The Mortgage Brothers Show

Securing a home loan has become somewhat challenging in recent years, and most experts don’t expect major changes any time soon. Lending requirements are expected to remain relatively tight over the next year; however, this doesn’t preclude you from snaring a mortgage with an attractive rate. Smart borrowers prepare well in advance before they apply for a loan. To improve your chances at gaining approval, consider the following:

For those looking to buy a home in the sunshine state or refinance an existing loan will need to secure a home loan with a quality lending institution. To help the process along, listed below is a list of top five questions to ask your mortgage broker when looking for a home loan in today’s market.

Lenders have seen a dramatic surge in home refinancing applications, as existing homeowners look to take advantage of historically low mortgage rates. An Arizona mortgage refinance loan is the ideal solution for many homeowners; however, it may not be for everyone. To determine if you should apply for this type of loan, consider the following:

Here is Borrower’s question about connecting a detached guest house to his main house

“Looks like we will be staying here a bit longer and are thinking of doing some more things to make it nicer. We were thinking of adding a structure that connects the house to the outside casita. It will have a connecting door making it part of the square footage of the house contrary to before when it was not counted as such.

The question of the day from a customer who is looking to purchase a home and wants to know if a Conventional loan is better for them than a FHA loan. Here is the question:

“Our purchase price would be $240,000. We would like to get the mortgage payment down as low as possible. Doesn’t it make the most sense for us to do Conventional financing vs FHA? Would we not have to pay PMI for the life of the loan we did a Conventional loan? Another question we have is, what would we have to put down in order to get the mortgage payment close to $1,200? Thanks so much!”

Are you a buyer getting FHA financing? Make sure to check whether the home you are interested in has been owned by the seller for less than 90 days. Why? Because starting on January 1st 2015, those properties will not be eligible for FHA financing.

You have to prove your income in order to get a home loan, usually by providing the following:

• 2 most recent months of bank statement copies
• 2 most recent years of federal tax return paperwork
• Previous 45 days of pay-stubs from your work

Below is a list of the different types of home loans/mortgages that are available to choose from, read through the list and see if any of them fits your situation.