I recommend a credit monitoring service directly from the credit bureaus as opposed to a third party. You’ll get alerts if someone pulls your credit and you’ll get a notice if there’s a late payment.
New York, NY (PRWEB) April 05, 2013
The business network FOX Business published a guide to mortgage pre-approvals “How to Get Preapproved for a Mortgage”. The guide covers all important aspects that homebuyers must be aware of when applying for a mortgage loan. The aim is to help prospective borrowers be an attractive candidate for a loan, in order to get preapproved for a mortgage.
As an expert in the mortgage industry Shah Tehrany was asked to share his valuable opinion regarding the essential steps in the mortgage process: (1) Get the credit score up to par, (2) Shop lenders and (3) Submit all financial documents and calculate total cost.
In his interview he starts with helpful advice for the first step in the process: the evaluation of the credit score. “I recommend a credit monitoring service directly from the credit bureaus as opposed to a third party. You’ll get alerts if someone pulls your credit and you’ll get a notice if there’s a late payment.” advises Tehrany.
Tehrany wraps up his interview with an advice to be cautious after the preapproval step is successfully completed. “It’s essential to understand what the purchase price, taxes, and fees total for the entire process. Know how much money you need for the transaction, so that’s down payment, closing costs, escrows for taxes and insurance.” concludes Tehrany. The full guide is available here.
In his interview for Yahoo! Homes, Shah Tehrany shares his expertise regarding refinancing the mortgage. The interview “Five signs you may be ready to refinance” clears out to borrowers if refinancing their mortgage might be a good idea for them.
The first sign: If one can get lower interest rate, (s)he is good to go for refinance. “Right now, at 5 percent on a fixed rate 30-year loan or 4 percent on a fixed rate 15-year loan, you may want to seriously look into seeing if you can get a lower rate." says Tehrany.
“You Have an Adjustable-Rate Mortgage”, “You Have Significantly More Money”, “Your Credit Score Has Improved” and “You Have a Second Mortgage and You Want to Consolidate” are the other five signs which tell if refinancing is a good option. All of these signals are followed up with advice on how to analyze them and how to determine whether one should start your refinancing process or not. All the advices and the full Yahoo! interview is available here.
Shah Tehrany is a seasoned mortgage executive with over 10 year of experience in the real estate and mortgage banking industries. He currently serves as Managing Director of the Private Client Division at Franklin First Financial, Ltd. He is a frequent guest speaker at industry events and conferences and is widely considered as an authority in the mortgage lending industry.