Buying and financing your first home has a lot of moving parts. There are multiple people involved, some you will talk to and many that you won’t. From an appraisal to a credit report to title insurance and more, your loan officer will make sure all the necessary documentation is included in your loan file. […]
If you’re going to buy a home and get a mortgage, you’ll need a flood certificate, often referred to in the mortgage biz as a flood cert. You won’t be able to get financing without one. A flood cert isn’t very expensive at all, probably the least expensive items borrowers are expected to pay. Even […]
If you’re struggling to pay down debt, you’re not alone. It can start out somewhat unnoticeable. Someone gets a new credit card and is doing well with it, buying something on the card and paying the bill when due. After a time, the credit card company sees the positive payment patterns and raises the credit […]
There are multiple reasons homeowners consider refinancing. Maybe you have a first and a second mortgage and if you combine the two into one “blended” rate, the total monthly payments are lower. Perhaps you took out a “balloon” mortgage and the note is coming soon down the road and you’ve decided to stay. Of course, […]
In the mortgage business, loan officers constantly interact with their clients, especially as it relates to interest rates, and mortgage rates in particular. The rate on a mortgage loan just may be the single most important aspect of financing real estate. After all, your mortgage rate directly affects the monthly payment. When you call to […]
The down payment to buy a home is typically the biggest obstacle, especially for first time home buyers, when thinking about buying a home. We can talk over the phone about how much you might qualify for and I can quote monthly payments based upon a particular loan amount, but the down payment is the […]
Just in case you missed it, the Federal Open Market Committee, or FOMC, concluded their most recent round of meetings on Wednesday, July 31, which affects the Federal Funds Rate (fed funds rate). The FOMC meets every six weeks to discuss monetary policy, current and future economic conditions and the cost of funds. While the […]
You’ve heard me talk before about the importance of the secondary market as it relates to the mortgage industry. Understanding how underwriting works and why there are exceptions is just as important when it comes to your mortgage. Mortgage Industry Overview There is both a primary and a secondary market in real estate finance. The […]
If you or someone you know is a first-time homebuyer ready to embark into homeownership process, there are some things you should know and be doing now. Follow these simple tips and your buying process will be a breeze, even a first-time homebuyer. First-Time Homebuyer Checklist Check Your Credit. Check your credit before you get […]
Most mortgage program guidelines follow the “rule of twos.” So what do you do when you have income gaps? Loan approvals require a lender to verify at least two years of employment. For self-employed borrowers, two years of self-employment is required and verified with at least the last two year of federal income tax returns. […]
