As a consumer if you are considering a refinance or a new purchase, you need to have all of your financial information available.  By having all the information available, the lender will be able to assist you and explain to you all your various options whether under a FHA financing program or another loan program.

It is important for the consumer to present the following items which visiting with a lender:

• Complete copy of last 2 years personal tax returns for all borrowers
• Copy of most recent paystub for all borrowers
• Complete copy of last 2 months bank statement on all types of accounts

Some programs may not require this type of financial information.  However, the more information provided to the lender allows for a smoother the transaction for the consumer.  In addition, it allows the lender to have a frank discuss with the borrower on the types of programs that will meet their financial requirements.

I just got a letter from Washington Mutual also known as Wamu yesterday.  They lowered my home equity line to $900.  It originally started off at $27,500.  It was lowered about 6 months ago to just over $8000.  What are you going to do with a $900 home equity line?  I told them to just close it.  They said that you have to pay $55 to close it.  Rather than close the line they leave a ridiculous amount on it.  They are too cheap to close the thing themselves.  They would rather have me pay it. Continue Reading »