As a mortgage guy I receive a lot of requests from folks looking to qualify for a purchase money Mortgage or refinance an existing Mortgage to a lower rate.
However the two most common problems I’m encountering are:
1. Lowered value which prevents us from getting you the best rates. Mortgage should be less than 80% of the current value but recent declines in value are preventing this.
2. Debt is too high. Upcoming changes for Credit Card companies (February 22, 2010) have those companies instituting Higher Interest Rates and Lowered Limits NOW before the law is enacted. “My company lowered my limit to just above my balance and raised my rate to 27.9%. When I called them they offered to go back to the 5.9% but they would have to “freeze” the card until the balance was paid off!” I’ve heard this many times in the past month. The cure, Give yourself a discount. Try CASH. That tank of gas you paid $50 or $75. for is actually $63.95 or $95.93 (at 27.9%and that’s if you paid the card off in a year instead of carrying a balance year in and year out!
When you’re ready for a mortgage or refinance, we can check it out. You can send me an email [email protected] or call my cell 781-405-1845