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Having your home loan rejected can be disappointing, but it is not the end of the road. This article is full of ideas to help get your loan approved on your next try: Re-edit your borrower profile Banks are vigilant on all aspects of credit, including the profile of the borrower. Remember that many criteria are crippling. Any episode of overdraft is out of the question and better pay off consumer credit. Be sure to review and resolve any errors on your credit report. Call a broker  These intermediaries compete with borrowers. They refine your file and present it to the right banks since they know the criteria and the commercial policy of all its financial partners. Then the borrower has to choose the best offer. In most cases, the broker will get a small commission for obtaining the loan on your behalf. Increase your contribution Check if you can increase this. That way, the bank will be more reassured, mainly as you will borrow less or assure them of a shorter re...

Multiple options are available when it comes to real estate loans. Figuring out which one you need can be disconcerting, to say the least. So, if you’re new to the game, here’s a quick guide to help you along. Standard Mortgages: Conventional – Loans that fall within the FNMA/FHLMC (Fannie Mae/Freddie Mac) guidelines where the Federal government is not insuring the payment through the VA or FHA loan process are known as conventional loans. A conventional loan has either a fixed or an adjustable interest rate, and typically requires ten to twenty percent downpayment. Conforming – When a loan conforms to guidelines set by FNMA/FHLMC (Fannie Mae/Freddie Mac) where either Fannie Mae or Freddie Mac could later purchase the loan, it is said to be conforming. A non-conforming loan would be any loan that does not fit the guidelines, so a Jumbo Loan, for example, would be outside the scope of FNMA/FHLMC because of its size. FHA Insured – Loans that are insured by the Federal Housing A...

If you want to take advantage of the market and to get a good deal on a foreclosure, apart from having sufficient cash, there are some few things you need to know before you complete the transaction. Before you get started, you should understand what foreclosure means. Succinctly, a foreclosure is a bank-owned property, often known as real estate owned (REO). For whatever reason, the actual owner stopped the payment of them, so the lender (e.g., Wells Fargo, Bank of America, etc.) legally took ownership of the property. When a Foreclosure is a good deal When you intend to buy a foreclosure, here is how you know you are in for a great deal: 1. “I love it” - This is what you will say after you have viewed the property, driven around the neighborhood and carefully checked the property fundamentals. You love the home because it is almost what you were aspiring for in becoming a rental property owner or new home. 2. “ I plan to own it for a long time” - This will be your reply when...