://www.midoregonlending.com/wp-content/uploads/2014/08/midorlogo.jpgMid Oregon Lending2016-05-18 18:43:392016-05-18 19:07:47What You Need to Know about a Conventional Mortgage
Navigating the home loan process is not particularly difficult when you are paired with a skilled loan officer. However the process can be tedious. With a little knowledge of the process and common issues to avoid you can improve your mortgage loan experience.
3 Steps to Getting a Home Loan
Step 1: Meet with a loan officer to get pre-qualified.
The loan process starts with a meeting with a loan officer to properly review your financial picture and qualify you into the optimal loan program. For pre-qualification 3 areas are reviewed:
https://www.midoregonlending.com/wp-content/uploads/2015/05/home-loan-approval.jpg287417Mike Martinhttps://www.midoregonlending.com/wp-content/uploads/2014/08/midorlogo.jpgMike Martin2015-07-03 06:08:202015-06-30 17:39:393 Steps to Getting a Home Loan & Mistakes to Avoid
The following case studies or rapid credit score increases are based on real scenarios. Identifying information has been removed to maintain privacy. Numbers and dates have been adjusted in order to further preserve privacy. All numbers and timelines are very accurate for a situation and have not been exaggerated. Terms for the below scenarios were accurate at the time each scenario occurred. Mortgage guidelines, pricing and policies constantly change and the below scenarios may no longer be valid.
Case 1:
$3595 credit card payment results in a $5000 benefit plus a balance reduction of $3595 for no net cost to the applicant. Read more
https://www.midoregonlending.com/wp-content/uploads/2015/05/rapidly-improve-credit-score.jpg333360Mike Martinhttps://www.midoregonlending.com/wp-content/uploads/2014/08/midorlogo.jpgMike Martin2015-05-29 05:01:342015-06-30 17:39:51Rapid Credit Score Increases – Real Case Studies
If you need to raise your credit score fast, don’t lose heart – it’s possible.
Credit card balances have a significant impact on credit scores.
As a loan officer I regularly bump into the following statements. “I have perfect credit, I pay my credit cards off every month” “my credit score is low due only to past late payments.” Unfortunately many times there are other areas impacting the credit score. This article will discuss credit score impacts resulting from credit card usage. Read more
https://www.midoregonlending.com/wp-content/uploads/2015/05/How-to-Raise-Your-Credit-Score-Fast.jpg282425Mike Martinhttps://www.midoregonlending.com/wp-content/uploads/2014/08/midorlogo.jpgMike Martin2015-05-22 06:01:102015-06-30 17:40:34How to Raise Your Credit Score Fast
When is the best time to refinance your home loan?
I am surprised at the headlines and stories I read which supply a canned answer to this question, as if there is an answer which applies to everyone equally. Many articles discuss how to refinance a home loan, but give no attention to the question, should you refinance? The decision to refinance is an individual one, and should be answered by looking at your personal circumstances, as well as overall financial goals. The old belief that you should only refinance your home loan if you can obtain a rate a percentage point or so lower than your current one isn’t necessarily true. Refinance home loan rates are only part of the equation.
Here are some points to consider when you are deciding to refinance your home:
https://www.midoregonlending.com/wp-content/uploads/2015/05/refinance-home-loan.jpg283424Mid Oregon Lendinghttps://www.midoregonlending.com/wp-content/uploads/2014/08/midorlogo.jpgMid Oregon Lending2015-05-01 21:45:362016-05-06 20:36:19Should You Refinance Your Home Loan?
As a mortgage broker, educating prospective home buyers is my favorite part of the job. And even after many years in the industry, I’m still surprised by some of the things I hear about why my clients are hesitant about the process of getting a home loan. 2015 should be another robust year in the housing market in Central Oregon and for those considering a home loan in the near future, here are the top 5 misconceptions about home loans, Demystified! Read more
https://www.midoregonlending.com/wp-content/uploads/2015/05/5-mortgage-myths.jpg283424Carl Salvohttps://www.midoregonlending.com/wp-content/uploads/2014/08/midorlogo.jpgCarl Salvo2015-05-01 20:22:402015-05-01 22:13:29Don’t Believe these 5 Mortgage Myths
How to Get a Home Loan When You Are Self-Employed
/in Mortgage Basics/by Mid Oregon LendingIf you’re self-employed and applying for a home loan, you may have heard that it is next to impossible to secure one. But fear not, the idea that self-employed people aren’t eligible for home loans is a common misconception.
The U.S. Bureau of Labor Statistics estimates that roughly 14 million people in the United States are self-employed. These people, like you, are hardworking individuals who need to buy homes and cars and secure lines of credit. The truth is, you’re as apt to get a mortgage as a traditional W2 employee. The second truth is, since you can’t produce the same documentation as “traditional employees,” you may have to provide a little more documentation to secure the same loan. Read more
What You Need to Know about a Conventional Mortgage
/in Mortgage Basics/by Mid Oregon LendingApplying for a home loan can be confusing and nerve-wracking for anyone, especially first-time home buyers. You work hard and go through a gamut of emotions just to find your dream home, and then comes the part where you have to complete the financing process! One of the most basic concepts home buyers need to grasp is the different types of loans available to them. In this post, we’ll cover the basics about a conventional mortgage.
Part 1: What is a Conventional Mortgage?
When you apply for a home loan you have several of different products available to choose from, but the most common are conventional loans or government insured loans. Government insured loans, such as VA, FHA, AND USDA loans, are insured by agencies within the federal government. Conventional loans, on the other hand, are Underwritten to the guidelines of Fannie Mae (the federal national mortgage association or FNMA) or Freddie Mac (the federal home loan mortgage corporation, or FHLMC) who provide the backbone for the secondary mortgage market. Fannie Mae and Freddie Mac purchase loans from primary lenders to help them fill their coffers and make more home loans to consumers. Conventional loans, on the other hand, are insured through private companies.
Conventional mortgage loans meet Fannie Mae and Freddie Mac guidelines for the size of the loan and your personal financial situation. Conventional mortgages are attractive to most borrowers because they often feature more attractive terms than jumbo or government insured loans.
Conventional Mortgage Rates
Conventional home loans are available in both fixed or adjustable rate options. A “fixed-rate” mortgage refers to a product that offers an interest rate that won’t change for the life of your loan. This is a great option people who plan on living in their home for many years and want to know exactly what their monthly payments will be for the duration of the loan. Read more
3 Steps to Getting a Home Loan & Mistakes to Avoid
/in Mortgage Basics/by Mike MartinNavigating the home loan process is not particularly difficult when you are paired with a skilled loan officer. However the process can be tedious. With a little knowledge of the process and common issues to avoid you can improve your mortgage loan experience.
3 Steps to Getting a Home Loan
Step 1: Meet with a loan officer to get pre-qualified.
The loan process starts with a meeting with a loan officer to properly review your financial picture and qualify you into the optimal loan program. For pre-qualification 3 areas are reviewed:
Step 2: Find your future home. Read more
Rapid Credit Score Increases – Real Case Studies
/in Mortgage Basics/by Mike MartinThe following case studies or rapid credit score increases are based on real scenarios. Identifying information has been removed to maintain privacy. Numbers and dates have been adjusted in order to further preserve privacy. All numbers and timelines are very accurate for a situation and have not been exaggerated. Terms for the below scenarios were accurate at the time each scenario occurred. Mortgage guidelines, pricing and policies constantly change and the below scenarios may no longer be valid.
Case 1:
$3595 credit card payment results in a $5000 benefit plus a balance reduction of $3595 for no net cost to the applicant. Read more
How to Raise Your Credit Score Fast
/in Mortgage Basics/by Mike MartinIf you need to raise your credit score fast, don’t lose heart – it’s possible.
Credit card balances have a significant impact on credit scores.
As a loan officer I regularly bump into the following statements. “I have perfect credit, I pay my credit cards off every month” “my credit score is low due only to past late payments.” Unfortunately many times there are other areas impacting the credit score. This article will discuss credit score impacts resulting from credit card usage. Read more
Should You Refinance Your Home Loan?
/in Mortgage Basics/by Mid Oregon LendingWhen is the best time to refinance your home loan?
I am surprised at the headlines and stories I read which supply a canned answer to this question, as if there is an answer which applies to everyone equally. Many articles discuss how to refinance a home loan, but give no attention to the question, should you refinance? The decision to refinance is an individual one, and should be answered by looking at your personal circumstances, as well as overall financial goals. The old belief that you should only refinance your home loan if you can obtain a rate a percentage point or so lower than your current one isn’t necessarily true. Refinance home loan rates are only part of the equation.
Here are some points to consider when you are deciding to refinance your home:
Read more
Don’t Believe these 5 Mortgage Myths
/in Mortgage Basics/by Carl SalvoAs a mortgage broker, educating prospective home buyers is my favorite part of the job. And even after many years in the industry, I’m still surprised by some of the things I hear about why my clients are hesitant about the process of getting a home loan. 2015 should be another robust year in the housing market in Central Oregon and for those considering a home loan in the near future, here are the top 5 misconceptions about home loans, Demystified! Read more