The Primary Residence Is the Home to Use in a Home Loan Modification

There are hundreds of thousands of people around Fulton County with many homes working for all sorts of people in the area. Some people might have more than one home in the Fulton County area. However, only one home can be used in an Atlanta home loan modification. This home will be the primary residence that a person will live one’s life in for a majority of the time.

The primary residence is the key to getting the Atlanta home loan modification taken care of. This is a kind of residence that will be seen by a lender as one that a borrower is going to have a greater concern over. This is critical to see because of how a lender might end up feeling that a person is unable to make proper payments on a loan over a period of time. However, a lender who is late on a secondary residence might not be as willing to make payments as one would on a primary home.

The main part of the primary residence is that some type of verification will have to be made to ensure that the proper type of residence is the one that will be using the modification. The Atlanta home loan modification will only be given out if enough proof of a property being the primary one that a person is living in is provided to the lender.

The items used for verification purposes can vary by each lender. Tax returns and employment pay stubs that feature the primary address can be used in a number of cases. These should be useful because they can list where an employee of some company works at on a regular basis.

Also, the items used for paying off utility charges can also be listed. These pieces of information can feature the main home used by a person and can list the details on what one is going to be paying off with the modification.

The documentation that is going to be required varies by each lender. Some lenders will ask for only one type of document. However, many more lenders around Fulton County are asking for more documents for mortgage loan services around Atlanta. This is due to how the lenders will want to be especially sure that something is being used over a particular amount of time to get it to work out right. Having more evidence will be critical to ensuring that the lender will actually go ahead and grant a modification.

Be sure to take a look at this critical standard when trying to get an Atlanta home loan modification. The modification that a person can get on a home loan will need to be for a home that is actually being interpreted as the primary residence that a person is living in. Using this standard will help to ensure that the modification is going to be accepted and that a proper amount of help can be used to get a mortgage loan paid off in a reasonable amount of time.

Grace Periods Do Not Work in Home Loan Modification

A number of people around the Atlanta area are working with home loan modifications. They are doing this as a means of helping to afford their mortgages and to avoid adding themselves to the nearly two thousand foreclosures that Fulton County deals with each month. However, an Atlanta home loan modification will not feature a grace period at any time.

A grace period in a loan is a period of time where a person is not going to have to pay anything off. This means that the person can miss something and not be punished for it. This could be a useful thing but at the same time it will end up not being a factor in an Atlanta home loan modification.

The Atlanta home loan modification one is in will not feature a grace period like this when it is in its trial stage. A person who is in a trial modification must make all of the payments on it on time. Failing to make payments on time in the trial period will cause a person to end up losing the loan and dealing with the original terms on the loan.

In some cases the modification will not be cancelled. However, it can be delayed substantially. Remember, a person who is with a trial modification is on a very short leash and is not going to have a grace period to work with for getting the loan paid off.

When the loan modification does become permanent there is still no grace periods involved. The punishment for missing a payment and being late on it during the final period of the modification is going to be the same as what one dealt with. The same late fees and added interest charges will still be involved. This is used because the lender should be expecting the client to make payments on time when a modification is being handled.

Also, the chances of a lender trying to start the foreclosure process sooner are important to see. The lender might want to start the foreclosure process sooner if a person does not pay off mortgage loan payments on time after the modification. This is due to how the lender will want to believe that the borrower is actually going to pay off the loan in a respectable period of time. A lender who sees that a client is not paying it off properly will end up being more likely to pay it off.

It will be a good idea to take a look at this when it comes to dealing with an Atlanta home loan modification. The grace period that might be found with some other types of financial investments is not going to be present in the Atlanta home loan modification that one can get. The investment that is used here should be something that a person can easily pay off over time. Using this standard is critical for anyone to work with when getting something to work out right on a mortgage loan.

5 Steps to Improving Your Credit Score for a Better Home Loan

Buyers, make sure you are on a solid credit score footing in order to obtain a home loan. You can do this by understanding and practicing these five healthy home-buyer’s habits.

Review your credit report at least once a year. Inaccuracies aren’t uncommon, and it takes time to set the record straight. Each of the three major credit reporting agencies–Equifax, Experian, and TransUnion–provide one free credit report per year. Go to . You will be charged about $15 to see the actual score, but you’ll see the cost is worth it.

Stay consistent with your spending behavior. A surprisingly good credit score can tempt you as a prospective home buyer to open credit card account or take out a loan for a new car. Such actions can damage (lower) a credit score during a critical time, making it harder to obtain the loan you want.

Apply for the best mortgage loan you can find and remember that other factors besides credit score, like the size of your down payment, come into play when applying for a loan.

When you have determined your intent to buy, know that there is a difference between “prequalification” and “pre-approved.” Prequalification means very little in terms of a consumer’s ability to obtain a mortgage. Go ahead and get pre-approved, a process in which the lender checks your employment history, income and bank funds and reviews your credit report.

After closing on your new home, remember to continue to practice the above habits in case you decide to refinance or move again. It’s a good idea to always keep your credit score in mind as you anticipate the prospect of home buying, or with the expenses of being a new home owner