MortgageYes.com Home Loans & Real Estate Financing | Vancouver Mortgages http://www.mortgageyes.com/blog MortgageYES.com believes in educated consumers and borrowers. The more you know, the easier it is for you to find a mortgage lending option that works for your specific situation. There are some basic facts and excellent information that is out there if you know where to look. But if you’re here, look no further. Fri, 05 Oct 2007 21:46:05 +0000 http://wordpress.org/?v=2.7 en hourly 1 Credit Report Inquiries Explained http://www.mortgageyes.com/blog/2007/credit-report-inquiries-explained-2.htm http://www.mortgageyes.com/blog/2007/credit-report-inquiries-explained-2.htm#comments Fri, 05 Oct 2007 21:46:05 +0000 Kami http://www.mortgageyes.com/blog/2007/credit-report-inquiries-explained-2.htm One of the rarely understood parts of a credit report is the inquiries.  This article will give you a breakdown on what an inquiry is, what it can do to your credit score, why they are there, who can place them and how long they stay on your credit report.
First of all what are inquiries?  An inquiry is a record of someone checking on your credit information.  There are two kinds of inquiries, “hard inquiries” and “soft inquiries.  “Hard inquiries” are from a business reviewing your credit report for the purpose of an application.  Examples of “hard inquiries” would be a vehicle purchase, you applying for a credit card, or a home mortgage.  “Hard inquiries” will affect your credit score, by dropping it up to 5 points.  “Soft inquires” are when your credit is viewed for other reasons.  When you view your credit using one of the credit reporting agency websites or other personal credit report viewing websites it is put into the “soft inquiries” category.  This means it will not affect your credit.  Other “soft inquires” would be when credit companies view your credit for marketing purposes. 
Next is “Why are credit inquiries there?”  Credit inquiries are used by potential creditors or lenders to see how often and how much credit you have applied for recently.  Potential creditors may think you are trying to spend beyond your means if you have too many inquiries.  Inquiries are also helpful to consumer because they can warn you of identity theft.  If you watch your inquiries you will know if someone else is trying to open account or purchase things under your identity.
An important thing to know is “Who can place a credit inquiry?”  The Fair Credit Reporting Act states that only people with legitimate business needs can access your credit information.  This includes creditors, insurers, lenders and landlords who need to review your credit as part of an application process.  The inquiry will only record on the credit report that was reviewed.  For example so insurance companies and lenders only use one of the three credit agency to look at your credit.  The inquiry then will only appear on the one they use, say Transunion, not on all three.
The last section is on “How long to they last?”  All inquiries are required to stay on for at least a year, but most “hard inquiries” will stay on for two years.  If you notice inquiries that you are unsure of, you should contact the business listed on your credit report to see what it was for.  Sometimes businesses will not be listed by the name you know on the credit reports.  If you find that the inquiry was not authorized, you can dispute it with the credit reporting companies to have it removed. 
Credit inquiries a good thing to know about and keep an eye on.  Protect yourself and when you have your credit pulled by one of our loan officers here at Mortgageyes.com go over your inquiries as well as the rest of your credit report to make sure everything looks right.
http://www.mortgageyes.com/check_your_credit.htm

]]> http://www.mortgageyes.com/blog/2007/credit-report-inquiries-explained-2.htm/feed Home Ownership vs. Renting http://www.mortgageyes.com/blog/2007/home-ownership-vs-renting.htm http://www.mortgageyes.com/blog/2007/home-ownership-vs-renting.htm#comments Thu, 13 Sep 2007 00:14:46 +0000 Kami http://www.mortgageyes.com/blog/2007/home-ownership-vs-renting.htm Trying to decide to purchase a home or continue renting?   Owning your own home has many benefits, besides the satisfaction of being a home owner.  
Building equity in your home, tax deductions, not having to answer to a land lord, and having control over your living spaces are a few of the perks of being a home owner. 
When you build equity you have a “nest egg” to pay off other debts when needed.  If something were to happen to you, you have that equity you can tap into or even if you need it to improve on other things in your life.  If you want to open a small business, need a new vehicle, children going to college, etc. 
Tax deductions are given when you are home owner and everyone could use that!
Not having to answer to a land lord and controlling your own living space.  You no longer have to ask someone else or pay someone else if you want to get a pet or paint a wall.  You can expand your bathroom, bedroom, or kitchen and improve the value of your own home.  It doesn’t matter how many holes you put in the wall for art work, etc.
We at MortgageYes.com are here to help you realize your dreams of home ownership.  We can help with many different loan programs and terms to help find the loan that fits your desires and budget.  Our office is located in Vancouver, WA right outside of Portland, OR, but we can do loans anywhere in the country.  We offer low rates, all types of mortgage programs, and guidance and advice from experienced and helpful loan professionals.  Look at our website for many more tools to help you or call us today at 800-693-MYES (6937).
www.mortgageyes.com

http://www.mortgageyes.com/check_your_credit.htm

http://www.mortgageyes.com/first_time_buyer.htm

]]> http://www.mortgageyes.com/blog/2007/home-ownership-vs-renting.htm/feed Are You a Small Business Owner? Do you want to be? http://www.mortgageyes.com/blog/2007/are-you-a-small-business-owner-do-you-want-to-be.htm http://www.mortgageyes.com/blog/2007/are-you-a-small-business-owner-do-you-want-to-be.htm#comments Fri, 31 Aug 2007 23:45:19 +0000 Kami http://www.mortgageyes.com/blog/2007/are-you-a-small-business-owner-do-you-want-to-be.htm When looking to start your own small business the first thing you need is Money!  If you are unsure where to find it, maybe you should look at your home.  Do you have equity? 
When you are just starting a small business or expanding one, pulling the equity out of your home to pay for what you need, may be the answer. 
There are two basic options.  If you do not already have one, you can take out a second on your home or a HELOC.  With a HELOC you could take out small amounts at a time, as needed or a large amount all of it at once.  The other option is to do a complete refinance of your home. Either way is available and we can help you obtain it at www.mortgageyes.com.
We recently did two different loans for our clients to help with a new small business and an expansion of an existing business.  The first client was looking at purchasing a tanning salon, but did not have the money saved to make the down payment.  The client came to us in about two weeks had the seller of the salon paid and their dreams coming true!  The second client owns a shop and wanted to expand into the space next door to his, when it came open.  This was going to cost quite a bit with the renovations and the client wasn’t sure where to find it, until he gave us a call.  In this case the client just took out a second on their home to get the money they needed.  Quickly they had the money they needed to expand their dreams!

]]> http://www.mortgageyes.com/blog/2007/are-you-a-small-business-owner-do-you-want-to-be.htm/feed Шаги к покупке нового дома http://www.mortgageyes.com/blog/2007/%d0%a8%d0%b0%d0%b3%d0%b8-%d0%ba-%d0%bf%d0%be%d0%ba%d1%83%d0%bf%d0%ba%d0%b5-%d0%bd%d0%be%d0%b2%d0%be%d0%b3%d0%be-%d0%b4%d0%be%d0%bc%d0%b0.htm http://www.mortgageyes.com/blog/2007/%d0%a8%d0%b0%d0%b3%d0%b8-%d0%ba-%d0%bf%d0%be%d0%ba%d1%83%d0%bf%d0%ba%d0%b5-%d0%bd%d0%be%d0%b2%d0%be%d0%b3%d0%be-%d0%b4%d0%be%d0%bc%d0%b0.htm#comments Thu, 19 Jul 2007 16:04:15 +0000 Tanya G http://www.mortgageyes.com/blog/2007/%d0%a8%d0%b0%d0%b3%d0%b8-%d0%ba-%d0%bf%d0%be%d0%ba%d1%83%d0%bf%d0%ba%d0%b5-%d0%bd%d0%be%d0%b2%d0%be%d0%b3%d0%be-%d0%b4%d0%be%d0%bc%d0%b0.htm Вы сделали правильное решение купить новый дом, поздравляем!  Возможно это самая большая финансовая операция, совершенная Вами когда-либо, и поэтому очень важно всесторонне педготовиться к этому радостному и хлопотному событию.  Вам не обойтись без профессиональной помощи риэлтора (Real Estate Agent) и финансового специалиста (Loan Officer).
          Ваш реэлтор ознакомит Вас с ценами, состоянием, площадью недвижимости на продажу в интересующем Вас районе.  Опытный риэлтор, представляющий покупателя (Buyer), сделает все возможное, чтобы договориться с продавцом дома (Seller) о самой выгодной для Вас сделке.  И в этом огромную роль играет письмо – одобрение кредита (Pre-approval Letter) от нас, которое заверит продавца, что Вы серьезный приквалифицированный получатель кредита (Borrower).  В некоторых случаях продавец даже предпочтет Ваше предложение (Offer) другому, более высокому, так как будет уверен, что продажа состоится без затруднений.  Если у Вас нет риэлтора кому Вы доверяете, не огорчайтесь, мы работаем с компетентными агентами по продаже, готовыми Вам помочь.
            Ваш финансовый работник здесь, в MortgageYes.com приложит все профессиональные способности и терпение при подборе самой лучшей программы финансирования, удовлетворяющей Вашу индивидуальную ситуацию и желание.  В процессе оформления Вашего заема на дом (Mortgage Loan) мы всегда информируем Вас и риэлтора на каком этапе финансовая операция находится.  Ваш финансист найдет наилучший кредит для Вас с самым возможно низким процентом (Interest Rate) и платой (Fees).  Это сохранит Вам деньги во время покупки (Purchase) и на многие годы!
            Имейте ввиду, знание кредитной и платежной способности намного ускорит путь к дому Вашей мечты, который можно себе позволить.  Для этого, не теряя времени, предоставьте все необходимые документы Вашему финансовому работнику, а пожелания о доме - риэлтору.  Это поможет всему процессу покупки пройти гладко и избежать задержек при закрытии заема.
          Здесь, в MortgageYes.com мы счастливы быть частью в Вашей жизненной перемене к лучшему и сделаем все возможное в наших силах, чтобы покупка Вашего нового дома была успешной!  Для большего удобства наших русскоязычных клиентов мы имеем опытного русскоговорящего финансового спациалиста (Russian Loan Officer).  Для большей информации и одобрения кредита звоните или приезжайте, всегда рады Вам помоч!

]]> http://www.mortgageyes.com/blog/2007/%d0%a8%d0%b0%d0%b3%d0%b8-%d0%ba-%d0%bf%d0%be%d0%ba%d1%83%d0%bf%d0%ba%d0%b5-%d0%bd%d0%be%d0%b2%d0%be%d0%b3%d0%be-%d0%b4%d0%be%d0%bc%d0%b0.htm/feed Steps to buying a new home http://www.mortgageyes.com/blog/2007/steps-to-buying-a-new-home.htm http://www.mortgageyes.com/blog/2007/steps-to-buying-a-new-home.htm#comments Wed, 10 Jan 2007 22:47:45 +0000 Kami http://www.mortgageyes.com/blog/2007/steps-to-buying-a-new-home.htm Congratulations on your decision to buy a new home! This may be the largest financial transaction you have done to date.  It is very important to pay attention to details and use the assistance of your Real Estate Agent and Loan officer. 
Your Real Estate Agent should preview available homes to find the best price and most desirable home for you. They should also help you determine, what is a good property to purchase based on neighborhood, market appeal, etc. Last, but not least they should negotiate the best deal for you.  With a Pre-Qualification letter from us, your Real Estate Agent should be able to show the Seller you are a qualified and serious borrow.  When this is shown, it will help with getting the Seller to accept your offer, in some cases even if it is lower than another offer.
Your Loan Officer here at MortgageYes.com should help assist you in finding the best loan to meet your individual situation and needs.  They will keep you informed throughout the process of the status of your loan, as well as keep your Real Estate Agent informed.  Your Loan Officer will find the best loan for you, at the best rate and fees available.  This will save you money at the time of the purchase and in the years to come!
You will count on yourself to make sure you are pre qualified as soon as possible.  This will put you in a much better frame of mind when trying to find a home.  You will know what you can afford.  The next thing you will need to count on yourself for is providing all the needed documentation and decisions to your Real Estate Agent and Loan Officer as soon as possible.  This will help the whole process go smoothly and avoid any delays in the closing of your loan.
We here at MortgageYes.com are excited to be part of this life changing experience and will do everything in our power to help you have the best experience when making your new home purchase.

 

www.mortgageyes.com

]]> http://www.mortgageyes.com/blog/2007/steps-to-buying-a-new-home.htm/feed Things to remember and know when purchasing a home. http://www.mortgageyes.com/blog/2007/things-to-remember-and-know-when-purchasing-a-home.htm http://www.mortgageyes.com/blog/2007/things-to-remember-and-know-when-purchasing-a-home.htm#comments Tue, 02 Jan 2007 22:39:04 +0000 Kami http://www.mortgageyes.com/blog/2007/things-to-remember-and-know-when-purchasing-a-home.htm First you should establish good credit and save as much as you can for down payment and closing costs.  While you can often still purchase a home with out these things, they are very helpful and will save you a lot of money.
The second thing is to get pre approved.  Speak to one of our loan officers and they can get this for you.  It gives you a lot more pull with a Seller and a Real Estate Agent appreciates it to.  This will give you an edge over other homebuyers who are not pre approved.
Next you should find out what you really want in a home.  What can I afford?  Is your family growing or going to stay the same size?  What kind of commute do you want? What are the schools like? How long do you want to live there?  Look at every angle before you get out there and start looking.  Above these questions think about what things are important to you in a home.  Large yard, kitchen layout, etc.  You will want to share these things with your Real Estate Agent.  

You will then need to choose your loan.  Do you want a fixed rate, adjustable rate, interest only, pay option, etc.?  Speak to one of our loan officers here at MortgageYes.com to help you figure out what will work best for you.
Along with the above things you should do, there are things that you should not do.  Some of these things are changing jobs, adding to your debt, moving money around between accounts.  Lenders require job time and consistent income.   If you add debt, like purchasing a car, boat, or other large purchases, it could make you no longer qualify.  The lenders will also look at your assets and want to know they are consistent.
Timing is everything.  You will want to change jobs after your loan has gone through, if that is in the picture.  Also if you own a home, you will probably need to sell your home before you will qualify for a new home.  If you are renting you will want to set it up to move at the end of your lease or find out about a fee for breaking it.
Please call or check out our website online at www.mortgageyes.com to get additional information.  Here are a few links that might help.
http://www.mortgageyes.com/statistics.htm
http://www.mortgageyes.com/learn_about_home_buying.htm

]]> http://www.mortgageyes.com/blog/2007/things-to-remember-and-know-when-purchasing-a-home.htm/feed What is the difference between term and amortization? http://www.mortgageyes.com/blog/2006/what-is-the-difference-between-term-and-amortization.htm http://www.mortgageyes.com/blog/2006/what-is-the-difference-between-term-and-amortization.htm#comments Fri, 22 Dec 2006 20:08:13 +0000 Kami http://www.mortgageyes.com/blog/2006/what-is-the-difference-between-term-and-amortization.htm The term and amortization are often confused.  The difference is the amortization of the mortgage is the entire length of time it will take for your mortgage to be paid completely with the set payment and your home to be “free and clear”.  Your payment will be determined on the amortization period of your loan.   The term is the time the lender agrees to give you the loan for.  So you can have a 30 year term, but your payment is amortized over 40 years.  This gives you a lower payment, but at 30 years you will have to have paid off the loan in complete or will have to pay off the remaining balance with a new mortgage. 

We here at MortgageYes.com do all kinds of loans.  Many loans out there have a term and amortization period that are the same, but we work with many lenders that do both.

Please contact one of our loan officers to get more information on the programs that our lenders offer.  You can also check out our website to get additional information about mortgages.  www.mortgageyes.com Here are some links to areas that might be of help.

 

http://www.mortgageyes.com/learn_about_home_buying.htm

http://www.mortgageyes.com/calculators.htm

 

]]> http://www.mortgageyes.com/blog/2006/what-is-the-difference-between-term-and-amortization.htm/feed What is Mortgage Insurance or MI? http://www.mortgageyes.com/blog/2006/what-is-mortgage-insurance-or-mi.htm http://www.mortgageyes.com/blog/2006/what-is-mortgage-insurance-or-mi.htm#comments Tue, 19 Dec 2006 20:44:18 +0000 Kami http://www.mortgageyes.com/blog/2006/what-is-mortgage-insurance-or-mi.htm What is Mortgage Insurance or MI? 
 

Mortgage insurance is required by the lender in cases where the borrower has a loan that is more than 80% of the value of the home or loan to value (LTV).  The coverage which mortgage insurance provides insures the lender in cases of default.  The amount of MI can vary depending on the lender. Some lenders figure MI off of the credit score, some are figured off of the LTV, etc.  On a FHA loan there is also mortgage insurance required up front.

If you do not have the 20% needed for down payment, there are options.  You can take out a 2nd mortgage at the time of the first mortgage.  This can be done in a 5,10,15 or 20% 2nd loan.  Keep in mind that rates on a 2nd are much higher than a rate on a first. Please speak with you loan officer to see what your best options are. 

 

Usually mortgage insurance can be removed after 2 years if the loan balance is less than 80% LTV.  You will often have to prove this, by obtaining a new appraisal on the home and sending it to your lender with a request to remove mortgage insurance. 

http://www.mortgageyes.com/zero_down.htm: http://www.mortgageyes.com/learn_about_home_buying.htm

]]> http://www.mortgageyes.com/blog/2006/what-is-mortgage-insurance-or-mi.htm/feed Credit Scores and Credit Reporting Agencies http://www.mortgageyes.com/blog/2006/credit-scores-and-credit-reporting-agencies.htm http://www.mortgageyes.com/blog/2006/credit-scores-and-credit-reporting-agencies.htm#comments Tue, 14 Nov 2006 01:18:08 +0000 Kami http://www.mortgageyes.com/blog/2006/credit-scores-and-credit-reporting-agencies.htm They come from credit agencies.

There are three credit agencies that are used to determine the credit score that will be used by a lender when you are purchasing or refinancing a home.  They are Transunion, Equifax, and Experian. 

With most lenders your “mid” score will be used to see what programs you qualify for.  Your “mid” score is your middle score between the three.  So if you have a 680 score with Transunion, a 700 score with Equifax, and a 690 score with Experian, your score that will be used is the 690.  Your score will affect what rates and terms you can qualify for when you are purchasing or refinancing a home.  There are other purchases that use your credit score as well, but often use a different way of figuring out what you qualify for.  The “mid” score is used, most of the time, by mortgage lenders.  Some lenders also have programs that use your high score, which are called high score or one score programs, but many lenders to not offer this.

 When you have your credit pulled you should look it over with your loan officer to make sure everything is correct.  If there are problems or discrepancies you should contact the credit reporting agency or agencies that are reporting it.  One way to do this is going to each one’s website.  www.transunion.com  www.equifax.com and www.experian.com.

Your loan officer can review your credit and tell you which agencies are reporting what, so you can save time and only send our letters to the agencies that you need to.  

Having a helpful loan officer, like we have here at MortgageYes.com, will help you get things cleaned up quickly, so you proceed with fulfilling your dreams of home ownership or refinancing.  For more information please visit the links below.

 

http://www.mortgageyes.com/check_your_credit.htm

 

http://www.mortgageyes.com/free_credit_counseling.htm

 

]]> http://www.mortgageyes.com/blog/2006/credit-scores-and-credit-reporting-agencies.htm/feed Know Your Credit http://www.mortgageyes.com/blog/2006/know-your-credit.htm http://www.mortgageyes.com/blog/2006/know-your-credit.htm#comments Thu, 26 Oct 2006 00:39:13 +0000 Kami http://www.mortgageyes.com/blog/2006/know-your-credit.htm When looking for a home loan, new or refinance, one of the most important and influential things that a lender looks at is your credit.  This gives the lender an idea about your reliability in paying back the loan they give you.  There are several other factors involved, time on job, income, etc, but credit is the first thing a lender is going to look at.  A good idea is to go and pull your credit through a free credit report site.  A lot of times there actually are small charges for your score and/or to receive all three credit reports, but this could help you greatly when obtaining a mortgage.  Make sure everything is accurate and if it is not, contact the bureaus and/or your creditors to correct it.  An accurate picture of your credit history is important.  Your loan officer here at MortgageYes.com could also help with the pulling and review of your credit.  Always be honest with your loan officer and they can and will help you in any way possible.  A loan officer could also help give you tips on how to raise your credit score.  We have programs that will help us analyze the best and most cost effective way to raise your credit score quickly. 

Please contact one of your talented loan officers today, to start the process or home ownership or refinance.   http://www.mortgageyes.com/credit_challenged.htm

]]> http://www.mortgageyes.com/blog/2006/know-your-credit.htm/feed VA Loans: How may I use it? http://www.mortgageyes.com/blog/2006/va-loans-how-may-i-use-it.htm http://www.mortgageyes.com/blog/2006/va-loans-how-may-i-use-it.htm#comments Tue, 24 Oct 2006 18:02:45 +0000 Stephanie http://www.mortgageyes.com/blog/2006/va-loans-how-may-i-use-it.htm A qualified veteran may use the VA Loan to: buy a home; build a home; simultaneously purchase and improve a home; improve a home by installing features relating to energy conservation. 
 

Townhomes and condominiums are also allowed as long as they are located in a VA-approved project.
 

There are strict rules that apply regarding the purchase of manufactured homes and/or lots—the home must be at least 24 feet wide, the land must be included, and the home must have an identifiable tag.  http://mortgageyes.com/learn_about_home_buying.htm

]]> http://www.mortgageyes.com/blog/2006/va-loans-how-may-i-use-it.htm/feed How to find Mortgage Financing with Poor Credit http://www.mortgageyes.com/blog/2006/how-to-find-mortgage-financing-with-poor-credit.htm http://www.mortgageyes.com/blog/2006/how-to-find-mortgage-financing-with-poor-credit.htm#comments Mon, 23 Oct 2006 22:37:18 +0000 Jeff http://www.mortgageyes.com/blog/2006/how-to-find-mortgage-financing-with-poor-credit.htm Are you looking to purchase a home? Do you have poor credit? If you have poor credit, you will need to find a specialty or “sub-prime” lender to obtain financing; and we can help you!  The best way to do this is to go through a mortgage broker who specializes in less than perfect credit financing, so you have found your best advocate: MortgageYes.com can help you! 
Specialty lenders specialize in helping borrowers with poor credit; and we work with many different lenders, so we can find the best rates and programs for you; we represent you – like a lawyer represents you – something that is better not to do for yourself. 
Once we have secured your new home mortgage loan, then we can help you to rebuild your credit by making all the payments on time, and updating your credit file with an approval.  This will help your credit and your pocket book, and you will not have to pay large late charges.   When we have raised your credit score, then you will have the opportunity to refinance at better rates and terms.  Having poor credit now doesn’t need to haunt you forever!
When you are looking to refinance your home mortgage and have poor credit, the same things apply.  There are still those specialty lenders out there vying for your business.  You can still find reasonable financing with professional representation.  We have been very successful with helping clients here in the Portland Vancouver area as well as in other parts of the states and nation with ‘credit challenged financing’
.
The first thing you will want to do once you have decided to refinance is contact a mortgage professional: us!  We will accept even your email address only to start, because we understand that we need to build a relationship of trust with you.  Once we have done this, we can work on your credit and review it with you for any errors.  If we do find any mistakes or outdated items (very likely) we can help you with notifying the appropriate agency and corrections.  Once we have your accurate (updated) credit score, then we can start “shopping” your loan with all of our lenders, to see who has the best rates and programs for your situation.  At MortgageYes.com in Vancouver, Washington, we REPRESENT YOU! http://mortgageyes.com/creditscoringbooklet.htm

]]> http://www.mortgageyes.com/blog/2006/how-to-find-mortgage-financing-with-poor-credit.htm/feed VA Loans: Are they harder to do? http://www.mortgageyes.com/blog/2006/va-loans-are-they-harder-to-do.htm http://www.mortgageyes.com/blog/2006/va-loans-are-they-harder-to-do.htm#comments Mon, 23 Oct 2006 22:22:47 +0000 Stephanie http://www.mortgageyes.com/blog/2006/va-loans-are-they-harder-to-do.htm Many people hesitate from doing a VA Loan, thinking the process is long and difficult.  That just isn’t factual. Actually the process is much like any other type of mortgage loan. In most cases, there is no downpayment required and the veteran will receive more favorable interest rates.  The major difference is the requirement of the veteran’s certificate of eligibility.  And the appraisal must be assigned and completed by a VA-approved appraiser. More and more lenders have become approved for automatic processing, which eliminates the need for the credit application to be approved by the VA before funding the loan. 

]]> http://www.mortgageyes.com/blog/2006/va-loans-are-they-harder-to-do.htm/feed Clark County Washington http://www.mortgageyes.com/blog/2006/clark-county-washington.htm http://www.mortgageyes.com/blog/2006/clark-county-washington.htm#comments Wed, 18 Oct 2006 00:34:27 +0000 Kami http://www.mortgageyes.com/blog/2006/clark-county-washington.htm Clark County Washington has it all!  Whether you’re looking for a vibrant and growing urban area or the feel of the wilderness, you can find it right here.  With majestic evergreens all around, you know you are in a beautiful area that we like to call the Great Northwest.  

Clark County offers loads of recreation as well. Do you enjoy hiking, skiing, boating, fishing, biking, motorbikes or quads?  Everything you need is close by and the beauty of our county will steal your heart.

Vancouver, Washington lies right across the Columbia River from Portland, Oregon and is an ideal place to live.   It is outside of the large urban environment but offers nearly all of the advantages.  Anything you look for from shopping to entertainment can be found in this city.  Vancouver has grown so much in recent years, that people who have lived here can’t believe it and anyone new finds everything they want and need right here.  It seems every time you turn around there is something new popping up. 

This is a proud, thriving city.  Vancouver has put $300 million dollars into revitalization since 1997.  The city is once again a place to live, work, and play that families love.  The initial revitalization project was Ester Short Park.   Since its completion the improvements have moved all around the downtown area.  Downtown Vancouver also now boasts a seven day a week farmers market where people can buy fresh produce, meats, etc.  Improvements have been made and will continue on streets, sidewalks, and buildings. 

If you are looking for a more rural living situation, you don’t have to look far.  Clark County Washington is growing in population, but there are still a lot of areas where wide open spaces can be found.  http://mortgageyes.com/statistics.htm

]]> http://www.mortgageyes.com/blog/2006/clark-county-washington.htm/feed VA Loan: What exactly is a VA Loan? http://www.mortgageyes.com/blog/2006/va-loan-what-exactly-is-a-va-loan.htm http://www.mortgageyes.com/blog/2006/va-loan-what-exactly-is-a-va-loan.htm#comments Thu, 12 Oct 2006 17:40:46 +0000 kyle http://www.mortgageyes.com/blog/2006/va-loan-what-exactly-is-a-va-loan.htm President Franklin D. Roosevelt signed the GI Bill of Rights into law in 1944. This was put into action to provide veterans a federally guranteed home loan without the need of a down payment. The protection the VA Loan gives the private lender allows for them to give better financing terms than a higher-risk loan type. The guaranty protects the lender against any loss should the veteran become delinquent and end up not repaying the loan. Veterns may obtain a VA loan through a banks, savings & loan, or mortgage company. VA Loans are not for all veteran’s so you will want to make sure you meet the qualifications.

]]> http://www.mortgageyes.com/blog/2006/va-loan-what-exactly-is-a-va-loan.htm/feed MORTGAGE: How important is my job history? http://www.mortgageyes.com/blog/2006/mortgage-how-important-is-my-job-history.htm http://www.mortgageyes.com/blog/2006/mortgage-how-important-is-my-job-history.htm#comments Wed, 11 Oct 2006 23:32:49 +0000 kyle http://www.mortgageyes.com/blog/2006/mortgage-how-important-is-my-job-history.htm Typically a mortgage lender will require two years at your current job. However, if you had a change in jobs over the past two years, but have remained in the same industry, this should be ok. If you have changed jobs in the past two years, in order to earn more money or advance in your current line of work, that is even better.

]]> http://www.mortgageyes.com/blog/2006/mortgage-how-important-is-my-job-history.htm/feed MORTGAGE: UNDERWRITING APPROVAL http://www.mortgageyes.com/blog/2006/mortgage-underwriting-approval.htm http://www.mortgageyes.com/blog/2006/mortgage-underwriting-approval.htm#comments Wed, 11 Oct 2006 23:24:53 +0000 kyle http://www.mortgageyes.com/blog/2006/mortgage-underwriting-approval.htm A mortgage underwriter is responsible for making sure the borrower’s credit file fits within the lender’s guidelines. Three major factors in deciding worthiness are: INCOME; PAST CREDIT HISTORY; AND PROPERTY. Of course these aren’t the only items reviewed, but in most cases, these are the most important.

INCOME-the underwriter will need to make sure your income: is sufficient to repay the loan; stable currently and for at least the past two years; and can be verified.

CREDIT HISTORY-the underwriter will review past credit history, looking for: late payments, collections, or bankruptcies(if any of these happen to be present, the underwriter will go further and inquire of the reason why); excessive monthly payments; and current balance vs. available credit on credit cards. http://mortgageyes.com/HomesandMoney.pdf

PROPERTY-the underwriter will review the property to make sure: the value of the home is actually worth the asking purchase price; it is acceptable as far as county zoning and coding requirements; and it is comparable to the other homes in the area.

]]> http://www.mortgageyes.com/blog/2006/mortgage-underwriting-approval.htm/feed Where does the down payment come from? http://www.mortgageyes.com/blog/2006/where-does-the-down-payment-come-from.htm http://www.mortgageyes.com/blog/2006/where-does-the-down-payment-come-from.htm#comments Wed, 11 Oct 2006 22:29:10 +0000 Kami http://www.mortgageyes.com/blog/2006/where-does-the-down-payment-come-from.htm There are several low to no down payment loans out there. The only question is what you qualify for. Your qualification will depend on credit score in particular, but you will also have to fit in to other guidelines. The guidelines vary from lender to lender, so you will want to speak to your loan officer to review your situation with the lenders. Programs include a no down payment or 100% loan. This is done either in one loan or in a first and second, also called piggyback loan. There are also low down payment loans where 90-95% is included in the loan. Another option would be to borrow your down payment against existing assets, such as a 401(K). If choosing this option, please be sure to know what is allowed and if you will owe anything in addition to what you borrowed. Then there is always the bridge loan. A bridge loan is a loan against an existing, for sale, property that has not yet been sold. The lender lets you borrow the equity to purchase a new home until the old home sells.

For more details on these program, speak with your loan officer.  

 http://mortgageyes.com/zero_down.htm

 ]]> http://www.mortgageyes.com/blog/2006/where-does-the-down-payment-come-from.htm/feed Mortgage:Tell me about the payment http://www.mortgageyes.com/blog/2006/mortgagetell-me-about-the-payment.htm http://www.mortgageyes.com/blog/2006/mortgagetell-me-about-the-payment.htm#comments Wed, 11 Oct 2006 22:19:24 +0000 kyle http://www.mortgageyes.com/blog/2006/mortgagetell-me-about-the-payment.htm Each monthly mortgage payment includes at least two parts. The first part of the payment goes toward repaying the PRINCIPAL, or the amount of money you borrowed. The next amount of the payment is assigned to repay the interest. Many homeowners chose to add a third component to their monthly mortgage payment. This part is commonly referred to as an escrow account. Your lender will keep this account for you to pay for property taxes, hazard insurance, and mortgage insurance(if applicable). You may also hear this type of account called impounds or reserves.

The combination of these is called PITI-PRINCIPAL-INTEREST-TAXES-INSURANCE

]]> http://www.mortgageyes.com/blog/2006/mortgagetell-me-about-the-payment.htm/feed First things to do when purchasing a home http://www.mortgageyes.com/blog/2006/first-things-to-do-when-purchasing-a-home.htm http://www.mortgageyes.com/blog/2006/first-things-to-do-when-purchasing-a-home.htm#comments Wed, 11 Oct 2006 22:04:37 +0000 Kami http://www.mortgageyes.com/blog/2006/first-things-to-do-when-purchasing-a-home.htm You want to buy a home? First things to look at is: 1) How much money do you have for down payment and closing costs? 2) How much can you afford a month in payments? Our loan officers can work with you to help you figure these numbers out. They can tell you what programs we offer and how they will effect your payment. Once you have worked through these numbers you will have a better idea of what price of house you can afford.

Many will say that the first thing you want to do is get pre-approved for this new home purchase. This will require pulling of your credit, review of you employment and income, to get a better idea of what you will qualify for. Some sellers will not take their property off the market with out a pre-approval. It also helps to get things going, so we can get the loan done as soon as possible and you can get moved into your new home. Not to mention it will help keep the sellers and Realtors from breathing down your neck.

It is nice to go new home shopping with the confidence a pre-approval will give you.

]]> http://www.mortgageyes.com/blog/2006/first-things-to-do-when-purchasing-a-home.htm/feed Closing Costs http://www.mortgageyes.com/blog/2006/closing-costs.htm http://www.mortgageyes.com/blog/2006/closing-costs.htm#comments Wed, 11 Oct 2006 18:37:03 +0000 Kami http://www.mortgageyes.com/blog/2006/closing-costs.htm When purchasing or refinancing a home, closing costs are part of the picture.  The closing costs for both are very similar.  You will pay fees for Title Company, Escrow, appraisal, broker, and any additional charges.  Additional charges that will or might be required include taxes, interest, home owner’s insurance, etc.  Many lenders require certain things to be paid upfront, such as a years worth of home owner’s insurance, etc.  

At the time of your meeting with a loan officer they will give you a Good Faith Estimate (GFE), this is an estimate.  The GFE will tell you what the broker fees will be, but are just an estimate of the rest of the fees and charges that will be required.  Do not confuse the total closing costs with the broker/lender fees.  The broker/lender has the fees they charge, but the total fees are based on all the parties involved.  The broker/lender does not have any control over what the parties charge to process your loan.  The GFE you are given is an educated guess of what you will be charged, but can be higher or lower than what the final costs are.  Our processor and/or loan officer will review the final numbers with you before you go to a signing, so you have no surprises. 

]]> http://www.mortgageyes.com/blog/2006/closing-costs.htm/feed Ways to Help Improve Your Credit http://www.mortgageyes.com/blog/2006/ways-to-help-improve-your-credit.htm http://www.mortgageyes.com/blog/2006/ways-to-help-improve-your-credit.htm#comments Wed, 11 Oct 2006 17:40:17 +0000 Kami http://www.mortgageyes.com/blog/2006/ways-to-help-improve-your-credit.htm If you have credit that is not perfect or just plain bad, don’t feel like there is nothing you can do.  Be ready to speak openly and honestly with a loan officer about your credit challenges.  Loan officers know that there are often legitimate reasons for credit problems.  There are many things that come up during our lives that can cause us to have credit issues.  Know that your loan officer is never judging you, but needs to know about everything upfront to help you.  Remember that your loan officer is just a person too and may have been through personally, the same things you have.  If your loan officer hasn’t chances are they have worked through the same things with other clients.  You are not alone in the world of bad credit. If you have been working to rebuild or build your credit, the most important thing is to make your payments on time.  Use the pre-addressed envelopes sent with your statements and contact your creditors if you don’t see a statement when you usually do. A good idea is to send the payment as soon as you can.  Many creditors calculate interest daily and this can help you pay less interest.  Make sure you give your payments plenty of time to reach the creditor and be processed.  This can take 5 business days or more. 

Are you worried about remembering to make all your payments on time and keeping track of them?  A couple of good ideas are:

            * When you receive your mail open it right away and put the date that the payment is due on the outside of the envelope.  Keep all your bills in the same             place and look at it frequently. 

            * If you have a calendar on your wall or even better on your computer, write all of             your payments on it.  Would be a good idea to write them or put them in outlook        or another program, to pop up some time before the payments are due. 

            * If you have computer access to the internet, you can also make many payments   online, which will process quicker that sending a check in the mail.  You could             also use bill pay through your bank or credit union to pay everything.

There are many ways to make paying the bills easier and quicker.  You could also ask some friends what they do to keep everything running smoothly.

Your loan officer can also work with you on ways to help your credit quickly.  Your loan officer will know where to pay anything extra you can spare, etc. and this can make a big difference in your credit score.  Call them today to receive help with having your credit repaired.

 

]]> http://www.mortgageyes.com/blog/2006/ways-to-help-improve-your-credit.htm/feed How much payment can you afford? http://www.mortgageyes.com/blog/2006/how-much-payment-can-you-afford.htm http://www.mortgageyes.com/blog/2006/how-much-payment-can-you-afford.htm#comments Tue, 10 Oct 2006 19:57:31 +0000 Kami http://www.mortgageyes.com/blog/2006/how-much-payment-can-you-afford.htm When you apply for a mortgage it is important to make sure to calculate a budget to establish how much of a mortgage payment you can afford.  Our loan officers can help you in calculating out what will work for you and with lenders.

Lenders have guidelines they follow and have a set max debt to income or DTI.  When planning out what you feel you can afford, it is important to also meet with a loan officer who can tell you what a lender is going to approve you for.

Another important thing to review with your loan officer, this will effect the amount of loan you can afford, is your credit.  The rate you will qualify for will depend highly on your credit score.  Late payments, high balances on credit cards, and other errors made can affect your credit greatly.  Your loan officer can find ways to help build or rebuild your credit, if needed.

]]> http://www.mortgageyes.com/blog/2006/how-much-payment-can-you-afford.htm/feed Reasons for Refinancing http://www.mortgageyes.com/blog/2006/reasons-for-refinancing.htm http://www.mortgageyes.com/blog/2006/reasons-for-refinancing.htm#comments Tue, 10 Oct 2006 19:41:22 +0000 Kami http://www.mortgageyes.com/blog/2006/reasons-for-refinancing.htm You might want to consider refinancing if you:

  • Have a high interest rate and want to benefit from lower rates.
  • Have an adjustable-rate mortgage (ARM) and want a fixed-rate mortgage for the security of knowing exactly what payment you will have for the term of the loan.
  • Want to change to an ARM with a lower interest rate or other features, i.e. payment caps, than the current one.
  • Want to build up equity quickly by changing to a loan with a shorter term.
  • Want to benefit from the equity in your home and take cash out for a child’s education, small business loan, vehicle purchase, home improvements, etc.
  • Have an ARM and the fixed rate term is coming up. At this point the payments may go up to an unmanageable amount.
  • Consolidating a first and second mortgage into one payment.

Of course, you may have another reason for wanting to refinance. Contact one of our loan officers to discuss your goals and options.

]]> http://www.mortgageyes.com/blog/2006/reasons-for-refinancing.htm/feed Looking for a Small Business Loan? http://www.mortgageyes.com/blog/2006/looking-for-a-small-business-loan.htm http://www.mortgageyes.com/blog/2006/looking-for-a-small-business-loan.htm#comments Tue, 10 Oct 2006 19:11:09 +0000 Kami http://www.mortgageyes.com/blog/2006/looking-for-a-small-business-loan.htm If you are looking start a small business, but are unsure about where to find the money, look at your home. The equity in your home may be the answer to making those dreams come true. For example: We did a loan for a client who wanted to purchase a tanning salon. The client did not have the savings to purchase the salon, but they did have equity in their home. The client quickly had the money to purchase the salon they wanted and then some.

Are looking to start up a small business of your own? Our loan officers can help you evaluate what is right for you.

The goal of our team at MortgageYes.com is to build a long term relationship with our clients. The only way of doing that is to always look at what is right for and will benefit you, the client.

]]> http://www.mortgageyes.com/blog/2006/looking-for-a-small-business-loan.htm/feed Home Equity Loan VS Home Equity Line of Credit http://www.mortgageyes.com/blog/2006/home-equity-loan-vs-home-equity-line-of-credit.htm http://www.mortgageyes.com/blog/2006/home-equity-loan-vs-home-equity-line-of-credit.htm#comments Tue, 10 Oct 2006 18:22:13 +0000 Kami http://www.mortgageyes.com/blog/2006/home-equity-loan-vs-home-equity-line-of-credit.htm There are two basic kinds of second mortgages. The first is a home equity loan and is much like your first mortgage. It is a one time lump sum that is paid over a set loan term. It will have a fixed interest rate and the payments will stay the same from month to month. Once you receive the money you can no longer borrow any more from this loan. The second is a home equity line of credit or HELOC, a HELOC is used similar to a credit card because it has a revolving balance. A HELOC lets you borrow up to a set amount for a certain term, set by the lender. For this period of time you can withdraw money as needed, and as you pay down or off the principal you can use it again. After the set term is up, you will make payments on the remaining balance until paid in full.

]]> http://www.mortgageyes.com/blog/2006/home-equity-loan-vs-home-equity-line-of-credit.htm/feed Determining How Much The Down Payment Will Be http://www.mortgageyes.com/blog/2006/determining-how-much-the-down-payment-will-be.htm http://www.mortgageyes.com/blog/2006/determining-how-much-the-down-payment-will-be.htm#comments Tue, 10 Oct 2006 18:10:55 +0000 Kami http://www.mortgageyes.com/blog/2006/determining-how-much-the-down-payment-will-be.htm An important part of purchasing a home is to determine home much money you have available for down payment.  Whether you are making a down payment or not, do not forget to add for closing costs.  Closing costs are on top of the down payment and can be 3 to 6 percent of the amount borrowed or more.  An example would be:  There has been $15,000 put aside for the purchase of the home.  You are purchasing a $150,000 home and closing costs are $4,500.  Then the amount you have left for down payment is $10,500.  You will have to obtain a mortgage for the remaining balance or $139,500.

]]> http://www.mortgageyes.com/blog/2006/determining-how-much-the-down-payment-will-be.htm/feed Is it a true ARM? http://www.mortgageyes.com/blog/2006/is-it-a-true-arm.htm http://www.mortgageyes.com/blog/2006/is-it-a-true-arm.htm#comments Tue, 10 Oct 2006 17:58:51 +0000 Kami http://www.mortgageyes.com/blog/2006/is-it-a-true-arm.htm A true ARM is amortized over the loan term, i.e. 30 or 40 years. With these the borrower is paying a portion of the principal with each payment. There are other loans that may look like an ARM, but are not lowering the balance with each payment. Such loans as interest only (I/O) or balloon mortgages may not amortize the balance over the full term of the loan. The result is the borrower can be making payments for years without paying any of the original principal. These loans can be helpful to some, but they can also be an unknown and unwanted surprise to others. Be aware, when looking into loan programs that there is a distinction between an ARM and other loans that carry an adjustable rate, but do not repay the principle from the first payment.

]]> http://www.mortgageyes.com/blog/2006/is-it-a-true-arm.htm/feed Fixed or Adjustable Rate Mortgage? http://www.mortgageyes.com/blog/2006/fixed-or-adjustable-rate-mortgage-2.htm http://www.mortgageyes.com/blog/2006/fixed-or-adjustable-rate-mortgage-2.htm#comments Tue, 10 Oct 2006 17:43:29 +0000 Kami http://www.mortgageyes.com/blog/2006/fixed-or-adjustable-rate-mortgage-2.htm With a fixed rate mortgage (FRM), your interest rate will not change, so your monthly payments will be steady. In contrast, with an adjustable rate mortgage (ARM), your interest rate will change, so your payments will vary over time. Adjustable rate mortgages typically have an initial fixed rate lower than the rate of a comparable fixed rate mortgage. The initial fixed rate period is followed by adjustment intervals. For example, a “3/1 ARM” is fixed at an initial low rate for the first 3 years, and then adjusts every year based on an index. Common ARMs are: 1/1, 3/1, 5/1, 7/1, and 10/1. To determine which is right for you, contact your loan officer to review your situation and help you decide. Calculate here.   http://mortgageyes.com/calculators.htm

]]> http://www.mortgageyes.com/blog/2006/fixed-or-adjustable-rate-mortgage-2.htm/feed Mortgage Purchase: Are you ready to buy a home? http://www.mortgageyes.com/blog/2006/mortgage-purchase-are-you-ready-to-buy-a-home.htm http://www.mortgageyes.com/blog/2006/mortgage-purchase-are-you-ready-to-buy-a-home.htm#comments Mon, 09 Oct 2006 23:49:45 +0000 kyle http://www.mortgageyes.com/blog/2006/mortgage-purchase-are-you-ready-to-buy-a-home.htm Many people hold off from buying a home, thinking they aren’t able to afford it. There are several new and exciting loan programs specifically for first-time-home-buyers! In many cases home ownership is as affordable as renting and much more rewarding!

Your first step should be to contact a mortgage professional to help you decide if the time is right to purchase. The people at MortgageYes.Com are dedicated to helping you achieve your goal of homeownership.

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