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Points to consider before you obtain real estate financing

It's best to consider a number of things before you attempt to obtain any type of real estate financing, be it a first or second mortgage, a cash out refinance or a refinance to combine mortgages, or for lower interest refinance mortgage;

1. How much payment can you afford? This is especially crucial when you are considering a refinance loan to pay off other types of loans such as credit cards and automobile loans. Many lenders feel that all of your bills (including mortgage payment) should not exceed 50% of your net income. An industry accepted method of determining your net income is 80% of your gross income. Payments for child support and for loans you have cosigned or are a guarantor for are also considered. Our handy payment calculation tool will give you an idea of how much your payment will be on a specific amount loan.

2. Is there enough equity in the property to get the loan you want? Many lenders are willing to grant loans where income and credit are not ideal when there is sufficient equity in the subject property. The rule of thumb is when the equity including the new loan amount is less than 80% of overall value the terms will be more favorable.

3. What is equity? The formula for equity is simple. Determine the market value of the property a Realtor or appraiser can give you a precise figure, for a quick low priced online appraisal check out our link. Once the market value is determined subtract the amount that you owe on the property.
Include in the amount that you owe first, second and third mortgages (if any) past due taxes, home owner assessments (condos or community) other taxes, liens, and levy. The result is your equity.

4.Is my credit report and rating in order or should I repair my credit before I finance? In almost all circumstances you can save a bundle of money by fixing your credit prior to financing. Obtain a copy of your credit report ---.
If your fico score is in the700+ range you should qualify for the best rates.
If your fico score is 600- 699 you may qualify for a decent rate but fixing your credit may save you money.
If your fico score is 520-599 you are at the lower end of the acceptable range and will most likely pay for it with a higher rate.
If your fico score is below 519 you are in the range of high risk or what some companies refer to as "bad credit". Credit repair is strongly recommended here.

5. How can I fix my credit and credit score? Order a copy of you credit report. It is important to order all three major credit bureaus. Free Online credit report

 This is to ensure that you have the same information that your potential lenders will have. Upon receipt of your credit dispute any listings that are not yours or incorrectly listed. The dispute can be as simple as a letter back to the credit bureau that you have no record of that account. In many circumstances this will resolve the erroneous listing. If the account is genuinely not yours and the bureau will not remove it you may need the help of a professional  Credit Repair

6. How can I find a low cost lender? Shop your loan  to many lenders. They offer several options. Home Equity Loans

Time to refinance your house? Save money, find a lower home loan interest rate. Lower rates can mean lower monthly payments! Many national lending sources to choose from, find your best deal today! Low Rates on Home Loans with Fast Approval! First and Second Mortgages! Good credit or Credit problems! People ask; Can you help me find a low interest, easy qualify home loan in.... each of the fifty states; Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, Wyoming?

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Updated 04/02/10

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