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APR Explained in Everyday Language

There’s quite a bit of information disclosed when you first submit a loan application. You’ll be asked to provide documentation supporting how much money you make each month, how much you’ve made the last two years, how much available cash you have on hand to close a transaction…and that’s just the beginning. Once an application […]

Why Rescission Periods (the right to cancel)?

What is a rescission period and why do they exist in the mortgage industry? A rescission period is basically a “cooling off” period in place after homeowners sign loan papers refinancing an existing mortgage. There can be multiple reasons why someone would want to refinance, and most often it’s to get a lower rate. But […]

Insider Tips for a Strong Property Appraisal

When a lender evaluates a loan application, there really are two separate approvals going on. One is the lender evaluating the applicant. The applicant’s employment and income are reviewed making sure the new loan is affordable. A credit report and credit scores are ordered to make sure the applicant meets the minimum credit standards for […]

Private Mortgage Insurance (PMI) Explained

Sometimes Private Mortgage Insurance (PMI) gets some bad publicity. Consumers can hear things about how important it is to avoid PMI. Yet that’s not really a fair statement. Some can also say that PMI only benefits the lender and not the borrower. But these statements need to be looked at a little further. Once explained, […]

What Exactly is Forbearance?

The term “forbearance” has gotten a bit of attention over the past few weeks. Unfortunately, homeowners often seek out a forbearance agreement without fully knowing all the implications or understanding exactly what forbearance is and is not. The term has come to the forefront lately as the number of the unemployed mounts and homeowners may […]