Contour mortgage software#

The Local Government Association (LGA) said the move would enable more tenants to get on the housing ladder, but warned the number of new council homes being sold has not kept pace with the current right to buy scheme.Ĭllr David Renard, housing spokesperson for the LGA, said: 'Any houses sold must be replaced quickly, in the same local authority area and on a like for like basis. Mr Johnson pledged that for every home sold - which will be offered up to 70% off the market value - one social home would be built for every one sold. Today, the prime minister announced that up to 2.5 million housing association tenants will be given the right to buy them outright.

Contact us today to find out about how we can help you.Image: I Wei Huang / Council leaders have warned that any homes sold under the newly extended right to buy scheme must be replaced on a like for like basis. To learn more, contact an FHA-approved lender.Ĭontour Mortgage has worked with numerous homeowners to refinance their mortgages.

Streamline refinances are available under credit qualifying and non-credit qualifying options.” “Streamline refinance refers to the refinance of an existing FHA-insured mortgage requiring limited borrower credit documentation and underwriting. HUD’s official website details what an FHA Streamline Refinance is, stating: Department of Housing and Urban Development (HUD), insures FHA loans to approved mortgage lenders to help applicants who wouldn’t necessarily qualify for a conventional loan become homeowners. The Federal Housing Administration (FHA), which is a part of the U.S. There are refinancing programs lower-income home buyers should consider.įor example, anyone who obtained an FHA loan may want to look into an FHA Streamline Refinance. As a result, your income is a factor, but not the only one. Remember: A lender is looking to see if your financial history indicates you’ll be able to pay back the loan. Such information typically includes, but is not limited to: A knowledgeable lender will break down exactly what you’ll need to provide when applying for a refinance.

If you’re interested in refinancing your mortgage, but worried your income is going to hold you back, consider contacting a mortgage lending company. 'Per borrower, the savings is about $271 per month.” “That is the largest population of eligible candidates in nearly three years and represents an aggregate of $1.6 billion in potential monthly savings,' continues the article.

Contour mortgage software#

'That is an increase of 2 million in just the past month, according to Black Knight, a mortgage software and analytics company.” “There are now about 5.9 million borrowers who could see their rates drop by at least 75 basis points by refinancing their mortgages,' it reads. As aforementioned, however, refinancing is beneficial when you’re able to take advantage of lower interest rates, which in turn, equate into smaller monthly payments.Īccording to a recent CNBC article, current interest rates are low, which means many homeowners may want to consider refinancing. The dictionary definition of refinancing is “to renew or reorganize the financing of something” or “to provide for (an outstanding indebtedness) by making or obtaining another loan or a larger loan on fresh terms.” Refinancing a mortgage means obtaining a new loan to help pay off a person’s current one, typically, to utilize better rates.Īs discussed in one of our previous posts about mortgage refinancing, this course of action doesn’t eliminate your debt-instead, it eliminates that particular debt, but you’ll still need to pay back the refinance loan. There are other qualifications assessed when applying for a mortgage refinance, however.Īs a result, the first step for anyone with a low income who is interested in refinancing their mortgage is to consult with a trusted lending company to find out what they need to qualify. Low-income home buyers with subpar credit may not believe refinancing their home mortgage is an option.