prequalify mortgage

#Does Prequalifying for a Mortgage Ruin My Credit?

Mortgage prequalification credit inquiries typically won’t harm your credit score.

Prequalification Credit

Mortgage prequalifications are fast. They aren’t thorough evaluations by loan officers meant to advise you of your probability of getting the mortgage you want. If you’re aware of your current credit score, relay it to a loan officer. If the officer doesn’t pull a credit report, bank policy may require that she put a “disclaimer” on your prequalification approval, stating that no credit report was pulled. Your approval could be affected when a report is received.

Mortgage Credit

When you apply for a mortgage loan, the lender will order a mortgage credit report. Unlike a “soft” credit report that’s done for personal loans, this report is a combination of all three national credit bureaus: Equifax, TransUnion and Experian. This report is a “hard” inquiry and will lower your credit score by a few points, but this won’t ruin your credit. Each credit bureau will report the mortgage inquiry and, if you apply for a mortgage within a few weeks, you suffer no credit score decline.

Report Timing

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  • mortgage broker license

    #DORA Division of Securities – Mortgage Broker Licensing Procedure

    NOTE: Most mortgage brokers must register with the Colorado Division of Real Estate while very few must register with the Colorado Division of Securities.

    Information regarding mortgage broker registration is available from the Colorado Division of Real Estate at:

    Those mortgage brokers who raise money from individual investors to fund mortgage loans would need to be licensed under the state securities laws with the Colorado Division of Securities. Please review the following information before you apply for a Colorado Securities Division Mortgage Broker-Dealer license.

    General information Regarding Mortgage Broker-Dealers

    (e) A mortgage broker-dealer whose business is limited exclusively to effecting transactions with financial institutions [as defined in section 11-51-201(6), C.R.S.] is exempt from the licensing requirements of section 11-51-401(1), C.R.S.

    11-51-201(6),(C.R.S.) Financial or institutional investor means any of the following whether acting for itself or others in a fiduciary capacity:

    (a) A depository institution;

    (b) An insurance company;

    (c) A separate account of an insurance company;

    (d) An investment company registered under the federal Investment Company Act of 1940 ;

    (e) A business development company as defined in the federal Investment Company Act of 1940 ;

    (f) Any private business development company as defined in the federal Investment Advisers Act of 1940 ;

    (g) An employee pension, profit-sharing, or benefit plan if the plan has total assets in excess of five million dollars or its investment decisions are made by a named fiduciary, as defined in the federal Employee Retirement Income Security Act of 1974, that is a broker-dealer registered under the federal Securities Exchange Act of 1934 , an investment adviser registered or exempt from registration under the federal Investment Advisers Act of 1940 , a depository institution, or an insurance company;

    (h) An entity, but not an individual, a substantial part of whose business activities consist of investing, purchasing, selling, or trading in securities of more than one issuer and not of its own issue and that has total assets in excess of five million dollars as of the end of its latest fiscal year;

    (i) A small business investment company licensed by the federal small business administration under the federal Small Business Investment Act of 1958 ; and

    (j) Any other Institutional Buyer.

    A mortgage broker-dealer whose business is not limited exclusively to placing mortgage loans with institutional investors is subject to the mortgage broker-dealer licensing requirements under the state securities laws. Therefore, a mortgage broker-dealer who raises money from individual investors to fund mortgage loans would need to be licensed under the state securities laws.

    When applying for a Mortgage Broker-Dealer and/or Sales Representative license(s), file the following at the Colorado Division of Securities, 1560 Broadway, Suite 900, Denver, CO 80202.

    Filing fees are required for a mortgage broker-dealer license and for each sales representative license. Make your check payable to the Colorado State Treasurer. Refer to the Fee Schedule for appropriate fee requirements.

    Form BD.

    Undertaking – Mortgage Brokers.

    Agent application Form U-4 for each person who will represent the firm in Colorado as sales representative and proof that applicant has passed the Uniform Securities Agent State Law Examination (Series 63).Individuals who are licensed as a real estate broker or salesman are excused from this examination requirement.When filing, provide proof of real estate licensure.Request a Uniform Qualifications

    A mortgage broker-dealer who maintains possession or control of investor funds or securities must meet certain financial responsibility requirements. The options for requirements are listed in Rule 4.6B. At the time of application for license, provide proof of compliance with such requirements, if applicable.

    apply for mortgage

    #Documents You Need To Get A Mortgage – Mortgage Basics

    Mortgage lenders require paperwork that verifies every facet of your financial life: income, debts, assets and more.

    The lender will request the following documents, so gather them before you apply for a mortgage.


    • W-2 forms from the previous two years, if you collect a paycheck.
    • Profit and loss statements or 1099 forms, if you own a business.
    • Recent paycheck stubs.
    • Most recent federal tax return, and possibly the last two tax returns.
    • A complete list of your debts, such as credit cards, student loans, car loans and child support payments, along with minimum monthly payments and balances.
    • List of assets, including bank statements, mutual fund statements, real estate and automobile titles, brokerage statements and records of other investments or assets.
    • Canceled checks for your rent or mortgage payments.

    About the W-2s

    Guidelines typically require the most recent Form W-2 wage and tax statement, but some borrowers are asked for two years of W-2s.

    “If your loan hasn’t closed by the time that new W-2s should be received by the employees, then (the lender) may ask for that, certainly,” says Julie Miller, a residential mortgage planner for Broadview Mortgage Corp. in Tustin, California.

    About the profit statement

    Self-employed borrowers may have to submit a current-year profit and loss statement, especially if the year is more than half over or they haven’t filed their prior year’s tax return.

    During the housing boom, many self-employed borrowers got loans with little or no income documentation. Those loans are rare now.

    About paycheck stubs

    Loan guidelines typically specify one month of verified income. You can prove this with paycheck stubs. Employees who are paid electronically may be able to access a corporate website to print out paycheck stubs.

    About tax returns

    You will be expected to provide tax returns, including all the pages and schedules. The returns will be scrutinized for unreimbursed employee business expenses, self-employment business losses and signs of loan fraud, such as reported income that doesn’t match your W-2s.

    You’ll be required to sign IRS Form 4506-T, which allows the lender to get a transcript of the tax return from the IRS. It’s not a bluff: The lender will get the transcript of your tax return straight from the IRS and compare it with the copy of the return that you gave to the lender.

    Ordering your tax transcript “has become an industry standard as fraud prevention,” says Brad Blackwell, executive vice president and portfolio business manager for Wells Fargo Home Mortgage.

    About the list of debts

    All the above documents (W-2s, paycheck stubs, tax returns) tell the lender how much you earn. The list of debts tells the lender how much you owe each month. The lender then calculates your debt-to-income ratio, which is key to the loan decision.

    Debt-to-income ratio

    Percentage of monthly income that is spent on debt payments, including mortgages, student loans, auto loans, minimum credit card payments and child support.

    Debt payments / income

    Example: Jessie and Pat together earn $5,000 a month. Their total debt payments are $2,000 a month. Their debt-to-income ratio is 40 percent ($2,000 divided by $5,000 = 0.4).

    About the list of assets

    The lender will want current bank statements, and possibly previous bank statements, too. These documents will be scrutinized to verify that you’re telling the truth about the source of your down payment money. If you saved up for your down payment, without gifts from family, your bank records will verify that.

    The lender will want to know your other assets, too. The lender wants evidence that you will have enough savings and investments to weather unexpected expenses after you have paid for the down payment and closing costs.

    About canceled rent checks

    Often, renters will be asked to supply 12 months of canceled rent checks and bank statements showing that the rent was paid on time. Renters without that documentation can provide the landlord’s name and contact information for payment verification.

    For current homeowners, the lender might ask for canceled checks and bank statements showing that the mortgage was paid on time. Any late payments are likely to show up on the credit report, too.

    Speaking of the credit report

    The lender will check your credit reports. Months or weeks before applying for a mortgage, check your own credit reports. Correct any errors. such as:

    • Accounts listed on your report that don’t belong to you. Often this is mistaken identity; sometimes it’s a sign that you’re a victim of fraud.
    • Notations that say an account is open, when you have paid it off and closed it.
    • Incorrect details regarding credit limits, amounts owed, account opening dates.

    Other documents you might have to provide

    • Home sale contract, including the purchase price.
    • Proof that a gift isn’t a loan.

    If you receive a cash gift or grant toward your down payment, you’ll have to provide a letter from the giver that declares that the gift isn’t a loan. The lender might even want a canceled check and the giver’s bank statement.

    “It’s not that big a deal, except that Mom and Dad don’t like to give (their kids) a copy of their bank statement, especially if there is a lot of money in the account,” says Joe Metzler, who heads Mortgages Unlimited in St. Paul, Minnesota.

    • A lease agreement, if you’re renting out your former home.
    • Proof of rental property income.
    • If your income includes rents from investment property, it needs to show up on your tax return. Canceled rent checks and bank statements showing those deposits might be OK if the property was purchased in the current calendar year.
    • Proof of a child’s age if child support is counted as income.
    • Bankruptcy discharge papers.
    • A copy of a divorce decree might be requested in some cases.

    Loan documentation tips

    When asked for documents, provide them promptly. Never cross out, white out or alter any information on a document. “If you white out anything, it’s not a valid document for our purposes,” Miller says.

    Always provide every page of every document — even the pages that say “This page is blank.” “They want that, too,” says Peter Ogilvie, president of First Residential Mortgage Corp. in Santa Cruz, California. “If it says ‘page one of seven,’ they want to see all seven pages.”

    Finally, remain ready to supply updated documents. “Documents expire after 60 days,” Blackwell says. “So if homebuyers take a long time in their house-hunting effort, we won’t need the whole thing again, but they will have to bring the most current paycheck and that type of thing.”

    fha mortgage insurance

    #Don t Be Fooled by the New FHA Mortgage Insurance Premiums – The Motley Fool

    Even though the FHA is reducing its mortgage insurance premiums, it s still not the best option.


    Jan 25, 2015 at 11:07AM

    Source: via Flickr.

    Recently, it was announced that the Federal Housing Administration would lower the annual premium on its mortgage insurance from 1.35% of the outstanding loan balance to 0.85%. While this certainly makes FHA loans more affordable, the conventional alternatives are still better, especially for first-time buyers .

    The new conventional loan options

    In late 2014, Fannie Mae (NASDAQ OTC:FNMA ) and Freddie Mac (NASDAQ OTC:FMCC ) both announced new lending guidelines, as well as new lending programs for first-time homebuyers. Under both programs, borrowers who have a credit score of at least 620 can qualify for a conventional mortgage with just 3% down.

    Borrowers will have to pay mortgage insurance, but given the new FHA reduction, the rates are likely to be pretty similar. So why should buyers choose conventional loans instead of the traditional FHA low-down-payment option?

    It’s not just the price of the mortgage insurance

    The reduced cost of FHA mortgage insurance doesn’t tell the whole story. The biggest difference between an FHA loan and conventional low-down-payment options is what happens a few years down the road.

    Specifically, if you put the required 3.5% down on a 30-year FHA loan, you’ll be stuck paying mortgage insurance for the entire term of the loan, no matter how much of the loan you paid back. With conventional loans, you can request that your mortgage insurance be canceled once you’ve paid down the balance to 80% of the original value of your home. And the lender is required to terminate your mortgage insurance once you’re scheduled to pay your loan down to 78% of its original value, assuming you’re current on your payments and meet any other requirements your lender may have.

    Generally, the “original value” refers to the appraised value of the home at the time your loan closed, but if your home’s value has declined the bank can use this as a reason to reject an early PMI drop request. The rules can be a bit tricky, but at least there is the option of getting rid of it.

    The cost difference can add up

    Obviously, if you pay your balance down to 80% of the home’s value in just a few years, the savings can be tremendous over the life of a 30-year loan.

    However, let’s look at a scenario in which a borrower simply makes the minimum payments. Let’s say a buyer can take out either an FHA loan or a conventional loan for $200,000, and the mortgage insurance rate is the same in either case, at 0.85% of the loan balance. (The actual loan amounts would be slightly different due to the 3% and 3.5% down-payment amounts required respectively by the two loan types.)

    At an interest rate of 4%, it would take the buyer just under 10 years to pay down the loan to 78% of the home’s original value, according to an amortization table from Bankrate. So, with the conventional loan option, over the first 10 years, the borrower would pay about $15,500 total in mortgage insurance, based on an annual payment of 0.85% of the remaining loan balance.

    However, with an FHA loan, the mortgage insurance would stick around for all 30 years and add up to more than $31,000. That means the conventional borrower would save nearly $16,000 in mortgage insurance over the life of the loan.

    Who should look into FHA?

    Having said all that, an FHA mortgage could still be the best option for some borrowers. For example, the FHA has looser credit score requirements and gives low interest rates to low-credit borrowers. So, if you have a low (but acceptable) FICO score — say, 620 — you might qualify for a conventional loan, but you’ll likely pay a much higher interest rate than you would on an FHA loan.

    According to, the national average 30-year conventional mortgage rate is more than 4.8% for borrowers in the lowest credit “tier” (scores between 620 and 639). On the other hand, as of this writing, banks are advertising FHA 30-year mortgage rates in the mid-3% range.

    If your score is below 620, an FHA loan might be the only option available. You can get a 3.5% down FHA loan with a score as low as 580, and if you have a higher down payment, a score as low as 500 can qualify.

    Finally, if you aren’t a first-time homebuyer, the 3% down-payment option on conventional loans won’t be an option for you.

    The best choice for you

    To sum it up, if you can qualify, a conventional loan is generally the better deal for low-down-payment borrowers. While there are some valid reasons for borrowers to pursue FHA loans, qualified buyers can save tens of thousands of dollars by going the conventional route.

    Smart investments can help make homeownership a reality

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    easy mortgage calculator

    #Easy Loans

    Let us make navigating the maze of mortgage products easy for you.

    At Easy Loans, we investigate all your options and provide the best solution to suit your needs. It doesn’t matter if you’re a first-time buyer or experienced investor, we’ll help you make an informed choice.

    As one of Darwin’s largest mortgage originators, we understand that you need:

    • current, accurate and comprehensive advice
    • prompt loan qualification
    • detailed understanding of the products on offer
    • personalised service that caters to your specific situation.

    Our experienced and award-winning team is here to help you 7 days a week.

    Contact us  to discuss how we can help you.

    Trust Easy Loans to lead the way.

    Easy Loans has also received PLAN Australia’s Business of the Year for the Northern Territory/South Australia Region in 2011, 2012, 2013 and 2014.

    All our brokers hold a Diploma of Financial Services and are accredited with the Mortgage and Finance Association of Australia (MFAA).

    Contact us to discuss your mortgage requirements.

    Use our Repayment Calculator as a quick guide.

    mortgage payment insurance

    #EBS – Mortgage Payment Protection Insurance Review

    EBS Mortgage Payment Protection Insurance review

    EBS recently participated in an industry-wide review of sales for Payment Protection Insurance (PPI) policies completed between 1st July 2007 and 30th June 2012. The purpose of the review was to ensure that all sales of PPI were conducted in accordance with rules set out by The Central Bank of Ireland in the Consumer Protection Code 2006.

    We have now completed a comprehensive review of all policies in scope for the review. All customers in scope for this review have been sent a letter to advise them of the outcome of this work. Where it was found that the sale of the policy had not been conducted fully in accordance with rules set out by The Central Bank of Ireland in the Consumer Protection Code 2006 customers have been refunded and compensated appropriately.

    We want to assure you that this review was thorough and transparent. EBS engaged an independent 3rd party to oversee this review and The Central Bank of Ireland monitored progress on an ongoing basis.

    If you have any queries in relation to the review of your PPI policy please see our customer questions and answers document below, or contact our Customer Contact Centre on 1850 654 321 available 9am to 5pm, Monday to Friday. Alternatively, please contact your local EBS office.


    EBS will never contact you requesting your account number or policy details. It has come to our attention that a number of phone calls claiming to be relation to PPI are being made to the public. These calls are not being made by EBS nor any associated party.

    EBS advises customers never to give out their personal details in response to any such request. If you are unsure as to authenticity of caller or the request, then please contact us directly.

    Mortgage Payment Protection Insurance Terms and Conditions

    loan calculator free

    #Download Loan*Calculator! Plus, For Easy Loan Analysis for Windows

    A link to a second location if the above link fails or is too slow

    File Size: 15.9mb Updated: December 17th, 2010

    If you have not downloaded and installed a program before, please follow these steps:

    1. Click on one of the above links to start the download.
    2. Make sure that your browser is set to Save if given the choice to either Open or Save the file.
    3. Make note of the location on your hard drive where you are saving this file. The file name will be lcp_setup.exe . Frequently people will save the file to their desktop.
    4. After the download has completed, double click on:


    Double clicking will start the setup program. Just follow the on screen instructions.

  • Should you not be able to find lcp_setup.exe click on Window’s Start Button and select “Search”. Enter lcp_setup.exe When Windows finds it, double click to run.

  • mortgage marvel

    #Ease and risks with online mortgage shopping

    Some websites request Social Security number to obtain mortgage rate

    Illinois mortgage rates (Purestock illustration)

    With mortgage rates at historic low levels, now may be a good time to buy or refinance a house, and the Internet has made it easier than ever to shop for a mortgage.

    But shopping online can sometimes mean providing your Social Security number to a website in order to get a mortgage rate a process that disturbs some consumers and industry experts.

    “There are probably eight to 10 criteria that are required to accurately price a mortgage, and a Social Security number is not one of them,” said Rick Allen, chief financial officer at Mortgage Marvel, a Milwaukee-based company that provides online quotes for mortgage rates and closing fees.

    Not all mortgage websites ask applicants for Social Security numbers and other detailed personal and financial information.

    Mortgage Marvel recently conducted a side-by-side comparison of the four leading mortgage lender websites Bankrate, Zillow, Mortgage Marvel and Lending Tree and found that Lending Tree is the only one that asked applicants to provide a Social Security number to receive a mortgage rate.

    Customized quotes

    Megan Greuling, communications manager for Lending Tree, based in Charlotte, N.C. said the company also has mortgage rate forms that do not require Social Security numbers, but she said when customers do provide the numbers it allows lenders to give them customized actual mortgage quotes.

    “If you look at rate tables online for different sites, those rates do not reflect the consumer’s borrowing profile,” she said. “Providing a Social Security number on the form helps to avoid the whole bait-and-switch maneuver where borrowers expect one rate and end up with another one that is much higher.”

    Greuling said Lending Tree understands some people are hesitant to provide a Social Security number to obtain a mortgage rate, but she said the website is on a completely secure platform. Lending Tree collects data that people provide on its website and sells the information to its network of 300 mortgage lenders who compete for the customer’s business.

    “We don’t sell the information for any other reason than to allow the lenders to create a customized quote,” Greuling said.

    Stricter mortgage guidelines that were put in place due to the housing crash do not appear to have discouraged the majority of people from pursuing the American dream of homeownership.

    Mortgage applications are up 53.4 percent from a year ago, according to the Mortgage Bankers Association in Washington, D.C. Mortgage Marvel reports online mortgage applications on its site from January to June are up 80.18 percent compared with the same period last year.

    With 30-year fixed mortgage rates at historic lows, home loans are still among the cheapest forms of debt.

    Although online mortgage shopping can often be more convenient, brick and mortar mortgage brokers still play an important role in the home lending business.

    “The quote we give will be 100 percent accurate,” said Art Basmajian, owner of Barron Mortgage in Blawnox, Pa. “An online service a lot of times will not ask the right questions. If a broker doesn’t ask the right questions, the rate they quote could be totally off.”

    According to the comparison study, Zillow is the only mortgage shopping site that provides lender ratings, while only Zillow and Bank Rate allow consumers to compare multiple mortgage products in a single search. Mortgage Marvel and Zillow offer an email alert service to loan applicants. All four websites offer immediate real-time quotes.

    Allen said mortgage shoppers will need to know their credit score prior to filling out Mortgage Marvel’s online application for a mortgage rate quote, but that information does not compromise the person’s identity because without the borrower’s date of birth or home address, a cyberthief would still not have enough information to find the borrower.

    “With a transaction the magnitude of a mortgage, you definitely want to shop,” Allen said. “You really want to compare interest rates, points and fees.”

    free loan calculator

    #Download Free Loan Calculator 4. 7. 1

    Screenshots of Free Loan Calculator

    Download Now! Free Loan Calculator 4.7.1

    Free Loan Calculator Editor’s Review

    Free Loan Calculator is a simple, but extremely useful, tool designed for calculating the payments in case you intend to borrow different amounts of money.

    The program is very easy to use and very fast. All you need to do is enter the amount of money you have to return, choose your payment frequency and number of payments and the annual interest rate. The payment frequency can be set at a time interval of your choice, from annual payments to daily payments. The program will instantly calculate the amount of every payment, the total interest paid, and the total amount paid.

    If necessary, you can also enter the amount of estimated annual taxes and/or insurance for a more accurate estimate. The program includes link to some Web resources, which might prove to be useful in terms of advice in case you are interested in borrowing money.

    Pluses: The program has two similar payment calculation windows, so you can compare the repayment of two load under different payment conditions.

    Drawbacks / flaws: There are no advanced feature such as the recalculation of the remaining sum after a period of time, you cannot enter a variable interest rate, etc.

    In conclusion: A basic, nice and useful program.

    version reviewed: 4.8.0

    Free Loan Calculator Publisher’s Description

    This free loan payment calculator for Windows allows you to quickly calculate and compare loan payments based upon variable payment frequency! Offers Daily 365/year, Daily 360/year, Weekly, Biweekly 26/year, Bimonthly 24/year, Monthly, Quarterly, Biannual, and Annual payment periods. Free Loan Calculator is a financial calculator designed for 2000.

    payments calculator

    #Employment termination payment calculator

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