Bayou Equity Mortgage

09/23/2014

'NCIS: New Orleans': It's all in the family

Scott Bakula leads a team of engaging investigators in the hit CBS franchise’s newest outpost.

09/16/2014

CAN YOU GET A MORTGAGE?

Fear of a loan denial has led some consumers with low credit scores to simply not bother applying for a mortgage. But, while you'll still have to provide proof of your income and assets and an explanation of your low credit score, it is possible to get a mortgage with a low credit score from some lenders. While your credit score is a piece in the qualification puzzle, it is not the whole puzzle.

'Fair' to 'Poor' is Considered a Low Credit Score
There aren't any hard lines between a "good" and "bad" credit score.

The scores break down like this:
A number, roughly between 500 and 850, that summarizes a consumer's creditworthiness. The higher the score, the more able and willing a consumer is to repay a loan, lenders believe. The best mortgage rates and terms go to borrowers with credit scores of 740 and higher. Generally, a "low" credit score is in the "fair" to "poor" ranges below. 750 and higher = excellent 749 to 700 = good 699 to 650 = fair 649 to 600 = poor 599 or lower = bad

Borrowers' Credit Scores are Falling
Lenders in 2014 are approving more loans with lower credit scores. According to mortgage software provider Ellie Mae, 33% of closed loans in spring 2014 were for borrowers with a credit score below 700, compared with 27% a year earlier.

Borrowers with Low Credit Scores Often Get FHA Loans
Lenders are typically more lenient with credit qualifications for borrowers who opt for government-insured Federal Housing Administration loans, however, Bayou Equity Mortgage approves both FHA and conventional loans for borrowers with credit scores as low as 620. "With the market slowing down, standards are relaxing a little bit because lenders are getting hungry for business.

Bayou Equity Mortgage accepts applications from borrowers with a credit score as low as 550 for FHA loans, with minimum down payments of 10%.

Demand is There for Low-Score Borrowers
"There's a huge segment of underserved borrowers today.”In 2005, 1 out of every 7 loans was approved for borrowers who had a credit score under 630. By 2013, 1 out of every 500 borrowers had a credit score that low."

3 Things About Getting a Mortgage With a Low Credit Score
• Lenders are becoming less strict about credit scores.
• Some lenders see a difference between irresponsible applicants and those who lost jobs.
• Proving a year of on-time rent payments could be helpful.

Bayou Equity Mortgage has expertise in manually underwritten loans and makes common-sense decisions about borrowers, and we are joined at the hip with lenders/servicers that talk directly to borrowers and help them manage their loans. Bayou Equity Mortgage’s loans are perfect for the group of people that got caught up in the recession and lost their job or had their hours or pay cut or had to move and take a loss on their home."

09/16/2014

RTA Rolls New Bus Service Effective September 21, 2014

For Immediate Release:



Effective September 21, 2014 the Regional Transit Authority(RTA) will implement changes to bus service. This expanded and improved bus service will restore bus lines, add new bus service, and improve service reliability. Riders are encouraged to pick up a rider alert on RTA vehicles, visit the RTA online, and call the RTA to find out more about the service improvements. RTA representatives will be at bus stops and transfer locations across New Orleans beginning the week of September 14, 2014 to answer questions and distribute informational fliers about this service enhancement. Learn more at www.norta.com, or by calling 504-248-3900.



Note: Rider Alerts in English, Spanish, and Vietnamese are attached for your use and distribution.

Charter a Streetcar for private events, advertise with the RTA, become a vendor to sell Jazzy Passes, make a Film/Photo Request or find out about Procurements.

09/09/2014

Just added another lender to expand out Reverse Mortgage loan product.

08/29/2014

Happy Friday! Word of mouth advertising is the best kind. We love our clients and they love us. Enjoy your weekend! http://bayouequity.com/about-us/testimonials/

As a residential mortgage lender I am excited about this industry. I believe the mortgage industry is poised for significant growth. There are opportunities for those of us who believe "When the going gets tough, the tough get going"! My strongest attributes include my professionalism, my knowledge…

08/27/2014

On the fence about whether to refinance or not? Check out FOUR reasons why YOU should. http://bayouequity.com/2010/01/31/four-possible-reasons-to-refinance/

A mortgage is generally the largest debt most homeowners have to manage. It’s a good idea to give your personal real estate finance portfolio a check-up at least once a year.

08/25/2014

Refinancing? Here are some answers and info to Refi FAQ's.
http://bayouequity.com/mortgage-101/refinance-process/

A mortgage is generally the largest debt most homeowners have to manage, and it is a good idea to give your personal real estate finance portfolio a check-up at least once a year.

08/23/2014

In addition to the closing process, there may be some verbiage that is foreign to you. Peruse this article and take some notes to be "closing lingo" savvy.
http://bayouequity.com/2010/03/28/know-the-mortgage-lingo-at-closing/

Many borrowers go through the closing process in a haze, nodding, smiling, and signing through a bunch of noise that sounds like Greek.

08/22/2014

Closing on your home is an exciting and tedious process. here is some info to help you stay in the know about it. http://bayouequity.com/mortgage-101/closing-process/

The home buying process is full of paperwork, important dates, contracts, market movements and checklists that can even overwhelm seasoned real estate investors.

08/20/2014

Wondering where to start in the home buying process? http://bayouequity.com/mortgage-101/home-buying-process/

It’s obviously important to know how much home you can afford, what type of down payment to budget for, monthly mortgage payment as well as what type of loan program you’ll be using to finance the new property.

08/18/2014

Some info you need to know, in good faith.
http://bayouequity.com/2010/03/28/where-does-my-earnest-money-go/

Earnest Money – an earnest payment (sometimes called earnest money or simply earnest, or alternatively a good-faith deposit) is a deposit towards the purchase of real estate or publicly tendered government contract made by a buyer or registered contractor to demonstrate that he/she is serious (earne…

08/15/2014

Questioning how your property may compare in the real estate marketplace? Read our article for info. Call us with questions. We are here for you.
http://bayouequity.com/2010/03/29/what-do-appraisers-look-for-when-determining-a-propertys-value/

Most people are surprised to learn what appraisers actually look at when determining the value of a real estate property.