Death in the family, illness, loss of a job, or divorce can take a great toll on our daily lives and finances. If tragedy strikes and you are unable to afford your monthly mortgage payments and find yourself falling behind, you may be able to modify your home loan to catch up and avoid foreclosure.
Getting the right applicant approved for a Kansas City home loan is a lengthy, detailed process. As a lender, you will need to review their mortgage application carefully, along with a myriad of other documents, in order to determine if they are low-risk and able to repay the loan. Here are the factors you need […]
In a previous blog, we discussed how your employer can use your credit report, but the myth that they can check your credit score is still pervasive. The reason this myth won’t die is because people still tend to use the terms credit score and credit report interchangeably. We’re here to clear up the difference.
The payments on your KC home loan are, in part, determined by taxes. To help calculate what you owe in taxes, your property’s assessed value is taken into account. But what exactly is assessed value and how does it affect you and your home? At its core, assessed value is used to determine: The value […]
You have decided it’s time to sell your home, but have not yet paid off your Kansas City home loan. Even if you have not paid off your Kansas City home loan, you can still sell. However, you will still have to pay off what you owe. Before selling, make sure you: Inform your lender […]
When potential homeowners receive their Good Faith Estimate, they should look out for common junk fees. A junk fee is any charge that serves no purpose other than to create additional revenue for the lender. Being able to identify these fees can save borrowers hundreds to thousands of dollars. Your GFE Provides a List of […]
If you are you planning on refinancing your home loan with a Kansas City mortgage company, you should know and understand your right of rescission. What is the right of rescission and what does it mean for you as a borrower? What is the Right of Rescission? The right of rescission is a law that […]
Before you decide on the location for your new home, you need to ensure that it won’t affect your ability to obtain a home loan in Kansas City. Federal services or loan providers both offer home financing, but there are a few restrictions on whether or not you can obtain it: Loan limit Flood zones […]
If your property is underwater, there are options available to help relieve the burden: Refinance Loan Modification Short Sale Continue payments Strategically default Refinance While refinancing your KC home loan on an underwater property is not impossible, there are eligibility limitations. There are some programs available to refinance an underwater property like: Streamline refinance Home […]
If you are unable to refinance your Kansas City home loan, your home may be an underwater property. Whether you call it “upside down” or “negative equity,” an underwater property is when you owe more on your home than it is actually worth. Homeowners typically cannot refinance or sell their home unless they have the […]