Why should I get pre-approved?

There are several reasons:

    You will know how much loan you qualify for.
    You will know how much your estimated payments would be. Sometimes, even if you qualify for more, you would like to keep your payments lower because of other obligations.
    Most real estate agents (especially the good ones) will not show your properties till they are sure you are pre-approved for a mortgage.
    Sellers won’t consider your offer to buy, till a pre-approval letter is attached to the offer.
    If there are any red flags, it gives you time to work on it and correct it before you buy a house.


If your rates are below the current market rate and you thought you couldn’t refinance – think again. There are several reasons to refinance. In some cases, even if you get rates higher than your current rates you could still end up saving a ton of cash.

Below are top 3 reasons why you should refinance. Whatever your current situation is, chances are you can find at least one reason for your benefit.
Two caveats being – You should qualify and you should be comfortable with a higher payment.
Move to a Longer Term: Sometimes, it’s the other way around. You got into a short-term mortgage to save on interest costs. But because of changed circumstances, you are finding it difficult to service the steep payments. In that case moving from a 15 Year Fixed to a longer-term like 20, 25, or 30 Year mortgage may be a better idea. You will save on your monthly payment and get the breathing room that you are looking for.

Eliminate Mortgage Insurance (MI or PMI) Premium: Either your home prices have gone up or you have paid down enough on your principal or it’s a combination of both. You are at a point where you have 20% equity in the house or you can bring in some cash to do that. If that’s the situation and you currently pay mortgage insurance – it’s time to get rid of the pesky mortgage insurance.
Remember, as a married couple filing jointly, if you make more than $110,000 a year, the mortgage insurance premium is not even tax-deductible.
Get a Lower Rate: If none of the above reasons apply to you, it could be that you simply have a higher rate than the market. Maybe you had bad credit when you got the loan or you were on a sabbatical in a cave during the last 5 years. If that’s the case, you have the most uncomplicated reason to refinance. Simply ask for our best Luchehcko Mortgage team rate  and we will get you started on the refinance process.

When do I qualify for a mortgage to buy a house after short-sale?

A pre-foreclosure sale or short sale is the sale of a property in lieu of a foreclosure resulting in a payoff of less than the total amount owed, which was pre-approved by the servicer.

Qualifying for Conventional mortgage after Short-sale:

The following waiting period requirements apply for conventional mortgage backed by Fannie Mae

Fannie Mae recently updated its guidelines and established a standard 4 year waiting period for a Pre-foreclosure sale (short sale) or deed-in-lieu of foreclosure, with a 2 year waiting period permitted if a borrower has extenuating circumstances.