No matter what you think your home is currently worth or what you and the sellers agree to, it’s the appraiser who has the final say. On the standard loan application, when someone is refinancing an existing mortgage there is a section that essentially asks, “How much is your home worth?” and the applicant puts […]
When someone files for bankruptcy it’s typically due to some sort of catastrophic event or several events that occurred beyond the individual’s control. For example, a loss of a job or unemployment can cause someone to get into financial trouble. An extended illness is a contributor and so too is a death in the family. […]
Dad, can I borrow the car? Mom, can I borrow this dress? Hey, can I borrow $250,000 to buy my first home? Parents are used to being asked for things by their kids from a very early age. When they’re young, the requests can be a bit benign. Yet as they get older, the things […]
Not only have home prices recovered from their lows over the past few years they’re hitting new record highs in some areas, making jumbo loans more common for many borrowers. This isn’t something to be concerned about. The housing bubble of the last decade was primarily created by toxic loan programs that would approve just […]
No one ever gets married with the intention of getting a divorce. And no lender makes a loan with the intention of foreclosing on the property. But when a couple who have financed a home together decide the best thing to do is end the marriage and go on their separate ways, figuring out what […]
When someone applies for credit and obtains their very first credit account, such as a credit card or an automobile loan, they’ll soon have an established credit history and a FICO score to follow. Scores can rise and fall over time as someone opens up a new credit account and makes payments on the account […]
There are many popular mortgage programs to help borrowers secure a great home loan, but one less common type is called the portfolio loan. While the portfolio loan isn’t as common as a conventional mortgage, it can be a great option for some borrowers. Mortgage Loan Basics Mortage loans can fall into several categories, even […]
In case you forgot about the sweeping income tax changes passed by Congress last fall and took effect December 15 of last year, you probably were reminded when you filed your 2017 taxes. The new changes didn’t affect any filing for last year’s taxes but going forward there were some rather significant 2018 tax changes. […]
One of the key components when lenders evaluate a loan application is affordability. Lenders consider current monthly credit obligations such as an auto loan and credit card payments and add those to the new mortgage payment. The new mortgage payment includes principal and interest, property taxes, insurance and mortgage insurance when required. This total is […]
Do economic reports affect mortgage rates? Each day, economic reports and different data are released by the federal government along with other bureaus. Some economic reports will have a greater impact than others while some reports have very little if any impact at all. What economic reports are important and which are less so as […]
