We all know things happen that are out of our control. An unexpected medical bill or a car emergency. These types of situations can throw off your whole budget and cause you to worry about missing a mortgage payment or several payments. Do you know what to do?
Contact Your Mortgage Servicer
Always be prepared to tell the why you can't make your monthly payments and whether or not this is temporary or permanent and also provide them with other details about your income expenses. In some cases, your mortgage servicer may have programs in place to help you avoid that dreadful word, foreclosure.
Calling a HUD- approved housing counselor
It's free and can help you find a counselor near you. They can assist to help you figure out if you qualify for help and help you further understand any assistance your mortgage company may have offered you.
Failure to Communicate/Pay
In general, not paying your mortgage will be reported by your lender to the three major credit bureaus and they will lower your credit score. In addition, after a grace period (generally a week to 15 days after the payment due date), a late fee will be added on to the payment you failed to make.**
Caution
When you're going through a situation like this, it is imperative to watch out for scams. Never pay anyone to help you to avoid foreclosure. They might tell you they'll save your home foreclosure when they're really just taking your money.
If and when this ever happens make sure you're in contact with your mortgage servicer. They're more likely to work with you if you let them know before you miss a payment.some lenders being willing to offer informal forgiveness or being willing to hold off on late fees or reporting to credit agencies, in some cases people can qualify for forbearance programs. These are formal programs where people facing financial problems can miss a payment or make a lower payment for a period of time while they sort out financial problems.**
* Servicer- The company you make your payments to.
**Depends on the mortgage servicers discretion.
Visit Valley West Mortgage for our Online Application and our Secure Document Uploading.
When is the right time to finance a home?
The time to finance a home for the best rate could be now, as mortgage rates across the country have reached a low over the last 16 months at 4.12 percent, according to Freddie Mac.
This number is quoted for a 30-year fixed rate conventional mortgage, and since Jan. 1, people have been finding themselves able to afford about 8 percent more of a home in terms of quality. Las Vegas, in particular, may be experiencing their home rates flattening out as the median home price reached $200,000 in August, which is an almost 10 percent increase from the same time last year, according to a recent report from the Greater Las Vegas Association of Realtors (GLVAR). This is good news for home owners and buyers as the economy continues to recover from the recession that severely impacted the value of property nationwide.
Although property values increase as pricing begins to level, low mortgage rates are not necessarily available to everyone. Those who will see the lowest rates would be considered prime lenders, defined by Freddie Mac as a lender with a credit score over 740 and who can offer a 20 percent down payment. This, however, should not discourage those from financing a home.
If you’re interested in mortgage rates in the greater Las Vegas area, please contact Valley West Mortgage at 702-696-9900 or info@valleywestmortgage.com
Mortgage Rates Are on the Rise!
We said it would happen and soon. Average rates have just passed 5%
What we don't know is how far or how fast this Mortgage Rate rise will be. Recent positive indicators for the economy have caused rates to rise. Mortgage Rates parallel Long-Terms Bond Rates and those always rise on positive economic news. It is more important than ever to have your Refinance or Purchase file in the hands of a competent Mortgage Professional! At Valley West Mortgage, we keep a very close watch on rates for our clients. While rates are clearly on the rise, they still have their ups and downs. We watch all of the rate change indicators for potential changes so we can lock rates at the best possible advantage for our clients.
The key to being ready to lock is having a complete file which is ready in every respect. With our clients help, and help from our Realtors on Puchase files, we do everything within our control to make sure that your file is complete, as quickly as possible. In this way, we won't miss any opportunity to secure the best terms possible! Give us a call today so we can help you to succeed even in this unstable market. Remember, Las Vegas is still one of the best buying opportunities in the entire country regardless of current rate fluctuations.
Call (702) 696-9900 or (888) 931-0007 and let Valley West Mortgage get you ready to close!
It is now cheaper to buy than rent in 72 percent of US cities and Las Vegas is near the top of the list!
Let Valley West Mortgage help you finance your dream home in one of the most affordable cities in the country!
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