THE CFPB Rules on Qualified Mortgages Are In Effect

There is no doubt that the rules in effect on January 10th will hurt the industry in the short term. But in the long term the Qualified Mortgage rules will help the housing market by forcing lenders and borrowers to realistic about dealing specifically with a borrowers ability to repay the loan.

This will not stop all foreclosures. This will not stop all abuses. But it will go a long way to curbing the problem of homeowners taking on loans they obviously cannot afford and hitting up the taxpayer to clean up the mess later on.

You can visit the CFPB's website to learn more.

Deal Reached in Government Shutdown: Mortgage Disaster Averted

Republicans and Democrats in congress agreed to lift the debt ceiling and restore the funding required to run the government. For mortgage customers with an application in progress, this is good news. There are three reason why the government shutdown could affect a potential borrower. The first is that all applications for a government mortgage like FHA, VA, and USDA loans require income verification via an IRS form 4506T. This form is required to check the income claimed by the borrower against the income reported to the IRS. Any discrepancy here will require an acceptable explanation. The next reason is a social security number validation from the social security administration. For obvious reasons, this prevents identity theft and verifies eligibility for government loans such as citizenship. The last reason is address verification via the US post office.

Most mortgage banks introduced stop-gap measures to suspend these requirements, however it was only a temporary plan and no one was sure what would happen if a loan was originated that later had issues with any of these verification's. Thankfully, since the government has been restored, we won't have to find out. 

Get Serious about Cleaning up your Credit.

There is a new article about cleaning up your credit before getting a mortgage. Always consult your mortgage lender before and after a credit cleanup program. Sometimes it is something you should do, but a lot of times it is best to "let sleeping dogs lay". This is because activating an old account can cause the date of last activity to update, which will bring down your score.

Secured Credit Cards

If you need a credit card and have bad credit or lack credit history, then a secured card is the way to go. They work by giving the bank a deposit for your credit limit. They will hold this in case you do not pay the bank back. So if you send them $300, they will send you a card with a $300 dollar limit. Your deposit will be held in a savings account and you will owe them whatever you charge. You must make payments every month which will be reported to the credit bureaus and will help you rebuild your credit. You can search for the best deal on a secured credit card at Checkrates.com Secured Credit Cards.

USAA Secured Amex Card

USAA Secured Platinum Mastercard

First Progress Platimum Prestige

First Progress Platinum Elite Mastercard Secured Credit Card

First Progress Platinum Select Mastercard Secured Credit Card

Good luck in your quest. 

Check rates now has a credit card search

It is now easier than ever to find a credit card by using Checkrates.com

 

 

Secured Credit Cards

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Update Cities on April_17

Mortgage Companies in Bay City

Independent Mortgage Co

800 Washington Ave,

Bay City MI - 48708

(989)-671-6000

Rocha Executive Mortgage

1300 Fraser St,

Bay City MI - 48708

(989)-316-2418

Sunrise Family Credit Union

404 S Euclid Ave,

Bay City MI - 48706

(989)-684-1730

Mortgage Companies in Garden City

Beaudrie Mortgage Service Inc

29207 Ford Rd,

Garden City MI - 48135

(734)-838-0235

DFCU Financial Credit Union

7075 Merriman Rd,

Garden City MI - 48135

(313)-216-3160

Premier Mortgage

30000 Ford Rd,

Garden City MI - 48135

(734)-261-9953

Mortgage Companies in West Bloomfield

Centerbrook Mortgage Co LLC

3667 Ridgeland Rd,

West Bloomfield MI - 48323

(248)-851-2111

Greenlight Mortgage

7001 Orchard Lake Rd, Ste 120,

West Bloomfield MI - 48322

(248)-306-6688

Strathmore Mortgage

7031 Orchard Lake Rd, Ste 303,

West Bloomfield MI - 48322

(248)-626-7400

Mortgage Companies in Portage

Ameri First Home Mortgage

616 W Centre Ave,

Portage MI - 49024

(269)-324-4240

Dividend Mortgage

6204 Lovers Ln,

Portage MI - 49002

(269)-321-8950

Summit National Mortgage

414 W Milham Ave,

Portage MI - 49024

(269)-488-1606

Mortgage Companies in Muskegon

Independent Mortgage Co

1060 W Norton Ave, # 201,

Muskegon MI - 49441

(616)-780-1270

Michigan General Mortgage

5600 Harvey St,

Muskegon MI - 49444

(231)-799-9498

Van DYK Mortgage

131 Us 31 Bus,

Muskegon MI - 49444

(231)-332-6500

Mortgage Companies in Midland

Executive Mortgage of MI

1515 W Wackerly St Ste 2,

Midland MI - 48640

(989)-631-0888

PNC Mortgage

5200 Eastman Ave,

Midland MI - 48640

(989)-835-3634

Virtual Mortgage Solutions LLC

3961 Holland Dr,

Midland MI - 48642

(989)-414-0195

Mortgage Companies in Hilo

Amber Mortgage

180 Kinoole St, Ste 208,

Hilo HI - 96720

(808)-935-4006

Family Mortgage Co Of Hawaii

762 Kanoelehua Ave, # C,

Hilo HI - 96720

(808)-935-0678

Pacific Mortgage & Loan

PO Box 4311,

Hilo HI - 96720

(808)-935-2100

Mortgage Companies in Kailua

Meridian Mortgage INC

200 Hamakua Dr,

Kailua HI - 96734

(808)-263-3600

Mortgage Brokers Consortium

111 Hekili St,

Kailua HI - 96734

(808)-262-5626

Pacific Access Mortgage

970 N Kalaheo Ave, Ste C215,

Kailua HI - 96734

(808)-262-3123

Mortgage Companies in Kaneohe

Avion Mortgage Finance

45-955 Kamehameha Hwy,

Kaneohe HI - 96744

(808)-235-2574

First Hawaiian Mortgage

44-662 Kuono Pl,

Kaneohe HI - 96744

(808)-261-9999

Infinity Mortgage Co

46-028 Kawa St,

Kaneohe HI - 96744

(808)-235-8112

Mortgage Companies in Waipahu

Leeward Mortgage Co

94-837 Waipahu St,

Waipahu HI - 96797

(808)-677-2720

MBC Mortgage Brokers

94-315 Leonui St,

Waipahu HI - 96797

(808)-671-7955

S T B Mortgage Brokers INC

94-235 Hanawai Cir,

Waipahu HI - 96797

(808)-678-6533

Update cities on April_17

Mortgage Companies in Carlisle

Carlisle West - M&T Bank

812 1/2 W High St,

Carlisle PA - 17013

(717)-240-6717

Meridian Mortgage

16 W High St,

Carlisle PA - 17013

(717)-249-2527

Priority Mortgage Service

61 W Louther St,

Carlisle PA - 17013

(717)-249-0104

Mortgage Companies in Lebanon

Absolute Mortgage Solutions LLC

245 S 12th St,

Lebanon PA - 17042

(717)-277-7334

E Mortgage Management

439 Chestnut St,

Lebanon PA - 17042

(717)-273-9153

National City Mortgage

102 Fairview Cir,

Lebanon PA - 17042

(717)-272-3797

Mortgage Companies in McKeesport

First Commonwealth Home Mortgage Pa

1100 Greenock Buena Vista Rd,

McKeesport PA - 15135

(412)-896-4316

Pennsylvania Mortgage Source

4313 Walnut St, Ste 29,

McKeesport PA - 15132

(412)-672-6910

Professional Mortgage Connection LLC

4313 Walnut St,

McKeesport PA - 15132

(412)-436-3920

Mortgage Companies in Williamsport

Alcat Mortgage Company

605 W 4th St,

Williamsport PA - 17701

(570)-326-5673

First Option Mortgage

460 Market St,

Williamsport PA - 17701

(570)-327-1520

Gmac Mortgage Corporation

1016 Washington Blvd,

Williamsport PA - 17701

(570)-322-2720

Mortgage Companies in York

Country Mortgages

3301 W Market St,

York PA - 17404

(717)-792-2641

Mortgagestar

221 W Philadelphia St,

York PA - 17401

(717)-852-7070

Suntrust Mortgage Inc

2651 Carnegie Rd,

York PA - 17402

(717)-757-0300

Mortgage Companies in Austintown

Castle

73 Maple Ave,

Austintown OH - 44515

(330)-793-5151

First National Bank

5632 Mahoning Ave,

Austintown OH - 44515

(330)-792-2392

Midwest Money Center

5536 Mahoning Ave,

Austintown OH - 44515

(330)-793-1119

Mortgage Companies in Beavercreek

Legacy Mortgage

1370 N Fairfield Rd,

Beavercreek OH - 45432

(937)-458-0067

Legacy Mortgage

4060 Executive Dr,

Beavercreek OH - 45430

(937)-434-8444

Select Mortgage Group

3040 Presidential Dr, Ste 202,

Beavercreek OH - 45324

(937)-435-6020

Mortgage Companies in Findlay

Ag Credit-Country Mortgages

7868 County Road 140, Ste A,

Findlay OH - 45840

(419)-422-7632

American Loan Mortgage Corporation

227 N Main St,

Findlay OH - 45840

(419)-427-5626

Bank Of America Mortgage

1601 Tiffin Ave,

Findlay OH - 45840

(419)-425-5114

Mortgage Companies in Sandusky

American Eagle Mortgage Co LLC

1212 Hull Rd, Ste 5,

Sandusky OH - 44870

(419)-609-0098

Cummings Mortgage Service

2609 Columbus Ave,

Sandusky OH - 44870

(419)-625-1894

Union National Mortgage CO

1338 E Perkins Ave Ste 103,

Sandusky OH - 44870

(419)-625-2600

Mortgage Companies in Zanesville

Central Ohio Mortgage

3564 Maple Ave,

Zanesville OH - 43701

(740)-450-7270

Concorde Mortgage

536 Main St,

Zanesville OH - 43701

(740)-454-8876

Frost Mortgage Banking Group

1136 Maple Ave,

Zanesville OH - 43701

(740)-453-8860