Trying to find the best mortgage for your particular circumstance, and your budget can be a difficult task. Using a mortgage broker is a very effective way of getting the best mortgage to suit your needs.
When you use a mortgage broker service, you will simply be cutting out all of the time, work, and frustration involved in finding the correct home loan for your needs. The process is normally much quicker that dealing directly with large lenders who have thousands of loans to deal with. It is important to also understand that using a Mortgage Broker for your home loan will not increase the cost of that loan. A good mortgage broker will have the ability to source a mortgage loan, on your behalf, that will give you the best value in terms of interest rates and monthly payments. Since these loans are sourced from the wholesale side of the lenders, many times you can even save money over dealing with the lender direct as a retail customer.
An established mortgage broker will already have formed links, contacts, and relationships with many different mortgage lenders. He will know which lenders will be best for your particular needs. Another point to consider is that going through multiple applications with several unsuitable lenders could also end up lowering your credit rating.
Using a reputable mortgage broker is a great way to get a good, affordable mortgage that is tailored to meet your needs and circumstances. It is also an excellent solution to getting a good mortgage deal while avoiding the pitfalls that could derail you if you were without the assistance of a professional broker.
I hope this was informative to prospective home buyers. I invite you to contact me if you are in the need of a home mortgage loan in the state of Texas.
Brad Malcom
Mortgage Professional
RMLO#84255
(972)772-8183
brad@mtgamericatx.com
http://www.mtgamericatx.com
Wednesday, November 18, 2009
Monday, November 9, 2009
$8000 Tax Credit Extended and New $6500 credit
Housing Tax Credit Extended
It's official, the $8000 Tax Credit for First Time Home Buyers has Been Extended & New $6500 Tax Credit for Current Homeowners Enacted
The Federal Government's Worker, Home ownership, and Business Assistance Act of 2009 was signed into law on Nov. 6, 2009 and has extended the 10%, up to $8000 tax credit for qualified first time home buyers purchasing a principal residence
This act also creates a tax credit of up to $6,500 for repeat home buyers that meet certain criteria.
The first time buyer tax credit applies to qualified sales that occur between January 1, 2009 and April 30, 2010,however,if you have signed a home purchase contract on or before April 30, 2010, you will have until June 30, 2010 to close.
Income limits for this program have been raised from $75,000 to $125,000 for single taxpayers and from $150,000 to $225,000 for tax payers filing joint returns. Qualified move-up or repeat home buyers purchasing a home are eligible to claim this credit when purchasing a principal residence after November 6, 2009 and on or before April 30, 2010
This Federal Act is a positive step to help in the recovery of the housing market but we still have a long way to go. It is important to note that a person's credit history is now being scrutinized more closely than ever and many perspective home buyers will be unable to qualify under the current stringent credit requirements. Consumers who have been tempted by easy credit are now finding it difficult to meet the obligations of that easy credit. The current economic conditions are bringing things back into perspective. We must return to the basics and focus on our priorities. Home ownership has always and will always be an important part of a secure future for most Americans. We all need to take a close look at our personal use of credit so that we might use it only as a tool to a secure future. Remember, home ownership provides shelter, security, comfort, and accumulation of wealth. For most Americans it is the largest and most valuable investment that we will ever make. It IS the American dream.
B.A. Malcom
Mortgage Professional
RMLO#84255
brad@mtgamericatx.com
Mortgage America of Texas
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