mortgages

Different Solutions for Different Buyers: Choosing PHH Mortgage

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Choosing a reliable mortgage company is a crucial step when you’re buying a home. You need to make sure you’re working with a company that has the right kind of mortgage for your situation. That’s why United Real Estate has partnered with PHH Mortgage.

This mortgage company offers the following benefits for home buyers:

  • A team of skilled loan processors, consultants and underwriters, as well as excellent customer service to ensure that the mortgage process goes smoothly for you.
  • A variety of mortgage products to choose from, including FHA loans, adjustable rate mortgages, fixed rate mortgages, jumbo loans and VA loans.
  • Outstanding guarantees, such as an interest rate reduction if your requested closing date isn’t met and an offer of $250 if your pre-approval decision takes longer than one day to process.

These benefits set PHH Mortgage apart from other mortgage companies, making them an ideal choice for your home buying needs.

Ready to begin looking for a new home and determining which type of mortgage is right for youContact United Real Estate today and stop by our Facebook page for more advice on buying a home.

 

Five Tips That Will Help You Secure a Mortgage

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Unless you’re in the rare position of being able to pay cash for a new home, you’re going to need a home loan to cover the cost. Obtaining a mortgage is more difficult now than it was before the 2008 recession hit, so it’s important to boost your chances of securing one.

Use the following tips to help you get the home loan you need:

  • Get rid of debt. Pay off credit cards, if possible, to reduce your debt-to-income ratio. Aim to keep this ratio lower than 36 percent.
  • Don’t apply for credit cards. Applying for new credit will lower your credit score, which can hurt your chances of getting a mortgage.
  • Fix your credit score. Make sure there are no errors on your credit report, and immediately correct any errors that you might find.
  • Offer a higher down payment. Make an offer of 20 percent or more, if you can afford to. This is a big help if your credit score isn’t high.
  • Take your time. Give yourself at least six months to financially prepare to apply for a mortgage.

Need more professional advice on obtaining a mortgage? Speak to a United Real Estate agent, and check out our Facebook page.

Bad Credit? Why Mortgages Aren’t Out of the Question

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Having poor credit doesn’t mean you’ll be stuck renting for several years. It’s possible to get a mortgage although it will take some extra effort to do so.

Expect to pay more if your credit’s bad. You might need to offer a higher down payment, and your monthly payment and interest rate may be higher than they would be for someone with better credit. You should focus on working with a lender who has experience helping people with poor credit get mortgages. Your lender will want to know why your credit is in its current shape. If you ran into sudden and unavoidable financial hardship, such as job loss, medical bills or a death in the family, you stand a better chance of being approved for a loan. If your credit is bad due to missed payments or late payments, this will lower your chance of getting a mortgage. Your lender might be able to help you find ways to boost your credit before applying for a loan.

Need help getting a mortgage with bad credit score? Visit United Real Estate to find an agent, and stop by our Facebook page for more loan tips.

Financial Considerations: Four Things Not to Do After a Loan Preapproval

A loan pre-approval is an important step in the home buying process. It shows how much of a loan you can realistically afford, based on your credit rating, income and expenses.

Keep in mind that there are certain things to do after a loan pre-approval to boost your chances of getting a final approval. These include:

  • Don’t apply for new credit: Since your lender will do another credit check before approving your loan, don’t do anything that will negatively affect your credit rating. Applying for new credit means that your score will take a hit.
  • Don’t pay off all your debt: You could be using up money that you might need for your new house. Also, closing credit cards can lower your credit score.
  • Don’t co-sign loans: These factor into your debt-to-income ratio and affect your credit score. Avoid co-signing any loans, including car and student loans.
  • Don’t change jobs: This can cause delays with the lender because they’ll need to verify your employment.

Now that you know a few things to do after a loan pre-approval, are you ready to get started with the home buying processVisit United Real Estate and our Facebook page to locate an agent.

Buying Your First House? Get an Official Free Credit Report

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Having enough money for a down payment set aside is just one of the financial concerns involved in buying your first house. You’ll also need to make sure your credit is in good shape to boost your chances of getting approved for a mortgage.

You can check your credit by ordering a free credit report once a year from each of the three major credit reporting companies, which are Experian, Equifax and TransUnion. The report shows your address, how much you owe on different debts and if you’ve filed for bankruptcy or been sued by a creditor. When you apply for a home loan, the lender will use this information to determine if your loan should be approved. Order your free report from the credit reporting companies online at annualcreditreport.com. This is the only legitimate website to place orders through for your free annual report. Avoid going to other sites that claim to offer the same thing because they often turn out to be scams.

Once you’ve checked your credit, we can help you get started on buying your first house. Visit United Real Estate and stop by our Facebook page to learn more.

PHH Mortgage Now United Real Estate’s Preferred Provider

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When it’s time to apply for a mortgage, finding a reputable lender is crucial. This is usually a time-consuming process, but United Real Estate has just made it much easier for buyers to findmortgage services.

We’re happy to announce that we’ve partnered with PHH Mortgage, which is among the top 10 originators of retail residential mortgages in the US.

PHH Mortgage has been in business for more than 20 years and offers a variety of mortgage options, including fixed rates, adjustable rates, FHA loans, jumbo loans and VA loans. They operate in all 50 states, and each location features a team of highly skilled employees that specialize in mortgage consultation, underwriting services and loan processing.

When you rely on PHH for your mortgage services, you’ll enjoy several advantages, including a same-day pre-approval decision and a guaranteed pledge to meet your requested closing date. PHH is dedicated to helping buyers find the right mortgage for their situation, so you won’t have to worry about ending up with a loan that you can’t afford.

Ready to start the home buying process? Visit United Real Estate and stop by our Facebook page!