Once you’ve made the decision to apply for a Memphis home loan, your credit rating will become a matter of immense interest to your lender. That is because it is used to determine your eligibility for receiving a loan. Your loan officer would pull up your credit report to look for anything that may be a cause for concern. Things like mistakes with dates, large purchases, or items that increase your debt to income ratio by a high amount are definitely things that you don’t want on your report, as they can affect your mortgage rates in Memphis.
http://memphis.churchillmortgage.com/blog/2013/10/02/make-your-credit-report-impeccable-and-be-introduced-to-the-most-favorable-memphis-mortgage-rates/Friday, October 4, 2013
Thursday, October 3, 2013
Should You Choose A Short Sale and Make a Deal with the Mortgage Lenders in Memphis?
Facing the possibility of foreclosure is never pleasant, but could be the harsh reality for some families who fail to make their Memphis mortgage payment. If you find yourself about to foreclose on a property, it may be time to speak with your lender to see if a short sale is right for you. If you qualify for a short sale, mortgage lenders in Memphis will accept less for your home than what you actually owe. In order to qualify for a short sale, you will need to prove to the bank that you can’t make your mortgage payments. You’re more likely to find favor with a bank for a short sale over a foreclosure, since foreclosing on a property means a lengthy (up to 2 years) and expensive process for the bank with no money as a result. At least with a short sale, the bank will get a little bit of cash for the home.
http://memphis.churchillmortgage.com/blog/2013/10/01/should-you-choose-a-short-sale-and-make-a-deal-with-the-mortgage-lenders-in-memphis/
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