FHA Home Loans in Sacramento: Chief Factors Borrowers Should Consider

The mortgage landscape has changed drastically over the last six years after the country learned its lesson the hard way. Back then, lenders were willing to provide Sacramento home loans even to those who could barely afford monthly payments.

Today, the mortgage industry doesn’t want to walk on tightropes anymore. Lenders are more circumspect with loan approvals and consequently conduct stricter checks regarding borrowers’ financial profiles. Such is the case with FHA loans involving homebuyers who have high loan-to-value (LTV) ratios.

http://ironpointmortgage.com/fha-home-loans-in-sacramento-chief-factors-borrowers-should-consider/

Real Life Ratio May Affect Your Eligibility for a Roseville Home Loan

Consumer debt in the U.S. shot up by 2.1 percent this year, according to the latest report by the Federal Reserve Bank of New York. This heralds more confidence in spending. However, spending without any care for your finances can easily destroy your hard-earned economic profile.

Adding “care” to consumer spending is what Rob Carrick’s Real Life Ratio (RLR) is all about. The RLR is a calculator that determines whether or not it’s wise to get a home loan in Roseville at any given time. Carrick is known for making nifty calculators for The Globe and Mail.

http://ironpointmortgage.com/real-life-ratio-may-affect-your-eligibility-for-a-roseville-home-loan/

Sacramento Mortgage Brokers: Preparations for Mortgage Pre-Approval

A home loan pre-approval will give home sellers the confidence that a potential buyer has the financial capability to pay for the property. Likewise, the approved amount can help set the buyer’s budget, and thus streamline the property search process.

However, before applying for a mortgage pre-approval, homeowners should do some preparations to make sure they get the best deal possible. An article on Dailyfinance.com gives some good pointers on how to get favorable mortgage pre-approval terms.

http://ironpointmortgage.com/sacramento-mortgage-brokers-preparations-for-mortgage-pre-approval/

Principal Factors that Affect Roseville Home Mortgage Interest Rates

These factors are beyond the borrower’s control, so it is important to identify what other factors can be addressed. For instance, according to a Yahoo! Homes article, the ability to maintain a debt-to-income ratio (i.e. the portion of one’s monthly income allocated to debt payments) of 43 percent or lower is a step in the right direction. This figure assures the lender that the borrower is indeed capable of making monthly payments on time.

In addition, a borrower with a stable employment history of at least two years within the same industry stands a better chance of qualifying for a good loan, but the Credit Score is the most influential factor in getting a lower rate. As such, any prospective home buyer should consider these factors and get a good grip of their financial situation beforehand. This is where a reputable Roseville mortgage broker like Iron Point Mortgage can help.

http://ironpointmortgage.com/principal-factors-that-affect-roseville-home-mortgage-interest-rates/

Is Paying Down Your Balance Early Smart for Home Loans in Sacramento?

Data from the Federal Reserve reports that American households have, on average, loans topping around $150,000, but recent developments have enabled more room to plan for cutting down the terms. If you feel you have enough disposable income to consider an early settlement of your mortgage, you should talk to local provider of home loans in Sacramento like Iron Point Mortgage.

The age of your loan is a consideration for paying early. In the beginning of your loan term much more of your payment goes to interest. One strategy to lower the balance of your loan is to send in an extra payment each year that goes straight to your principal.

http://ironpointmortgage.com/is-paying-down-your-balance-early-smart-for-home-loans-in-sacramento/

Student Debt: A Hindrance to Securing a Home Loan in Roseville?

College students who borrowed money to go to school may relate to Sheldon’s thoughts. When you’ve accrued some debt from your days in the academia, a company such as Iron Point Mortgage will find ways to help you work around that so you can get a home loan in Roseville.

According to Sheldon, student loan obligations come into play as soon as a mortgage applicant starts consulting a lender. A free credit report will show the numbers and give you an idea of how they may affect your approval chances. You should consult your mortgage specialist about integrating all student loans into one debt with a longer repayment period to help.

http://ironpointmortgage.com/student-debt-a-hindrance-to-securing-a-home-loan-in-roseville/

Sacramento Mortgage Brokers Urge Care in Joint Accounts for Newlyweds

Trust is Key

With a joint account, the couple can make big-ticket purchases together, although lenders will still consider their individual credit scores during pre-approval. As mentioned earlier, joint accounts may be required in getting mortgage from established Sacramento mortgage brokers like Iron Point Mortgage.

Joint accounts work on the trust factor. The couple has equal access to a joint account and to keep the peace they should always disclose information about the purchases they make with it. This works well when sharing dues like utility bills since the couple has a unified pool of funds.

http://ironpointmortgage.com/sacramento-mortgage-brokers-urge-care-in-joint-accounts-for-newlyweds/

Pay Your Roseville Mortgage Early? Prioritize These Payments First

Health Insurance

Americans are benefiting from the quantum leaps in healthcare, which translates to longer life. Life expectancy in 2009 was at 78.5 years. You may want to invest in health insurance now more than ever. You may also want to get an ideal plan as early as your 40s, lest you risk a higher premium.

As you can see, whether to pay off your mortgage early can be a complicated decision. Your Roseville, CA mortgage expert, like Iron Point Mortgage, can provide some helpful information so you can make the best decision for your situation.

http://ironpointmortgage.com/pay-your-roseville-mortgage-early-prioritize-these-payments-first/

Jumbo Home Loans in Sacramento: Bracing Hard for the Winds of Change?

When consulting with a mortgage specialist, they can help you take a closer look at the jumbo loan reforms and the associated options. According to a bank official interviewed for Andriotis’ article, lenders may use the reforms to increase rates on a 30-year, fixed-rate jumbos. This may lead some borrowers to consider an adjustable-rate mortgage (ARM) instead. Many factors are involved in these major decisions that is why it is always best to have an experienced consultant on your side.

In light of the CFPB reforms mandating lenders raise requirements for “nonqualified” jumbo borrowers on Sacramento home loans, a company like Iron Point Mortgage will have the flexibility to help you prequalify on a loan and set you up with the right lender.

http://ironpointmortgage.com/jumbo-home-loans-in-sacramento-bracing-hard-for-the-winds-of-change/