Georgia Mortgage- Makes Dream Come True [mortgagecalculator-tips.blogspot.com]
Question by Rain: Georgia Mortgage question...please help- Lenders and Realtors.? If my credit score is Low can I get a home loan? See, I got a pre-approval letter for a home loan and was...quite surprised. 2 years ago a lender said I couldn't finance a pack of pencils. So How did I get a pre-approval letter? I don't know my credit score but 2 years ago it was 554 and I don't use my credit at all. I don't have any credit cards or loans. I just sat on my credit and did nothing. So Im confused -does that mean my credit score is up since I got a pre-approval letter? I was told by a Realtor that I cant finance a home with a score less than 670. The lender has also verbally told me that with a USDA loan in Georgia at the current interest rates my payments would be below what Im paying for rent 895, on a 119, 000 home with 100% financing and no cash down. But I was told by a mortgage broker that the interest rate would increase my monthly payment depending on my credit score. Please help....I really want this house but Im afraid to toss up ernest money and loose it if i back out because I cant afford the monthly mortgage -or that they will change there minds and say I cant finance a pack of pencils. Ive been looking for 6 weeks knowing I had an approval letter but only recently became more concerned about my credit score because of they info i was told about increase in payment if my score was low. Best answer for Georgia Mortgage question...please help- Lenders and Realtors.?:
Answer by wizjp
Because pre approval letters are nothing but advertising tools to get you involved; maybe to pay some fees.
Answer by loanmasterone
Your pre-approval depends on how you got it. If it is a letter that came to you in the mail from a mortgage lender, this is not a pre-approval this is an advertisement gimmick used by mortgage brokers/bankers with the hope of getting you to apply for a mortgage loan. If this is the case you might contact these individuals and inquire of their requirements for a pre-approval with their mortgage company. If you went to or contacted a mortgage company with the intent of getting pre-approved for a mortgage loan and you provided this mortgage company with proof of income, bank statements that showed the proper reserves, the mortgage company was able to obtain a credit report and other documents that would allow them to obtain a pre-approval letter that you are requesting. Then this letter of pre-approval is good, because you have spoken with the mortgage consultants that issued the pre-approval letter. Some government agencies such as FHA and VA that underwrite mortgage loans are not as stringent as those of the conventional lenders, therefore you credit score might meet their requirements for a pre-approval for you to purchase a home. I hope this has been of some benefit to you, good luck. "FIGHT ON"
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Buying a house is the biggest and the most important decision of one’s life. With soaring property prices, purchasing a dream house is becoming a nightmare for a person with average income. Various companies in Atlanta offer loan and mortgage packages to make home-buying a dream come true. Whether primary or secondary home purchase, or even refinance homes, various companies in Georgia offer attractive mortgage packages.
In Atlanta Mortgage, plans that suit home-buyers’ individual needs are offered through various attractive packages. Detailed discussions and consultation about different lending options available help both the parties to come to a unanimous decision about the plans. Companies do an in-depth research of the client’s financial background before offering a plan which suits the customer. With various companies competing in the market, a good service is guaranteed along with a 24-hour helpline service. That even ensures competitive rates in the market as there is a neck to neck competition amongst the finance companies to offer mortgage loans. All the paper work including arranging the documents, filling up the loan application and other necessary paperwork is taken care of by the company. Residential Mortgage Credit Report as well as verification of credit information is done by the companies. Coordinating the entire appraisal process to meet the requirements of the lender is the prime task of the mortgage companies. Overall the borrowing party can be assured that from beginning till the end, the entire process will be a smooth sailing.
Lenders usually look for mortgage loans to buy a property or refinance in order to opt for cheaper and better plan. In Atlanta refinance, schemes are offered by many companies. Some offer ‘No Cost’ refinance wherein the borrowing party does not pay any usual costs that are linked to new mortgage. Such costs include mortgage fee, Loan Origination, Appraisal, Credit Report, Attorney and title fees. The lender agrees to take care of these costs in lieu of higher interest rates charged from the borrower. The difference in cost may vary from .5 % to 1.0 %. Home-buyers must weigh both the options carefully before deciding on the loan package.
In Georgia mortgage, plans have been tailored to fit everyone’s pockets. From conventional loans to adjustable mortgages and even interest only loan packages, borrowers have a range to choose from according to one’s need and requirements. Interest only packages offer flexibility to the borrowers as one can choose the interest plan as per one’s pocket. Usually the rates are linked to LIBOR with some years of lock-in period. 3 yr, 5 yr, 7 yr and 10 yr LIBOR ARM plan can offer up to 95% of loan amount with life-time cap of 5% over the initial rate. These loans are available for both purchase and refinance.
Before one sets out to purchase an optimum plan, a thorough study of the market is very important. Discussing with the people who have already purchased the mortgage plans speeds up the decision. One must read the fine lines of the mortgage contract and then choose the one which comes closest to their needs and requirements. Choose an optimum plan and make your dream a reality.
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