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Increase Your Chances of a Mortgage Approval
Increase Your Chances of a Mortgage Approval 1200 628 Jason Breeland

Increase Your Chances of a Mortgage Approval

Getting approved for a mortgage is easier than you think, but you do have to be proactive, plan ahead, and set your expectations appropriately before you begin.

In many areas of the country, homes are selling quickly, and there may be fewer properties on the market. So you’ll need to be on your A-game before you start to look.

If you’re planning to purchase a home and wondering how to go about it, a good place to start is with a mortgage professional at MiLEND, Inc.  Here’s the way it will go: To gain a baseline of information, your mortgage consultant will ask about the basics, such as your income and your credit status.  He or she will run your credit information through what is called an automated underwriting system (AUS). Based on the information you provide, the AUS will show whether you can qualify for a mortgage at that time.

If for some reason you are unable to qualify, the AUS will provide very detailed information on what you need to do to qualify.  Even if you do qualify and are in a position to buy a home at that time, you still will want to find out from your mortgage consultant what payments you can afford before you start looking. You don’t want to fall in love with a home only to find out later that it’s out of your reach.  Your mortgage professional can also discuss assets and credit; lender guidelines change frequently, and you will want to know what the current guidelines mean to you.

Credit is extremely important in determining whether a lender will approve you for a mortgage. If you need to pay down or pay off debt, it may take some time. Knowing ahead means you can start now.  Don’t be disappointed later; talk to your mortgage specialist now.

This content provided by MiLEND, Inc. 
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  • Jason Breeland
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Fannie and Freddie Explained
Fannie and Freddie Explained 1024 536 Jason Breeland

Fannie and Freddie Explained

With all the talk these days in the world of mortgages about Fannie Mae and Freddie Mac, it is worth considering – who they actually are and what do they do?

Fannie Mae is the Federal National Mortgage Association, and Freddie Mac is the Federal Home Loan Mortgage Corporation. They are what’s called government-sponsored entities, GSEs.  Although they have recently been taken over by the federal government, they are still publicly traded companies (both are listed on the NYSE).  What GSEs do is provide mortgage lenders with funds.  The lenders in turn lend the funds to end consumers.

The process, from beginning to end, goes basically as follows:  Fannie and Freddie, through the use of investors raise money to provide to lenders, who in turn lend that same money to people who are either purchasing, or refinancing a home.  Lenders find borrowers whose income, assets, and credit fall within a previously determined set of guidelines.  Once the loan transactions are completed by the lenders, the GSEs buy these individual loans from the lenders and package the loans into what are called mortgage-backed securities.  The mortgages are packaged together based on the type of loan (30-year fixed, 5/1 ARM, etc.) and on the profile of the borrower.

There could be hundreds or thousands of loans in each security.  These securities are then sold, to investors, who trade them as they would other types of securities, in markets around the globe. Most of the mortgages in this country are obtained within the guidelines of Fannie and Freddie.

The qualified professionals at MiLEND are more than happy to discuss the programs these two organizations offer. For over two decades, MiLEND has helped thousands of home buyers make their American dream come true. Their helpful, licensed loan experts will take the personal approach to getting you approved for a home loan, refinance, reverse mortgage, or any one of their other helpful loan products or services.

Contact MiLEND today and see what all their loyal, satisfied customers have been saying all along. When you combine their level of world class customer service with the benefit of saving money, it becomes clear that MiLEND is the premier lender to use for all your loan and mortgage needs!
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Using Your Tax Refund For Good
Using Your Tax Refund For Good 1024 536 Jason Breeland

Using Your Tax Refund For Good

With the annual tax season officially over and “in the books,” (pun intended) many cash-strapped renters are receiving tax returns and seeing this as a great opportunity to use their tax refund as a down payment on a home of their very own. Getting off the “rental-go-round” is something nearly every renter dreams of doing, given all the benefits that come with home ownership, but the cash for a down payment stands as a hurdle for most prospective home buyers.

Every Little Bit Helps

For simple math, we will say that you are looking at a house that costs $200,000. This is a nice round number that makes it a bit easier to explain what a down payment will do for you and what you should consider when you start looking at how much you want to put down up front. Your lender or bank is taking a big risk on giving you a loan, so a down payment is a form of insurance that is going to make it more likely that you do not default. This is why a higher down payment is generally asked for.

Even though the average tax refund in 2016 was around $3,000, it’s still a sizable amount that can be used toward the down payment on a number of different types of home loans, even if only a part of it, especially for first-time owners. Add to that the fact that spring/summer is the most popular time of year to move and it seems to make more than enough sense. When you consider the fact that the more money you put down in the form of a down payment, the less you’re going to owe over the term of the loan, it makes good financial sense to put down as much as possible when you have the cash. Financial experts will always caution you against splurging with a tax refund, because not only did the federal government withhold a certain percentage of your income, but they did so without paying you any interest for it, so you should make sure to do something constructive with it. Tossing the money away on something frivolous that offers no value in return is like adding insult to injury.

Where To Start

To get started, look into community mortgages. Backed by the federal government, Fannie Mae and Freddie Mac are also offered by independent private lenders. The qualified professionals at MiLEND are more than happy to discuss the requirements for these programs prior to your application for a home loan to ensure that you’ll qualify when the time comes. For over two decades, MiLEND has helped thousands of home buyers make their American dream come true. Their helpful, licensed loan experts will take the personal approach to getting you approved for a home loan, refinance, reverse mortgage, or any one of their other helpful loan products or services.

 

Contact MiLEND today and see what all their loyal, satisfied customers have been saying all along. When you combine their level of world class customer service with the benefit of saving money, it becomes clear that MiLEND is the premier lender to use for all your loan and mortgage needs!
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