Tag Archives: mortgage
Mortgage Loan Modification from WaMu
There are several choices for homeowners to choose from with a mortgage loan modification from WaMu. Since November 2008 WaMu has been willing to assist homeowners on the verge of foreclosure. And after the new modification regulations and incentives under the Obama Administration, they have recently become even more open to loan modification negotiations.
Mortgage loan modification from WaMu is only available to homeowners with mortgages from WaMu. The existing mortgage can also not have been modified or refinanced in the past to qualify. Besides these two special bits of criteria, WaMu has same basic requirements as other lenders.
Find the guidelines for WaMu mortgage modification before attempting to apply. Applying without full knowledge of that they expect from you before a modification can and usually will disqualify you. Besides that, knowing what their requirements are will give you a sense of peace of mind from being informed.
Wamu offers an application for mortgage modification online, and it is the fastest method to get approved. Be sure to fill out and all fields truthfully and make sure you do not miss any fields. Even accidentally skipping a field can be means for denial.
They are going to be looking mostly at your income, mortgage payment history, and expenses to determine whether you are qualified or not. Keep in mind that anyone applying for mortgage modification must be going through times of financial hardship, and otherwise will not be approved.
The Home Affordable Modification Plan ensures that homeowners who are going through financial hardship are given the right to apply, but not necessarily be approved depending on the criteria the lender is looking for.
Submit your hardship letter in at the same time to send in your application in order to speed up the approval process. It takes approximately eight weeks for your application to be looked at and then approved. Submitting the hardship letter after the application can push it back at least a week.
WaMu is relatively easy to get a loan modification from in comparison to some other lenders, but that does not make it easy. They require that you fill out the loan modification application as perfectly as possible and have a convincing and professional hardship letter.
Mortgage loan modification from WaMu is a great step in the right direction for homeowners across the country, but it’s a shame that even small mistakes can disqualify you. All lenders require attention to detail on your part, but WaMu requests more than average.
How can you get Help Obtaining a Home Loan?
In today’s ever-changing and competing marketplace it can be complicated and confusing for anyone wanting to obtain a home loan. Without such a loan however it is impossible to purchase a property, as few people have enough money to buy properties outright. This means that anyone who wants to own their own home needs to secure a loan to pay for it. Thankfully it is possible to get help obtaining a home loan and many people use this help when they are hoping to purchase their own property.
When it comes to getting advice and help on obtaining a home loan it is crucial that you get an unbiased opinion. Today there are mortgage advisers and mortgage brokers that are available to provide advice and assistance on all aspects of obtaining home loans. However mortgage advisers and mortgage brokers are not the same thing. Mortgage advisers tend to be employed by home loan lending companies, this means that they will try to sell you loan products from the company that employs them. Mortgage brokers on the other hand are independent brokers who have no affiliation to any of the lender is on the market. So if you are looking for independent and unbiased help in obtaining a home loan it makes sense to visit a mortgage broker.
Having a mortgage broker on board when you are hoping to buy a home means that you will not have to spend hours searching the market for a loan for a home that is suitable. Mortgage brokers have a sound understanding of all the current loan products that are available at any one time. So during the initial consultation, when the mortgage broker gathers financial information about applicants, he or she may already have a loan in mind that could be suitable.
Not only will a mortgage broker work to get you the best deal possible on a home loan, they are also on hand to provide any advice. Any questions or problems that applicants encounter during the loan process can be quickly and easily answered by their broker. Many people find this help is very reassuring and they feel confident that they are making the right choice based on the expert opinion that a broker will give them.
Mortgage brokers will even assist applicants to fill in their application form for a home loan. They will also check that applicants have provided all the required personal and financial information which will support the application. Failure to provide such information when requested can result in the loan being delayed, which can cause problems during the application process.
Obtaining help in getting a home loan is actually easier than you might think when you employ the services of a mortgage broker. Your broker will take the hassles and stresses out of obtaining a loan to buy a home and provide applicants with advice that they can trust. With this kind of help the entire process becomes much easier and more straightforward for everyone involved.