Sutter CA FHA Loan Limits and Rates
We shall cover some common questions that Sutter CA Mortgage borrowers often ask in the article:
Sutter CA mortgage borrowers looking for lowest mortgage rates in California will find the article helpful.
Late on mortgage
First of all Sutter CA mortgage borrower need to understand when do you get late on mortgage. Mortgage payment is ideally due on the 1st of every month. If for any reason you are unable to make the payment. You still have 15 days of Grace period during which if you make the payment and the bank receives the payment before the 15th day. The bank or lender does not report you as late.
So Sutter CA mortgage borrower is not late ideally if you have made the payment within 15 days grace period. This grace is allowed because mortgage is a big financial transaction and just because someone has errands that have got him occupied ideally does not make one consider being late on mortgage. As once reported late on credit report, life for the borrower gets tough hence on.
So if your flight got delayed while you were travelling and couldn’t make the payment on the 1st. Nothing to panic. Go ahead and make the payment.
Once you cross this threshold of 15 days of grace period and still unable to make the payment. The bank reports you as 30 days late on your mortgage.
If you are reported late on mortgage. As of today, its extremely difficult to get yourself qualified for mortgage. You will have to be current and no late on your mortgage for one year at least before you can apply for mortgage.
When is a Mortgage Payment Considered Late.
When is a Mortgage Payment Considered Late.
How collection account affects mortgage
Collection reflects hardships.
Most of the loans if you have a mortgage size of 424k is typically but not necessarily backed by Govt agencies. The advantage to the borrower is that in the event of any calamity, if the Govt announces any hardship plan for borrowers. You would not qualify for it unless your loan is backed by Govt agencies.
Typically Banks would want the collection to be settled before the mortgage is funded. There may be exceptions but depends upon bank to bank. Ideally they all want no collection account at the time of funding of the mortgage.
FHA or Federal Housing Administration is yet another Govt body that allows for more lenient guidelines while providing govt backing to borrower’s mortgage. FHA does allow ignoring collection account particularly Medical collection but that too only up to certain amount and those changes from banks to banks as well.
Call Sutter CA mortgage expert below to get you the lowest mortgage rate on your refinance.
For more information visit www.affordable-payment.com or call 323-705-3191 if you are a California Mortgage borrower.
CURRENT REFINANCE RATES MONTEREY CA
Product Rate Change
30 year fixed 3.63% 0.02
15 year fixed 2.99% 0.07
5/1 ARM 3.07% 0.14
Artical by Roger Shanker
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