Jumbo Loans are a type of home loan with a purchase amount that exceeds local conforming loan limits. Jumbo loans are approved in much the same manner as most any other loan program. There are some basic differences and we’ll review them for you but overall, it’s a very similar process. Jumbo loans typically ask […]
Consumers can get a mortgage from multiple sources. Maybe one of the most common places to secure a home loan is someone’s bank. Or, a consumer can get a mortgage from a mortgage banker that offers mortgages only, unlike a bank which can offer other financial services such as checking and savings accounts and credit […]
One of the major changes in lending guidelines made nearly 10 years ago was making sure mortgage lenders verified income. Up until around 2008-2009, the proliferation of so-called “stated” and “no-doc” loans made getting a loan approval almost a no-brainer. Such loans also contributed to the housing crisis as those who wouldn’t normally be able […]
An experienced loan offer knows that forming good relationships in the industry is key to an open dialogue when issues arise. Just like personal relationships, how each one handles adversity of any degree when it comes is extremely important. A solid relationship keeps the lines of communication open so when a problem comes along, it’s […]
The one term that loan officers like to hear is the word “fund.” Why? Because it signals the loan approval process has come full circle and the loan is officially closed. There are multiple stages in the loan approval process and each stage must be completed before the next can be taken on. Initially, it’s […]
Your efforts have finally paid off. You submitted your loan application some time ago and received your preapproval letter. Your credit was reviewed and income and assets verified. Shopping for a home with a preapproval letter in hand gave you the confidence you needed knowing that all you need next is a property address. You […]
There are those who strive to get their credit scores as high as possible. Even way beyond the minimum FICO credit score for many home loan programs. Some programs that ask for a minimum FICO score of say 720 or 740 are above the minimum scores for other programs such as 680 or even 620. […]
Most future borrowers simply want to know what their payment will be. Typically the question comes in the form of “what is your rate today” but ultimately it boils down into how much will go toward the mortgage. Of course the main factor is indeed the interest rate, and loan terms. A person’s gross monthly […]
Mortgage loans fall into two basic categories, fixed-rate and adjustable-rate loans. A fixed-rate loan, by far the most popular choice, is a loan program where the interest rate never changes. A fixed-rate loan allows borrowers to more easily plan their financial future because they know what the mortgage payment will be for years to come. […]
Today, the FOMC decided to cut rates by 0.25 percent, as many investors had expected. The next scheduled meetings are October 29-30 and December 10-11. What is the forecast? That’s really too far out to tell but the Fed’s patience with rates over the past few years has been showing. Another move to lower rates […]
