Buying a condominium unit is also buying a certain lifestyle. Many condominium projects are in higher density, urban areas next to shopping, entertainment and work. But even though a condo loan is just another way to legally own property, there are some things you’ll need to consider to make sure a condo loan is […]
If you’re toying with the idea of buying your first rental property or even your second, lending guidelines have changed somewhat over the years. Knowing what lenders look for when evaluating your request to finance an investment property will make the process a smooth one for setting up your first rental. And perhaps what many […]
For those who are starting to think about buying and financing a home, whether it’s for your very first or you’ve been a homeowner for years, you know the importance of having your financials in order. Getting pre-qualified and getting pre-approved aren’t the same thing. Understanding the pros and cons can help, so let’s get […]
When applying for a mortgage whether it’s for a purchase or a refinance, one of the most important data points is your credit score. Most every available loan program in today’s marketplace does require a minimum credit score and while that minimum score can vary from program to program as well as being raised higher […]
Economists follow all sorts of economic data. Some data they follow more closely than others and some reports quite frankly are mostly ignored. These reports are released at varying times of the month and economists as well as investors across the board anxiously await these numbers as an indication of the health of the economy. […]
I understand the interest rate market can appear to be a little jumbled sometimes. You can check out interest rates one day and then a week later they’ll be a little different, sometimes higher and sometimes lower. They can also remain the same but in most instances rates do change daily, even by a very […]
These two terms have been around for a long time. The term “loan modification” however, while being an industry term for nearly long as there have been conventional mortgages, really came into being toward the end of 2008 and 2009 when toxic loans began to damage credit files, home sales and property valuations. Leading up […]
Home buyers, especially those preparing to buy their very first home, know that unless they’re VA eligible or the property qualifies for USDA financing there will be a down payment of some amount when obtaining financing. In addition to the down payment there will also be closing costs associated with the home loan. This means […]
Loans have always been underwritten manually, also referred to as a “manual underwrite”. But it’s important to be clear on what the term means to our underwriters and what the impact can be on your loan application. Manual Underwrite: What is It Historically when a borrower applied for a home loan we would ask to […]
Everyone likes to save money, right? And for most people the monthly mortgage payment is the most expensive outlay. A mortgage payment which includes not just the principal and interest payment but also a monthly allotment for property taxes and insurance can take upward to one-third or more of a household’s gross monthly income and […]
