How Long Does a Tax Lien Stay on Your Credit Report?

woman-using-laptop-computer-1181251

It’s a trick question, because as of April 2018, tax liens were all removed from credit reports. The bureaus took this step to protect the integrity of those reports. According to the Consumer Financial Protection Bureau, many judgments and liens were being reported incorrectly. That caused errors to credit reports not affiliated with the various debts in question.

But that doesn’t mean you shouldn’t worry about a tax lien. First, the policy could change at any time and tax liens could show up on the report again. Second, tax liens can give the federal government the right to legally seize your assets in payment for your tax debt. Getting rid of the lien before that happens can save you a lot of stress and hassle.

What Is a Tax Lien?

A Notice of Federal Tax Lien is a tool the IRS uses to let creditors and others know that it has an interest in your property because of tax debt you still owe. Specifically, it puts the IRS in line to receive any payment associated with your assets if they are sold or liquidated. If you sell a home, for example, the IRS can take any profit if it has filed a Notice of Federal Tax Lien.

If you can’t pay your taxes, the IRS may file a lien. The IRS automatically files when the amount owed is $10,000 or more.

What Is the Fresh Start Initiative?

What many people don’t know is that in 2011 and 2012, the IRS implemented something called the Fresh Start initiative. This is a series of procedures and policy changes directed toward taxpayers facing collection from the IRS.

One of the changes includes a policy that allows certain taxpayers to request that their tax liens be withdrawn. They can do so even before the tax debt has been paid. Under this policy, a taxpayer can request the tax lien be withdrawn in certain circumstances.

Here’s how to take advantage of the Fresh Start initiative.

1. Determine If You Qualify

You can qualify to request your lien be withdrawn if:

  • Your tax liability has been satisfied because you’ve paid what you owe
  • You’ve been filing your individual and business returns for the past three years
  • You are current on your estimated tax payments and federal tax deposits

Even if you haven’t paid the IRS what you owe, you may be able to qualify for this program. You must owe$25,000 or less. You must also have entered into a direct debit installment agreement where your payments to the IRS are taken from your bank account automatically.

There are other requirements you’ll need to meet. You must have made at least three direct debit installment payments successfully. You must also not have defaulted on a previous installment agreement. The IRS has the full list of qualifications.

2. Apply to Have the Lien Withdrawn

If you believe you qualify, fill out IRS Form 12277, Application for Withdrawal. It’s a one-page form that comes with one page of instructions. Complete it and send it to the IRS per the instructions.

If the IRS approves your request, it says it “will file Form 10916(c), Withdrawal of Filed Notice of Federal Tax Lien, in the recording office where the original NFTL was filed.” It will also provide you a copy of the document for your records. This means you will have a written record that the lien has been withdrawn.

Will It Help My Credit Score?

Because tax liens are no longer reported on your credit history, getting one withdrawn won’t help your credit score directly. However, the fact that you resolved such a major debt and can move on with your financial life may impact your credit score. After all, you’re now free to worry less about those back taxes, so you might be able to make more timely payments on other debts.

In some cases, however, resolving a tax lien could bring your score down a bit. This could occur if you take out a new debt to pay off the taxes. Your credit score could temporarily drop because you’ve increased your debt utilization ratio. It might also have dropped because of the hard pulls on your credit history that occurred when you applied for the loans.

It’s a good idea to understand what’s going on with your credit score no matter what your tax situation is. You can check your credit score free using Credit.com’s Credit Report Card.

Some consumers have complained that getting negative items off their credit score didn’t really help. When that happens, it’s often because the information that was removed was very old or they haven’t been able to establish positive credit references to rebuild your credit score. Still, the fact that there are no liens reported can be helpful when applying for another loan such as a mortgage.

The post How Long Does a Tax Lien Stay on Your Credit Report? appeared first on Credit.com.

Source: credit.com

AmeriValue Review 2019 | Mortgage Options

When buying or refinancing a home, it’s essential to work with a lender that you can trust. In doing so, you stand to benefit from mortgage terms that are best suited to your financial needs.

With the help of an online mortgage aggregator like AmeriValue, you’ll be on your way to getting a great mortgage in no time.

How Does AmeriValue Work?

As an online mortgage aggregator, AmeriValue helps users to connect with different mortgage lenders so that they can find the best possible loan.

The process of finding a loan with AmeriValue can vary depending on the specific type of loan that you want. Overall, it’s a great way to compare different loan rates as you shop around for home loans.

By using AmeriValues’ simple online application form, you can quickly and easily start to get loan offers by email. This questionnaire-like form requires minimal information, and that makes it relatively hassle-free when compared to some loan applications. Once your application is complete, all that’s left is to sift through the loan options that you receive until you find one that’s right for you.

AmeriValue can connect users with as many as five different loan originators. It’s an excellent way to compare loan terms from competing lenders so that you can see what kind of options you have.

Learn More

AmeriValue Mortgage Options

AmeriValue works to connect its users with lenders who provide a variety of common loan types. These include conventional, FHA, and VA loans.

It’s important to note that the loan options available through AmeriValue are not extremely varied when compared to similar lending services. If you’re searching for a specific loan type that is not very common, this company may not be able to help you with finding a lender who offers it.

Listed below are some of the most popular mortgage options that AmeriValue can offer.

Conventional Loans

This loan type is becoming increasingly popular thanks to the fact that it offers low rates and flexible guidelines. The government does not back these loans in any way, and they are especially convenient for first-time borrowers.

If you have a satisfactory credit score and can make a down payment, you should qualify for a conventional loan.

Refinancing Loans

If you already have a mortgage, that doesn’t necessarily mean that you must continue paying it back according to your current payment plan and interest rate.

Refinancing is a great way to alter your existing mortgage so that you can reap benefits such as lower monthly payments and better interest rates.

FHA Loans

As the name suggests, FHA loans are given out by the Federal Housing Administration. These loans are ideal for low-income and moderate-income borrowers, and you can even get approved for a mortgage with a credit score as low as 500.

While having a low credit score will require a bigger down payment, it’s still an excellent option for somebody who would like to take out a mortgage even though their financial history is less than perfect.

VA Loans

If you are a veteran, active military member, or a surviving spouse of a veteran, VA loans offer unique borrowing terms that are a bit more advantageous than your standard mortgage.

For more detailed information on this type of loan, be sure to visit the U.S. Department of Veteran Affairs’ website.

AmeriValue Mortgage Qualifications

When asking what qualifications are necessary to find a loan through AmeriValue, it’s important to keep in mind that AmeriValue’s function is to connect lenders and potential homeowners. As such, it is a bit complicated, to sum up, the necessary qualifications for AmeriValue since the requirements differ based on the lender and loan type. Still, there is some basic information that you can use as a benchmark for determining your eligibility for a given kind of loan.

First off, the minimum credit score needed to qualify for an FHA loan is 580. The government regulates this credit score standard, so you won’t have any luck trying to get an FHA loan if your credit score is lower than that. Furthermore, many lenders ask for an even higher credit score of 620 for the most common loan types.

After you’ve decided on a lender and loan from the options that AmeriValue has sent to you, you should be prepared to supply some basic information and documentation. The required documentation usually includes vital personal information, such as your birthday, income, financial history, and other such details. You may also need to provide pay stubs and tax documentation from the past year or two to verify the status of your financial situation.

For exact details on mortgage qualifications or the loan application process, you’ll have to communicate directly with your potential lender. AmeriValue is a great way to get connected, but from there, you’ll have to undergo the application process according to the standards and regulations that your lender has set.

Pros and Cons

One huge advantage that AmeriValue boasts is that you can use it free of charge. From that point of view, it’s a great deal for anyone who’s looking to find the best loan for buying a new home or refinancing their current home. All you must do is quickly complete the online application, and AmeriValue will send you loan options based on the information that you provided.

AmeriValue helps connect potential homebuyers with some of the most commonly sought-after loan types. While this is great for most users, it may not be ideal for somebody looking for a particular kind of loan. Fortunately, the online form is very user-friendly, and it takes only a little time to complete.

AmeriValue is helpful, but only up to a certain point. Once you’ve completed the form and received a list of potential lenders and loans, everything else that follows is strictly between you and the lender. At this point, the job of AmeriValue.com is complete as they are neither a lender nor a mortgage brokerage. They serve only as a conduit to connect borrowers and lenders.

The post AmeriValue Review 2019 | Mortgage Options appeared first on Better Credit Blog | Credit Help For Bad Credit.

Source: bettercreditblog.org

North American Savings Bank Mortgage Review

Throughout the home-buying process, one of the most critical decisions is choosing a mortgage to finance your home.

There are a variety of different loans to choose from, and there is a vast number of lenders from which you can take out your mortgage.

Let’s take a closer look at North American Savings Bank and see what kind of experience you can expect to have when shopping for a mortgage there.

Overview of North American Savings Bank

nasb mortgage logoLocated in Missouri, North American Savings Bank is a national bank and mortgage lender that offers mortgages to a broad range of borrowers.

Specifically, it gears its services towards active U.S. military members and U.S. veterans.

Most of their mortgages are processed through the Department of Veterans Affairs, but they also offer several other typical home loans that you would expect to get from any bank.

You can begin your mortgage application process either online, via phone, or in-person at your nearest NASB branch. From there, a loan officer will contact you to start finalizing the terms of your mortgage.

NASB also considers non-traditional income sources, so applicants that have a low credit score are more likely to get approved when applying for a mortgage here.

Learn More

NASB Mortgage Options

Whether you plan on taking out an entirely new mortgage or you want to refinance your existing mortgage, North American Savings Bank has a few different financing options to meet the needs of its customers.

Here are a few of the most popular loans that they offer:

Conventional Loans

These are loans that are not backed by the government. They tend to have higher interest rates than their government-backed counterparts. Still, it may be possible that a conventional loan is the type of mortgage that is best suited to your needs.

Government-backed Loans

If you take out a loan from any government entity, then that’s known as a government-backed loan. One of the most common government loans is an FHA (Federal Housing Association) loan. NASB provides customers with a variety of government-backed loans.

Be aware that if you take out an FHA loan, the Federal Housing Administration is not the one that will provide the credit. The money is given to you by an individual FHA-approved institution like NASB, and the FHA merely serves to back the loan.

VA Loans

VA loans are one of the most popular loans that NASB offers, and they provide favorable borrowing terms for active members of the military, veterans, and widowed spouses of veterans.

To confirm your eligibility for a VA loan, visit the Department of Veteran Affairs website.

Mortgage Refinance

One of the easiest and simplest ways to improve your mortgage’s repayment terms is by refinancing.

While this option may not be for everybody, it allows many borrowers to enjoy lower monthly payments, a lower interest rate, and payment terms, which are overall more favorable than those of the original mortgage.

Cash-Out Refinance

A cash-out refinance loan differs from a standard mortgage refinance in one significant way: the balance on the new mortgage that you receive through this process is higher than the amount of your home payment. The logic here is that with the remaining money you have after making your home payment, you can fund other aspects of your life.

Many borrowers who opt for a cash-out refinance to use the money for home improvements. Be aware that with this type of refinancing, you’ll need to borrow the new mortgage against home’s equity.

NASB Mortgage Qualifications

NASB differs from other lenders in their loan qualification process. Rather than merely looking at your credit score, they also consider your financial history based on other indicators, such as your bill and rent payment history.

Though their standard minimum credit score is 620, there are specific loans they offer that will accept even lower scores. Their Good Neighbor Program, for example, only requires a credit score of 580. That way, moderate-income and low-income borrowers have a chance to get a mortgage at NASB.

Naturally, the qualification standards and assistance that NASB offers vary depending on the loan. For example, they don’t charge a fee to lock in your loan rate. NASB does, however, charge an origination fee of $995 on all its loans except for VA loans.

Overall, NASB offers mortgage qualification requirements that are forgiving when compared to other lenders. If you are a military borrower with low-to-moderate income, this would be a great lender to consider.

Pros and Cons of North American Savings Bank

Pros

One advantage that NASB customers agree on is that this bank is big on serving military families through VA loans. They make an effort to thank veterans and active military members by helping them to find the most favorable mortgage borrowing terms. While other banks and institutions also offer VA loans, NASB stands out in this regard.

In addition to honoring those who have served, NASB also takes non-traditional income sources into account when customers apply for a loan. Examples of this include your payment histories for rent, utilities, insurance, and mobile phone bills. Many lenders are quick to judge you based on your credit score alone, but NASB works to give its clients alternate routes to finding a great mortgage.

If that weren’t enough, NASB also helps low-income customers through their Good Neighbor Program. This initiative is designed to help people buy properties in Kansas City, Missouri, even if their credit score and financial history are less-than-perfect. The program works by requesting a minimum credit score of 580, waiving any lender fees that would typically be required, and helping borrowers along with paying for closing costs.

Cons

The only downside we see from NASB bank is that it doesn’t offer an online system for tracking your loan process. While this may be unnerving to some, some borrowers don’t care to use such systems.

In any case, NASB has a solid reputation, and you can always check in with your loan officer at any point during the loan process.

Is North American Savings Bank for You?

Due to their excellent reputation, flexible qualification standards, and a variety of mortgage offerings, you can’t go wrong with NASB.

The post North American Savings Bank Mortgage Review appeared first on Better Credit Blog | Credit Help For Bad Credit.

Source: bettercreditblog.org

Best Credit Cards for Holiday Shopping

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Is it ever too soon to start thinking about holiday shopping? By the time the first of December rolls around, it’s time to plan holiday decorating, party hosting and holiday presents. No matter what holiday you celebrate, it’s time to start collecting your loved ones’ holiday wish lists and begin budgeting for those gifts.

The holidays can be a bit hectic, but if you find yourself a little short on your gift budget, it can be downright stressful. You want to give your loved ones the presents they want, but you don’t want to break the bank. What’s a holiday planner to do?

That’s where rewards credit cards can come in handy. With great rewards, like cash back and introductory bonuses, you can earn money towards your holiday budget while spending your holiday budget. Now that’s multitasking.

The Line-Up

We’ve got some great credit cards that are up to tackling your holiday shopping. Depending on your creditworthiness, you can’t go wrong with choosing any of the following:

  • Chase Freedom Unlimited: With unlimited 1.5% cash back on all purchases and a $150 intro bonus after you spend $500 in your first three months from account opening, this card will help you earn a little extra cash during the holidays.
  • Target REDCard: Are you a big Target fan? Then you’ll love the Target REDCard, which offers 5% off on all eligible purchases from Target stores and Target.com, see card terms for eligibility details.
  • Petal Visa Credit Card: If you’re building your credit score, the Petal Visa Credit Card will still give you great rewards during your holiday shopping. It offers 1% cash back on purchases.
  • TD Cash Credit Card: This card pulls out all the stops—3% cash back on dining, 2% cash back at grocery stores and 1% cash back on all other eligible purchases, see card terms for eligibility details.
  • Credit One Bank Platinum Visa with Cash Back Rewards: Do you have bad credit? Not to worry—with the Credit One Bank Platinum Visa with Cash Back Rewards, you can still get cash back rewards. For those with poor to bad credit, this card offers 1% cash back rewards on eligible purchases—see card terms for eligibility details.

Chase Freedom Unlimited

Chase Freedom Unlimited®

Apply Now

on Chase’s secure website

Card Details
Intro Apr:
0% for 15 months on purchases


Ongoing Apr:
16.49% - 25.24% Variable


Balance Transfer:
Intro: 0% for 15 months


Annual Fee:
$0


Credit Needed:
Excellent-Good

Snapshot of Card Features
  • Earn a $150 Bonus after you spend $500 on purchases in your first 3 months from account opening.
  • Earn unlimited 1.5% cash back on all purchases.
  • 0% Intro APR for 15 months from account opening on purchases and balance transfers, then a variable APR of 16.49 - 25.24%.
  • 3% intro balance transfer fee when you transfer a balance during the first 60 days your account is open, with a minimum of $5.
  • No annual fee
  • No minimum to redeem for cash back
  • Cash Back rewards do not expire as long as your account is open

Card Details +

Right off the bat, you’ll earn a $150 bonus after you spend $500 on purchases within the first three months of your account opening. If you open and use the Chase Freedom Unlimited card before Christmas, that’s a cool $150 you can use towards more gifts. Or you could use it to buy yourself a little something for a Christmas shopping job well done.

The Chase Freedom Unlimited card offers other great rewards, like unlimited 1.5% cash back on all purchases. So when you buy holiday presents for the whole family, you’ll earn extra money. It also offers an intro APR of 0% for 15 months on purchases , followed by an ongoing APR of 16.49% - 25.24% Variable .

Target REDCard

Target REDcard™ Credit Card

Apply Now

on Target’s secure website

Card Details
Intro Apr:
N/A


Ongoing Apr:
24.90%


Balance Transfer:
N/A


Annual Fee:
$0


Credit Needed:
Good-Fair

Snapshot of Card Features
  • 5% off every day at Target & Target.com.*
  • Free 2 day shipping on hundreds of thousands of items at Target.com.*
  • Early Access to products and promotions*
  • Exclusive Extras including special items and offers*
  • Starbucks discount on in-store locations - get everyday 5% savings when you pay with your REDcard*
  • Cartwheel - save 5-50% on hundreds of items in store & get everyday 5% savings when you pay with your REDcard*
  • Target Subscriptions - save 5% on everyday essentials delivered on your schedule when you subscribe, plus get everyday 5% savings when you pay with your REDcard*
  • Get everyday 5% savings on specialty gift cards when you pay with your REDcard*
  • Target Wallet, easy and fast checkout. Use Wallet in the Target app to save with Cartwheel and pay with REDcard by scanning your phone at check out in store.
  • *Some restrictions apply. See Target.com/redcard for benefits and program rules

Card Details +

Target really does have it all, including a credit card that’s perfect for holiday shopping. Stock up on your twinkle lights, Hanukkah decorations and presents while getting 5% off with the Target REDCard. And if you need a quick caffeine boost in the middle of your holiday shopping, you can get 5% off at an in-store Starbucks too.

Find yourself buying a few holiday things last minute, but don’t want to brave the last-minute holiday crowds? Don’t worry—your 5% off applies to Target.com and you’ll get free two-day shipping. But keep in mind that this card has an ongoing APR of 24.90% , which can be a bit steep depending on your purchases.

Petal Visa Credit Card

Petal Visa Credit Card

Apply Now

on Petal’s secure website

Card Details
Intro Apr:
N/A


Ongoing Apr:
14.49% - 25.49%


Balance Transfer:
N/A


Annual Fee:
$0


Credit Needed:
Fair-No Credit

Snapshot of Card Features
  • Up to 1.5% cash back after making 12 on-time monthly payments.
  • 1% cash back on purchases right away
  • No fees whatsoever. No late fee, international fee, annual fee, or any-other-kind-of-fee, fee
  • Build credit alongside tens of thousands of Petal Card members
  • Cash flow technology can help applicants without credit history get approved
  • $500 - $10,000 credit limits
  • Petal’s mobile app makes it easy to manage your money, track your spending, and automate payments
  • See if you’re pre-approved within minutes without impacting your credit score
  • Petal reports to all 3 major credit bureaus
  • No deposits required. Card issued by WebBank, Member FDIC.

Card Details +

Just because you have a nonexistent credit score doesn’t mean you have to miss out on a rewards credit card. The Petal Visa Credit Card has some killer cash back rewards that are perfect for holiday shopping. Petal offers 1% cash back on purchases right away. That’ll definitely come in handy during the holiday season.

And we can’t ignore Petal’s other features that could help your credit score. Petal reports to all three major credit bureaus. If you make your payments on time, that could help build your credit. That’s killing two birds with one stone—knocking out your holiday shopping and potentially improving your credit score.

TD Cash Credit Card

TD Cash Credit Card

Apply Now

on TD Bank’s secure website

Card Details
Intro Apr:
0% Introductory APR for the first 15 billing cycles after Account opening.


Ongoing Apr:
14.74%, 19.74% or 24.74%, based on your creditworthines


Balance Transfer:
N/A


Annual Fee:
$0


Credit Needed:
Excellent - Good

Snapshot of Card Features
  • Earn $150 Cash Back when you spend $500 within 90 days after account opening
  • Earn 3% Cash Back on dining
  • Earn 2% Cash Back at grocery stores
  • Earn 1% Cash Back on all other eligible purchases
  • $0 Annual Fee
  • $0 Foreign Transaction Fee
  • Visa Zero Liability
  • Instant credit card replacement
  • Digital Wallet
  • Contactless Payments

Card Details +

If you have a whole crowd of extended family coming to visit you for the holidays, the TD Cash Credit Card could be for you. First things first: you’ll earn $200 cash back when you spend $500 within 90 days of your account opening. And that’s just the beginning. You can earn 3% cash back on dining, perfect if your house is jam-packed with holiday guests and you don’t feel like whipping up a meal every night.

Planning on cooking a grand meal for Christmas day? Maybe you need to cook up some latkes for Hanukkah? You’ll love the 2% cash back at grocery stores. Plus you’ll receive 1% cash back on all other eligible purchases, making other holiday purchases a little more manageable. When applying for this card, keep in mind that it has an ongoing APR of 14.74%, 19.74% or 24.74%, based on your creditworthines .

Credit One Bank Platinum Visa with Cash Back Rewards

Credit One Bank® Platinum Visa® with Cash Back Rewards

Apply Now

on Credit One Bank’s secure website

Card Details
Intro Apr:
N/A


Ongoing Apr:
25.74% Variable


Balance Transfer:
N/A*


Annual Fee:
$39


Credit Needed:
Poor-Bad

Snapshot of Card Features
  • Seeing if you Pre-Qualify is fast, easy, and secure
  • Get 1% cash back rewards on eligible purchase, terms apply
  • Rewards post automatically to your account each month
  • Automatic reviews for credit line increase opportunities
  • With $0 Fraud Liability, you won’t be responsible for unauthorized charges
  • Pick a card that fits your style. Multiple card designs are available, a fee may apply
  • Enjoy exclusive offers available to Credit One Bank card members through Visa® Discounts.
  • Your card includes travel accident and auto rental collision insurance from Visa®

Card Details +

Don’t let poor or bad credit stop you from getting a killer rewards credit card. The Credit One Bank Platinum Visa with Cash Back Rewards offers great cash back deals for the holiday season. With this card, you can earn up to 1% cash back rewards on eligible purchases. You can grab some great gifts for the eight days of Hanukkah with that extra cash.

If you’re thinking about applying for this card for the holidays, there are a few things you should keep in mind. First, it’s got an ongoing APR of 25.74% Variable . So if you’re going to use this card for your holiday spending, try to keep any balances from carrying over to the next month, if possible. Plus, it’s got an annual fee of $39. If you can’t swing it, this might not be the right card for you.

Crush Your Holiday Shopping with the Right Rewards Card

When you’re armed with the right rewards credit card, you can tackle any holiday wish list your family and friends throw at you. But keep in mind that there isn’t one perfect rewards credit card. The right rewards credit card depends on your circumstances. So take a look at your finances, goals and Christmas to-do list, and choose the best credit card for your personal situation.


 

Editorial disclosure: Reviews are as determined solely by Credit.com staff. Opinions expressed here are solely those of the reviewers and aren’t reviewed or approved by any advertiser. Information presented is accurate as of the date of the review, including information on card rates, rewards and fees. Check the issuer’s website for the most current information on each card listed.

Some offers mentioned here may have expired and/or are no longer available on our site. You can view the current offers from our partners in our credit card marketplace. DISCLOSURE: Cards from our partners are mentioned here.

The post Best Credit Cards for Holiday Shopping appeared first on Credit.com.

Source: credit.com

GetSmart.com Mortgage Review 2019

Finding a great mortgage can involve a lot of research and comparing various lenders.

However, the work that goes into it is well worth it when you consider how much money you can save by taking out a mortgage with superior borrowing terms.

By getting pre-qualified for a mortgage through GetSmart.com, you can efficiently shop through a variety of loan types until you find the one that’s perfect for you.

How GetSmart.com Works

GetSmart.com is an online service that takes your basic info and then directs you to a mortgage shopping system called LendingTree. LendingTree, based in North Carolina, is the lender exchange that operates GetSmart.com.

GetSmart.com uses a streamlined, user-friendly application system to pre-qualify customers before funneling them to LendingTree’s online mortgage shop. Once there, you can shop around among different loans for which you are pre-approved.

One great thing about GetSmart.com is that the mortgage lenders it features are all required to meet specific quality standards before they can join the network. Vetting lenders in this way ensures that users only have reputable banks and finance companies to choose from when shopping for loans.

LendingTree (Get Smart’s parent company) maintains a Trustpilot score of 9/10. This score is relatively high for a financial institution, and it’s a reliable indicator that GetSmart.com is a reputable resource for mortgage shopping.

GetSmart.com makes an excellent starting point if you’re shopping for a mortgage. It can efficiently help you to research different loan options in an organized manner so that you can save time and money.

 

Learn More

GetSmart.com Mortgage Options

GetSmart.com can help you find a variety of loans to suit your needs. After you submit your application, it can direct you to a lending exchange that allows you to compare potential loans from various lenders.

Here are a few examples of some of the most popular loans that you can find through GetSmart.com:

Conventional Loans

Loans that are not backed by a government entity are considered conventional loans. This loan type accounts for approximately two-thirds of homeowners’ loans issued in the United States.

Often, conventional loans have higher interest rates than loans which are government-backed.

FHA Loans

FHA-approved lenders issue federal Housing Administration loans, and they are prevalent for first-time homebuyers. FHA loans are primarily intended for low-income borrowers. These loans typically require lower down payments and lower minimum credit scores when compared to other loan types.

Remember: the FHA doesn’t directly give you money if you take out an FHA loan. They guarantee the amount which is lent to you by an FHA-approved lender, such as a bank or other financial institution.

VA Loans

VA loans create excellent opportunities for veterans, active members of the military, and spouses of deceased veterans. For example, they require no money down and usually come with low closing costs when compared to other loan types. Thanks to the added benefits and flexible borrowing terms of VA loans, those who have served have a chance to be rewarded for their sacrifices when buying a home.

For more information on whether you qualify for a VA loan, be sure to check out the Department of Veterans Affairs website.

Jumbo Mortgages

Should you plan on buying a luxury home, a jumbo mortgage is the loan type for you. Depending on where you live, you can take out one of these super-sized mortgages for an amount between $424,100 and $636,150. The range for jumbo loans is set to conform to the loan limits for the Federal National Mortgage Association.

It should come as no surprise that you need to have a reasonably good FICO credit score of around 700 to qualify for a jumbo mortgage. You should also expect to pay a 20% down payment with this loan type.

Learn More

GetSmart.com Mortgage Qualifications

Each lender which you can find through GetSmart.com has specific lending terms depending on what kind of loan you want to take out. It is difficult to generalize on the mortgage qualifications of so many lenders. However, there are a few standards within the mortgage-borrowing world that we can suggest as a starting point.

Low-income mortgages and FHA loans tend to have a minimum credit score requirement of 580. Most conventional mortgages, on the other hand, tend to put the required credit score minimum at 620.

LendingTree advertises their minimum down payment can as low as 3.5%. It’s important to note that not every lender within their network is going to abide by that number. Your best bet is to inquire directly with a specific lender to get the most accurate information on their mortgage qualifications.

Pros and Cons

A significant advantage of using GetSmart.com is they require lenders within their network to meet specific quality standards. This vetting helps to filter out unreliable lenders, and it allows potential homebuyers to find the best mortgages quickly and easily.

LendingTree’s network also offers a wide range of loans that appeals to the diverse needs of its users. From FHA loans to jumbo loans, it can help you find the loan which is best suited for your individual situation. Thanks to this vast and varied lender network, users can get a comprehensive look at multiple existing options.

All in all, Get Smart’s pre-qualification process is clear-cut and exceedingly simple. All you must do is answer a few questions to determine which loans you should consider. After completing the application and providing your basic information, different lenders can contact you and provide you with more specific information on their loans.

You should be prepared to provide documentation to prove your income and financial status for the lender to verify.

GetSmart.com is not actually a lender. They serve only as a conduit to connect borrowers and lenders. As a result, you’ll need to research the specific details of individual lenders and loans after you have found it through GetSmart.com.

However, it still makes for a great place to start the search, especially if you’re trying to assess what are your best options based on your specific situation.

The post GetSmart.com Mortgage Review 2019 appeared first on Better Credit Blog | Credit Help For Bad Credit.

Source: bettercreditblog.org

Guide to Lenders Review | Mortgage Options

guide to lenders logoAre you currently looking to take out a mortgage? If so, you must find one that offers you the most favorable terms so that you can pay it back as effectively as possible.

Guide to Lenders is an online platform that can help you compare different loans until you find the ideal one for your situation.

How Guide to Lenders Works

Guide to Lenders has allowed hundreds of users to compare different loans from top lenders so that they compare options efficiently. It’s completely free, and you can quickly receive multiple offers from lenders just by filling out the form on their website.

Once your application is complete, you merely need to review your loan offers and decide as to whether any of them are the right fit for you.

Shopping around for the best loan is a fantastic way to save big on your mortgage. The Guide to Lenders is 100% free and gives you the resources to compare different lenders. It’s a service worth considering as you shop around for a mortgage.

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Guide to Lenders Mortgage Options

Although Guide to Lenders doesn’t directly offer loans to users, it helps them by taking their information and recommending potential lenders and loans that match with it.

Below are some of the most common loan types you might find after filling out the application form on the Guide to Lenders website:

Refinance

Refinancing is one of the best ways to ensure that you are getting the best terms for your mortgage. In many cases, it can lead to lower monthly payments on your mortgage and better interest rates so that you can pay back your loan as efficiently as possible.

Refinancing is not for everyone, so be sure to carefully assess whether this option would benefit you in the long run.

Home Loan

Once you consider how much money you make, how much you can put down on a home, and some other factors, you’ll be able to determine what kind of home loan is best for you. Different loans come with specific terms, monthly payments, and interest rates, and it’s essential to shop around before committing to a loan from a lender.

Guide to Lenders is a great online platform for comparing home loans while you research your options.

Home Equity

The main difference between a home equity loan and a standard home loan is that you can only take out a home equity loan after you have equity in a property.

Mortgages and home equity loans both require you to put up the property as collateral, but a home equity loan is secured by the equity you have in the property.

Naturally, the terms for different home equity loans depend upon the lender from which you request the loan.

Personal Loan

One of the most significant differences between a personal loan and a mortgage is that a personal loan is not secured. Personal loans tend to have higher interest rates, shorter loan terms, and lower maximum loan amounts when compared to mortgages.

While the reasons above might make personal loans seem like a less favorable option for buying a home, you should still consider if they might be the right move for your financial situation.

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Guide to Lenders Mortgage Qualifications

First off, it’s important to remember that Guide to Lenders does not provide loans directly. It merely provides users with various loan offers, and from there, everything is between the user and the potential lender.

However, you do need to meet a few qualifications before using Guide to Lenders:

  • You must be a United States citizen
  • You must be at least 18 years old
  • You must own a valid bank account
  • You must have a steady source of income

If you can check those four items off the list, then you’re ready to start using Guide to Lenders. Their application will ask for your name, annual income, date of birth, and contact information, but you won’t have to provide too much detailed information. Guide to Lenders also performs a soft credit inquiry, but this will not affect your credit score.

After you’ve submitted your application, you’ll receive a few loan offers best matched with the information you provided. At that point, all requirements and application procedures will have to be submitted according to the lender’s specific criteria.

Remember, you have no obligation to pursue any of the loan offers that you get from Guide to Lenders, and there is no sanction for deciding against pre-approved loans from this company.

Pros and Cons of Guide to Lenders

Pros:

  • Free Service: One huge incentive for using Guide to Lenders is the fact that it doesn’t cost a cent. The free service allows you to compare loan options from the nation’s top lenders so that you can find the loan that’s right for you.
  • Simple Platform: Another advantage of this online platform is how simple and quick it is to get pre-approved for loans. The application is fast, easy, and only requires a soft credit check. That way, you don’t have to worry about any adverse effects on your credit score.
  • Extensive Lender Network: Guide to Lenders has an extensive lender network, so it can help borrowers with various types of credit scores to find the right loans. Even if you have a poor credit score, typically making the loan process more difficult, this platform can help you to find a loan that will allow you to finance your home.
  • No Obligation: It’s also a huge plus that loan offers received through Guide to Lenders carry no obligation. You can choose to not proceed with any of them, and there are absolutely no repercussions for doing so.

Cons

  • Not a Direct Lender: The only downside to Guide to Lenders is they do not act as a lender. They are merely a conduit to connect borrowers with lenders. Once you receive loan offers through their platform, you’ll have to take on the process of applying for the loan with your chosen lender on your own.

Since there is no cost to use the Guide to Lenders service, trying out their platform to match you with lenders is a winning play.

The post Guide to Lenders Review | Mortgage Options appeared first on Better Credit Blog | Credit Help For Bad Credit.

Source: bettercreditblog.org

Magnolia Bank Mortgage Review 2019

Buying and refinancing a home is a major decision, and you want to take out a mortgage with a bank that you can trust.magnolia bank mortgage

Based in Hodgenville, Kentucky, Magnolia Bank is one of the top 20 bank originators in the United States. Founded in 1919, the bank provides loan services in all 50 states. Magnolia Bank is insured by the FDIC, has an A+ rating with the BBB, and has no complaints filed against it with the Consumer Financial Protection Bureau.

It’s no surprise that Magnolia bank generates over 1 billion dollars per year in home loans. They offer a variety of loan options so customers can choose the financing option which works best for them. This flexibility ties in well with their motto: “We Have a Personal Way.”

According to their website, “Magnolia Bank is committed to providing quality products and services to our customers, nurturing our employee’s professional growth, maximizing the return to our shareholders, and encouraging community involvement through our time and corporate resources.”

Let’s take a closer look at Magnolia Bank and get a general idea of its mortgage lending requirements for borrowers.

Magnolia Bank Mortgage Options

Magnolia Bank offers the following mortgage options for customers to choose from based on their specific needs and financial situation.

Fixed-Rate Mortgage

A fixed-rate mortgage is perfect if you want a consistent monthly payment. In a fixed-rate mortgage, the interest rate and monthly payment both stay the same throughout the term of the loan.

The biggest advantage here is that the loan holder does not have to worry about the interest rate going up at any point during the loan term.

VA Home Loan

VA loans provide unique benefits for those who currently serve in the military, those who have served in the military, and even spouses of deceased veterans. The loan terms are much more flexible than your average fixed-rate or ARM mortgage.

After confirming your eligibility with the U.S. Department of Veterans Affairs, you can start the process of taking out this specific type of loan.

FHA Home Loan

If you’re worried that your credit score may not be high enough to qualify for a home loan, then this option may be for you. Eligibility requirements for mortgages insured by the Federal Housing Administration are markedly less strict than many other loan types.

This loan type is one of the easiest to get, and it gives individuals with unfavorable financial histories a chance to buy a home or refinance.

Cash-Out Refinance

One of the most challenging parts of paying back a home loan is trying to do so with high-interest rates. However, a cash-out refinance loan may afford you the possibility of lowering your monthly payments even if you don’t have a stellar credit score.

The main difference between cash-out refinancing and basic refinancing is that a cash-out refinance will allow the borrower to take out more money than is needed to pay back your mortgage. The extra money is given to you to use towards home improvements, pay for college, or any other financial need.

Refinance

Refinancing is a common way to lower your monthly mortgage payment. This option can lead to significant savings, so you should consider it if you want to pay your loan back on more favorable terms. Refinancing is the process of replacing your current mortgage with a new one so that you can enjoy benefits such as lower interest rates or lower monthly payments.

Jumbo Home Loan

If you plan to purchase a high-value property, a jumbo loan is the perfect financing option. To qualify for a jumbo loan, the property being financed must meet the current conforming loan limit of $484,350 in most parts of the United States. You’ll also need to have a strong financial background (i.e., high credit score and low DTI ratio).

Keep in mind that you need to make a down payment of 20% when taking out a jumbo loan. Still, this is hands-down one of the best loan options for luxury homebuyers.

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Magnolia Bank Mortgage Qualifications

When applying for a mortgage at Magnolia Bank, there are a few qualifications that you’ll need to meet.

First, you need a minimum credit score of 620 (580 for FHA loans). Their mortgage application also requests standard personal information, such as your address, birth date, and income.

Once you’ve provided your necessary information and have received a loan proposal, you can move on to choosing the interest rate and loan terms from the options that the bank offers.

From there, you can begin the application for that specific loan. During this part of the loan process, you’ll be expected to provide some detailed documentation, such as your last two pay stubs, your tax forms (W2 or 1099 forms) for the previous two years, and a signed Borrower’s Certification and Authorization.

Loans from Magnolia Bank can be processed either online or by making a phone call. Since every loan is dealt with individually, it’s best to contact Magnolia Bank directly to determine the exact qualification requirements for your desired loan type.

Getting Started

With Magnolia Bank, it’s simple to get started. Just visit the Magnolia Bank website and get a free no-obligation loan analysis and rate quote all online with their easy to use online form:

 

Pros and Cons

Magnolia Bank has an excellent reputation as a mortgage lender. Not only does it hold an A+ rating from the Better Business Bureau, but it’s also insured by the FDIC.

Additionally, the CFPB does not currently have any complaints filed against it.

As far as customer satisfaction, many loan holders on different rating forums have posted positive reviews. You also don’t have to provide highly detailed information to get their mortgage rates when you apply. Magnolia Bank also offers a $1,000 Best Rate Guarantee on its mortgages.

Overall, Magnolia Bank’s practices and loan application process is streamlined, simple, and convenient.

The one notable downside with their loan application process is that some customers may not feel comfortable using an online platform for financial matters like this.

However, you can rest assured that Magnolia Bank is safe, reliable, and well-regarded when it comes to offering competitive mortgage rates.

The post Magnolia Bank Mortgage Review 2019 appeared first on Better Credit Blog | Credit Help For Bad Credit.

Source: bettercreditblog.org

Better.com Mortgage Review 2019

There once was a time in mortgage lending where customers had to sit down with a loan officer and handwrite mortgage applications before entering an extensive consultation regarding more paperwork than one could imagine.

In the last 20 years, however, more lenders have gone digital. The result? These days, it’s feasible to go through the entire loan application process online, seeing your loan officer only at closing.

Better.com Mortgage is one lender that prides itself on doing as much business as possible online for its customers’ convenience. They’ve integrated human interaction with a highly technological process to supply their customers with versatility and personal customer service.

Unfortunately, however, Better.com doesn’t offer some of the mortgage products that customers have come to expect from a full-service boutique mortgage lender.

Who Owns Better.com Mortgage?

better.com mortgage logoWhen looking at boutique mortgage companies, it’s essential to do some research to determine their financial viability. Many mortgage companies that previously did brisk business crumbled in the aftermath of the 2008 mortgage crisis. So, you would do well to find out who is writing the checks for your chosen mortgage company.

In this case, Better.com mortgage is listed as privately owned, which may concern some. That said, some highly prominent financial institutions, such as Goldman Sachs, back Better.com, and the company has done a fabulous job cornering the market on rapid closing with a personal touch.

Better.com mortgage operates almost entirely online. This level of automation means customers will apply, prequalify, and send verifying documents through an online portal, from which an underwriter will review it quickly. But Better.com also provides you with direct access to a loan officer as you go through the application process, delivering that personal touch in navigating your mortgage.

Interestingly, Better.com states that their loan officers don’t make a commission for closed sales. This unorthodox approach is quite different from most mortgage lenders who frequently roll loan officer fees into closing costs, which incentivize closing more than service.

Loan officers at Better.com are strictly there for support, meaning you’ll have someone dedicated more to helping customers than ensuring loan closure.

To get started, it is as easy as visiting the Better.com website and choosing which mortgage options suit your needs:

 

Loan options with Better.com Mortgage

Because of the streamlined and primarily digital submission system, Better.com offers a limited number of mortgage products. There are no options for Home Equity Lines of Credit (HELOC).

Nor does the company provide the standard options for lower down-payment mortgages through government programs like the Veterans Administration (VA) or the U.S. Department of Agriculture (USDA).

Better.com does, however, offer lower down payment loans through its own fixed-rate program, and the company advertises that it works with borrowers who don’t have the standard 20 percent down payment. According to its promotional materials, 72% of Better.com borrowers put less than 20 percent down on their home mortgages.

Conventional Fixed-Rate

Better.com offers standard fixed-rate purchase and refinance mortgages, with terms of 15, 20, or 30 years. These mortgage options have a fixed interest rate for the life of the loan. What’s more, Better.com collects no lender fees at closing.

Better.com advertises that they guaranty to be at least $1,000 lower on closing costs than any other lender, or they will give you $1,000. It’s a pretty bold statement considering most lenders make their money and commissions through closing costs and fees.

Adjustable-Rate Mortgage (ARM)

These mortgage products allow borrowers to access higher-value homes and qualify for bigger loans at a lower initial interest rate than conventional fixed-rate products.

ARMs fix the interest rate for an initial period, after which it can fluctuate with the prevailing rate.

Jumbo Loans

Jumbo loans are more substantial than average conventional purchase or refinance loans and often have more stringent qualifications than standard fixed-rate mortgages.

Better.com is unique in that it offers Jumbo loan programs with 10 percent down payments, which ordinarily would incur a penalty of monthly mortgage insurance. Better.com offers these products without mortgage insurance for qualified borrowers.

FHA

Another lower-down-payment product for which borrowers might qualify is an FHA loan, which is guaranteed by the Federal Housing Administration. FHA loans are among the few federally backed programs that Better.com offers.

Further, the company actively advertises its willingness to work with customers using alternative income and lower down payments.

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Qualifications with Better.com Mortgage

Better.com qualifies its customers similarly to most mortgage companies, with a few significant differences that make them a little unique. Rather than filling out an application, Better.com offers an online questionnaire that walks you step-by-step through the submission process.

The questionnaire is dynamic. It changes and refines itself based on the answers you provide, thus tailoring it to your specific situation. A few minutes after starting the process, you will have your first prequalification, with options for your loan. You can even lock in your rate without incurring an additional fee, which is unusual for a major mortgage lender.

During the submission process, Better.com will connect you with a loan officer. This loan officer isn’t there to make a commission off of you. Instead, the purpose is to give you a point of contact with your lender to help guide you through the verification process. If you have alternative income from unusual payment methods, like gig jobs, the loan officer can take that into account during qualification.

Better.com also boasts that it can close a loan within 21 days, which is quite an achievement. Its sleek online approach, combined with the personal assistance of a loan officer, makes this claim very believable.

Pros and Cons of Better Mortgage

Pros

  • No Commissions: Most lenders make their money off closing costs and commissions. Better.com offers you $1,000 if their closing costs aren’t $1,000 less than their competitors.
  • Online but Personal: Better.com provides an integrated approach that welds technological advancement with excellent customer service.
  • 10-percent-down Jumbo Loans with No Mortgage Insurance: Most other lenders would require expensive monthly mortgage insurance.

Cons

  • No Home Equity Line of Credit: HELOCs are excellent programs for home-renovation products. They’re flexible and useful for unexpected construction expenses.

The post Better.com Mortgage Review 2019 appeared first on Better Credit Blog | Credit Help For Bad Credit.

Source: bettercreditblog.org

New American Funding Review 2019

With the extreme cautiousness that the mortgage industry engaged in the aftermath of the 2008 mortgage crisis, it might seem challenging to find a lender willing to do things a little differently.

Of course, nobody expects lenders to offer the super-risky mortgage packages again. But it can be helpful to find a lender willing to explore alternative forms of credit and verification.

New American Funding is a lender that uses traditional manual underwriting, which allows it to explore alternative credit more thoroughly than the standard computer models that much of the industry uses.

And New American offers a wide variety of excellent mortgage products to fit almost any needs.

New American Funding Mortgage Options

New American offers a wide variety of mortgage products fit for almost any borrower’s unique situation.

Whether you’re looking for a conventional fixed-rate mortgage with a regular term, or a home equity line of credit for a new home-renovation product, New American Funding likely has a product that will work.

It also hosts several programs designed to assist customers who don’t have the typical 20 percent down payment that most mortgage providers demand.

Conventional Fixed Rate

The fixed-rate loan is the standard of most mortgage programs. Terms run from 10 to 30 years, with a rigid interest rate that remains the same throughout the course of your loan.

A conventional fixed-rate loan is what most people think of when they think of a mortgage, and it usually requires several formal verifications to close.

Adjustable-Rate Mortgage (ARM)

ARM loans offer customers a low starting interest rate that can increase periodically over time. These loans serve up an excellent option for people who intend to refinance to a fixed rate before the interest adjusts.

ARM loans usually start with a lower interest rate, allowing a borrower to get into a home they might not be able to afford otherwise. This type of loan is perfect for people who are working on improving their financial situations, allowing them to prove their ability to pay on time, then refinance.

Jumbo Loans

Jumbo Loans are loans with a more sizeable total balance than conventional loans. They’re designed primarily for customers with a higher income who need a more substantial loan to secure their property.

They often come with much stricter requirements to verify and underwrite due to the more significant risk on the bank’s behalf.

Reduced Down Payment Options

New American Funding offers a variety of traditional reduced down-payment mortgage options, including the following loan programs:

  • VA (Veterans Administration)
  • FHA (Federal Housing Administration)
  • USDA (U.S. Department of Agriculture)

These programs help buyers get into houses with a lower down payment than typically required. New American works with these agencies, but also offers help to borrowers looking for state and local assistance with their down payments.

Home Equity Line of Credit (HELOC)

Like many other mortgage lenders, New American Funding offers Home Equity loans. HELOCs are loan programs that create a pool of credit out of the equity you have in your house, a little like opening a checking account matching your home’s value.

They’re an excellent option for renovation projects with fluctuating costs, as you withdraw funds to pay for renovation stages throughout the process.

Reverse Mortgages

One unique product that New American offers that you won’t see everywhere else is the Reverse Mortgage. Like the HELOC, Reverse mortgages use the equity of your home to give you a monthly payment out of the value of your investment.

These products are terrific for retirees, providing them with a monthly income from their property.

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New American Funding Qualifications

Many mortgage lenders use an automated underwriting process to verify financial information and determine whether a prospective borrower qualifies for a particular loan.

This automation can streamline the process and make it much faster to close, but it can also inject some rigidity into the process. Some customers may be able to present documentation that falls outside of the capabilities of the automated underwriting systems.

New American carries out all of its underwritings manually, so a person – not a computer – will review your documentation personally. A manual underwrite gives the lender flexibility that automated systems don’t offer. Prospective borrowers may be able to qualify based on alternative information.

Other than the manual underwriting, most of New American’s requirements don’t deviate from standard mortgage qualifications. Customers will still need a down payment, income verification, credit approval, and documentation to support their initial application. And they can submit their documents online, which makes the process quicker.

New American Funding representatives say they close the majority of their loans within 30 days. What’s more, they don’t charge a fee for an interest-rate lock, which is an attractive feature if you’re trying to take advantage of a specific rate before it fluctuates with the market.

Getting started is as easy as visiting the New American Funding website and choosing which mortgage option is for you:

Is New American Funding a Good Lender?

New American Funding was founded in 2003, five years before the mortgage crisis. Where many other lenders collapsed in the aftermath of that debacle, New American survived by remaining disciplined and conscientious throughout.

The fact that the company is still operating more than a decade later indicates that New American values good practices and is fit to weather the fickle mortgage market.

New American’s willingness and adherence to manual underwriting is another nice perk of its business practices. It might take slightly longer to close, but it affords customers flexibility within their documentation.

New American also offers services and applications in both English and Spanish, opening the market to more customers, including ones who are otherwise underserved in the housing market. These language services show commitment to customer service that is sometimes lacking with larger lenders.

Pros and Cons

Pros

  • Online Document Portal: New American has a single portal for submitting documentation and checking rates, which streamlines the underwriting process.
  • Manual Underwrite: Personal underwriters can review alternative documentation for income and employment verification.
  • Many offered products: New American provides a wide assortment of loan programs, more than some better-known lenders.

Cons

  • Availability: New American Funding is available in every state except New York and Hawaii.

The post New American Funding Review 2019 appeared first on Better Credit Blog | Credit Help For Bad Credit.

Source: bettercreditblog.org

Chase Mortgage Review 2019

Chances are you’ve heard of Chase Mortgage. It’s been one of the most popular mortgage companies in the country for years, with satisfied customers spread throughout the United States.

Chase mortgage not only weathered the travails of the 2008 mortgage crisis but has come through with accolades and a robust portfolio of successful practices.

The company offers a wide variety of versatile mortgage products, from conventional fixed-rate mortgages to home equity lines of credit.

What’s more, Chase has streamlined its application process so you can easily manage your underwriting documents online.

Is Chase Good for Mortgages?

chase bank logoIt’s challenging to define a “good” mortgage company because each customer has a unique perspective, based on individual needs and situations.

If someone gets denied for a mortgage, for example, they might connote the company with a “bad” business. When it comes to banks, though, denying a loan indicates a healthy level of protection for customers’ and shareholders’ best interests. That’s “good” business.

And Chase is good for mortgages, indeed. It offers a wide variety of mortgage products to satisfy almost anybody’s needs. It’s also been around longer than many other mortgage companies, and it’s been successful in shedding the crisis of 2008 with little ado.

Chase Mortgage also benefits from its willingness to embrace technology in the mortgage industry, while still maintaining a personal connection with its customers.

When you’re applying for a mortgage, you can submit all of your pertinent documents electronically through the Chase portal, delivering them directly to your underwriter and loan processor with no delay. This technology shortens loan-turnaround times dramatically.

Chase Mortgage Options

If you have some idea of the type of mortgage you’re looking for, Chase Mortgage likely provides it.

The company has dozens of loan packages available, from conventional fixed rates to FHA and VA loans, which reduce the amount you need for a down payment.

Here’s a breakdown of the mortgage products Chase currently offers:

Conventional Fixed Rate

Chase mortgage offers 10-, 15-, 20-, 25-, and 30-year fixed-rate loans.

These are your standard mortgages, featuring a fixed interest rate and reasonable lending guidelines, including income verification, credit approval, and equitable down payments.

ARM Loans

Adjustable-rate mortgages (ARMs) are currently a good option if you’re looking for a short-term mortgage with the potential to refinance down the road.

ARM loans have seen their share of bad press since the mortgage crisis, but there are reasons companies like Chase still offer them. Check with your mortgage banker for options and details.

Jumbo Loans

Jumbo loans are generally larger mortgages than you’ll typically find as fixed-rate loans and have generally stricter approval requirements.

Chase offers Jumbo mortgages of as much as $3 million, so you can get some serious buying power if you qualify.

Home Equity Line of Credit (HELOC)

Home equity loans are a fantastic way to fund extensive repairs or renovations on your home. These loans allow you to withdraw cash – just as you would from a personal bank account – for expenses associated with significant construction projects.

For a fee, Chase mortgage offers you the ability to lock in your interest rate during the draw period, so you can finish your renovation project before worrying about any rate changes.

Reduced Down Payment Options

Chase mortgage offers conventional loans with low down payments, including FHA (Federal Housing Administration) and VA (Veterans Administration) loans.

In fact, for these loans, your down payment will only have to represent 3 percent of your total mortgage.

Chase also offers two additional loan programs of their own:

  • Standard Agency is a mortgage program for borrowers with a credit score of 640 or higher. Like FHA and VA loans, it also allows for a 3 percent down payment but requires that the borrower carry flood insurance regardless of whether the property is in a flood zone or would ordinarily require it.
  • Chase’s DreaMaker program also allows a 3 percent down payment but is for borrowers who don’t meet credit requirements and are looking to borrow in low- to middle-income areas or refinance an owner-occupied home. Qualifying requires borrowers to complete a home buyer education course.

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Chase Mortgage Qualifications

Chase maintains qualification requirements that are relatively standard among mortgage companies. Borrowers must submit an application that Chase uses to pre-qualify people for a mortgage product. This prequalification is the basis for all documentation required for underwriting and closing your loan.

As with any mortgage application, expect to provide income verification, current pay stubs, income-tax filings, and information required for credit approval. Your Chase mortgage banker will let you know what documentation you need to close.

Chase provides a convenient online portal for you to submit paperwork directly to its loan processors and underwriters. This streamlined process will save you time – and file space!

Get started with Chase Mortgage now by using their convenient online portal!

How Long Does it Take Chase to Close a Mortgage?

Chase Mortgage promises to make the entire mortgage process as quick and painless for you as possible. In many other mortgage-applications systems, it can take weeks to process the necessary documentation for a loan, and even longer for underwriters to review it, depending on their workload.

Chase offers to turn around all paperwork and make a final decision quickly, which it facilitates by operating an online documentation portal through which you submit verification digitally.

Underwriters can review and approve documents directly through the integrated platform. This unified approach allows Chase to promise you $1,000 in cash if your new mortgage isn’t processed and closed within 21 days from submitting the first application.

Pros and Cons of Chase Mortgage

Pros:

  • Electronic application and document submission and tracking streamline the underwriting process for a faster closing.
  • Discounts for Chase Bank customers: If you’re an existing Chase customer, you may be eligible for discounted fees and deals.
  • Variety of products: Chase offers a wide range of mortgage products, including conventional fixed-rate, ARM loans, Jumbo, and HELOC loans.

Cons

  • All chase mortgage products require contact with a mortgage banker. This doubles as an advantage, as it provides a point of contact during the underwriting process.
  • Chase Mortgage charges underwriting, origination, and rate-lock fees, which other lenders often waive at closing or as an incentive for your business.

 

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Source: bettercreditblog.org