US Bank Home Mortgage and Refinancing [mortgageapproved.blogspot.com]
This is the VOA Special English Economics Report, from voaspecialenglish.com In December, President Obama told some of the nation's top bankers that they need to explore "every responsible way" to make more loans. The president said "Americas banks received extraordinary assistance from American taxpayers to rebuild their industry. And now that theyre back on their feet, we expect extraordinary commitment from them to help rebuild the economy." Major banks have been doing well since the worst of the financial crisis shook Wall Street more than a year ago. Banks including Bank of America, Citigroup and Wells Fargo have recently announced plans to repay government rescue money. New profits and freedom from the pay limits tied to federal aid mean bankers can again receive big bonuses. But critics say banks are profiting mainly from trading activities, not from making loans to small businesses or homeowners. Britain has p laced a fifty percent tax on bonuses for bankers. There have been calls for similar measures in the United States. Unemployment rates are the highest in a generation -- ten percent nationally in November. An estimated seventeen percent of the labor force either lacks a job or is not working enough to pay all the bills. The weak job market has not only hurt spending. It also puts pressure on homeowners who are struggling to pay their mortgage loans. Record numbers have been told that they could lose their homes. Banks are expected to have sent almost four ...
mortgageapproved.blogspot.com US Banks Under Pressure to Lend More
Good home mortgage products are offered by one of the nation’s top banks, US Bank. The US bank home mortgage offers a wide range of mortgage products to its customers. The products include conventional loans, jumbo loans, refinance loans and many others. It is one bank that offers good benefits and customer service or they will have to pay for the inconvenience. The US bank offices can be seen in most of the cities. It helps its customers with online payments and easy record keeping. The US bank home mortgage also provides its customers with online tools like mortgage calculators and view rate charts that can help the customers to sketch the loan plan that may be best for their dream home. The talks with mortgage loan officers of the bank may help you choose the best product, for your prevailing financial position. Like any other bank, US bank has requirements that have to be met by the customer to sign for a mortgage.
Any mortgage loan has some basic criteria set by the bank, which only when met can help you get the loan.
This usually begins with verifying your credit history. A good credit history and a favorable credit score can help you to find a low rate loan. If you have had negative reports on your credit history or if your credit score is low, you may only qualify for a high rate mortgage. This may eventually increase your monthly payments. It may be better to repair your credit before applying for a loan, if it had been poor earlier. This requirement with respect to credit history may be common to all types of loans. Applying for a refinance loan may also call for verification of credit history for its approval. With a refinance loan, you may generally pay the existing mortgage by taking a new loan. Refinancing an existing mortgage may get you lower rates, or lower loan terms, or you may also get cash out of the loan that may be used for other purposes.The refi US bank home loan may also require the credit history reports of the applicant. If you are applying for a new mortgage in the existence of an old mortgage, then your equity in the home may be a major factor in deciding the loan approval. The amount of equity and the total balance yet to be paid on the first mortgage may affect the loan approval. The next factor may be the debt-to-income (DTI) ratio of the applicant. The DTI decides your ability to make monthly payments towards paying your debts successfully. The bank offers many refinance products to its customers.
The US bank refinancing home loan products include Streamline Refinance that may help the current customers for refinancing their mortgage. The program is considered to be one of the fastest and most convenient methods to lower your mortgage payments. There are regular refinance products that can help anybody eligible for the program. The program can help to lower interest rates, lower the loan term and may even help include the closing costs to the new loan. The cash-out type refinancing is another type offered for customers willing to take out some cash from the loan that may be used for other purposes. The cash-out refinance may usually involve the equity of your home. The loan may have low interest rates and the cash difference received can be used to make home improvements or pay debts.
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