Entries by

Mortgage Insurance: How It Helps Homebuyers

Mortgage insurance might sound like it is something that it isn’t. Yes, it is indeed an insurance policy but it’s not a policy that pays the borrowers’ mortgage payments should they begin to default. Instead, it’s an insurance policy with the financial benefit payable to the lender issuing the mortgage. But it’s also a benefit […]

What is a Wholesale Lender and Why Are They Important?

It might surprise some to learn that there are two primary types of lenders. There are direct lenders such as your bank and mortgage bankers. Banks provide mortgage services to their banking customers. With a bank, someone might appreciate the convenience of getting a home loan at the same place they got their auto loan […]

How to Craft the Perfect Explanation Letter

In the mortgage industry, it’s referred to as an Explanation Letter. After someone submits a loan application to a lender, the lender might want some further explanation regarding an item that appears on a credit report or some other piece of documentation in the file. While a bit unsettling, such a request is fairly common […]

What is an AKA Letter and Why Is It Important?

In the mortgage industry, it’s referred to as an AKA letter, or Also Known As. An AKA letter is one written by the applicant at the direction of the lender. And it can be required for a number of reasons when the name on the loan application doesn’t match exactly the name or names appearing […]

These 5 Things Can Stop Your Loan Application in Its Tracks

Once your loan application is submitted, the application is documented with some personal financial information from you such as paycheck stubs and/or tax returns, bank statements and W2 forms. In addition to your personal information, various third party services are ordered in preparation for submitting the application for an approval. The loan application is reviewed […]

Marriage, Legal Separation and Your Mortgage

The phrase, “’til death do us part” is one we’ve all heard. Unfortunately, many marriages don’t last that long. When a couple decides to separate, either legally or informally, there are different options to consider. Do they simply need some time apart to figure things out independently? Maybe have a little “breather” in order to […]