Monday, September 25, 2017

Mortgage Refinance Inglewood, California

Inglewood-California. Mortgage Refinance-Late on Mortgage


California mortgage borrowers are refinancing their home all the time and the loan closing date can be any day of the given month. California mortgage lenders -Banks cannot keep track of mortgage payments based on when the individual borrower’s mortgage got closed to assign a payment cycle on mortgage.Hence no matter when you close the loan. Your mortgage payment cycle begins on the 1st of every month. So if you closed your mortgage on 10th or 11th or 12th or 20th of September. Your mortgage payment is due November the 1st and onwards beginning the 1st of every consecutive month.Sometimes a mortgage borrower Inglewood, CA may be travelling or may have some assignment to finish and as a result he is unable to make his payments on the 1st of any given month. That does not allow the banks or lenders to report a late on your credit report.

California mortgage Banks allow 15 days of grace period to make the mortgage payments. What that means is that as long as the California mortgage borrower makes the payment and the California mortgage bank receive the payment before the 15th or the grace period allowed by the bank. 

You are not reported late. Being reported late on your credit report is devastating. Your Inglewood California mortgage expert will inform you that if you got behind on your mortgage even once in the current year then you are not eligible to refinance as per today’s market guidelines.If you are current on your mortgage and you were behind 2 years back. You are eligible for a refinance. There are several products available for such borrowers to choose from. FHA being one of them. Should there be a financial distress. You can borrow money from home and pay off the debts and still qualify for a lower rate when it comes to FHA.

As far as conventional mortgage go. They are credit score sensitive. FHA is not credit score sensitive. The reason why i suggest you should look into FHA is because if you were late in your mortgage. Its likely your credit score is now down to 660 something. California mortgage borrower with a 740 plus score would qualify for 3.5% on conventional mortgage and a California mortgage borrower who goes for an FHA with a credit score of 660 would likely qualify for the same 3.5% as FHA is not credit score sensitive.There are several other ways of managing finances. Your California mortgage expert would be your best guide to get your lowest mortgage rate.


For more information visit www.affordable-payment.com or call 323-705-3191 if you are a California Mortgage borrower or If Texas Mortgage Borrower call 713-463-5181 EXT 154. You can even e mail at roger@affordable-payment.com.


Article by Roger Shanker