Posts by MarkLombardo

Poor credit mortgages

By on May 30, 2014 in Connecticut Mortgages | 0 comments

While it’s not easy to obtain a mortgage with less than perfect credit, it is very possible. Our minimum credit score for some of our programs is 580 and most times it’s not hard to get there. The first thing you have to realize is no matter how much money you have for a down payment no lender will approve your loan with outstanding charge offs and/or collections with balances. Second, if your bad credit out weighs your good credit you have to tip the scales so that the good out weighs the bad. In order to so this quickly you should get a secured credit card and make sure it reports to all three bureaus. I will recommend Capitol one or Amex for these and use it immediately for purchases. The other thing to do is obtain letters of credit from your current utility and cellphone companies so we add them to your credit. With these simple tasks your credit looks a lot more appealing to an underwriter making your mortgage more appealing to...

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How to be mortgage ready

By on Jan 2, 2014 in Connecticut Mortgages | 0 comments

What is mortgage ready, you ask. It’s a term I like to use to say that all your ducks are in a row and you are bullet proof to all of the scrutiny you will be going under getting approved for your dream home. The first thing is to make sure you have no outstanding collection accounts on your credit report. If you do, they must be paid off with a letter to that fact. Second is your bank statements and the deposits going into it. Believe it or not lenders care more about where your deposit money is coming from than ever before. Whenever you have a deposit you must show a source of that where that money came from, that’s called sourcing funds and is a major deal to lenders. If you are the type to make cash deposits than you will have to curtail that activity for a minimum of 60 days and only deposit money you can back up its source like direct deposit of a paycheck or a birthday gift from the parents. Third, but not last is having a good handle on all of your pertinent and recent paperwork like tax returns, paystubs, and bank statements. If you have these documents at your disposal than it will be a much less stressful transaction for you. Either way, if you contact an experienced mortgage professional we can guide you down the right path from the beginning. If you have any questions feel free to contact...

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Rent to own mortgages

By on Dec 22, 2013 in Connecticut Mortgages | 0 comments

In today’s tight credit market rent to own is becoming an ever growing trend. What a lot I people don’t understand that in certain cases like fha mortgages you cannot currently occupy your future purchase as a tenant. Today’s rent to own prospects are not as plentiful and they used to be but they are still out there. The way they typically work is that whoever the owner is charges a certain rental rate and in return gives the tenant a credit of a specified dollar amount for the rental period giving the tenant a built up down payment. One important fact to consider if you end up as a tenant in that situation, by all underwriting rules, the landlord is only allowed to give you monthly credit above and beyond whatever fair market value is for the rental. For example, the market value for a condo your renting to own is $1200 and your rent is $1250, the bank will only count $50 per month as down payment money. Always consult your mortgage consultant before entering into a rent to own...

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A.R.M vs fixed rate mortgage

By on Dec 21, 2013 in Connecticut Mortgages | 0 comments

So, the age old question, do I get an adjustable rate mortgage or fixed rate mortgage? Quite a few years ago, 2005, arms were as popular if not more than fixed rate mortgages and the main reason was there was such a massive margin between them that even a loan amount of $200,000 would have such vast savings they were hard to resist. Now, that difference is virtually erased, and in some cases 7/1 arms are higher in rate than their fixed counterparts. In that case you obviously never go with an adjustable, but when should you go with an arm? Typically your arm buyer is in need of a jumbo, super jumbo, or specialty loan that will make the rate difference substantial enough to incur the risk. The rule of thumb I like to use is that if the savings is not 15% of the principal and interest payment than it’s not worth the risk. With that being said if you know definitely, without a shadow of a doubt that you will be selling the property or paying it off within the fixed time period of the loan always got the fixed rate. Life is always evolving and changing and the fixed rate option is a constant so peace of mind is factor #1. In some cases such as construction loans, or home equity loans there are no fixed rate options so that decision is easy since you really don’t have that option. You can always visit my site for more information on arms....

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Zero down mortgages and what they are

Zero down mortgages and what they are

By on Dec 20, 2013 in Connecticut Mortgages | 0 comments

Since the great crash of 2008 alot of people have assumed that zero down mortgages no longer exist. Well, that information is incorrect and I will show you the products that are still available with zero down payment requirement. The first product is called a VA loan and the only borrowers that are eligible are Veterans of the armed forces and must have served with credentials to match. The second product is called a USDA mortgage and that has specific guidelines for location and income levels. This loan was enacted to help people who wanted to live in rural areas of the country but found it hard to obtain financing because of the property type. The restrictions dont stop at the property, they also take into consideration the number of people in the household as well as the annual income coming into that household as well.   Please contact a local mortgage professional for more information on either of these...

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