One of the most consistent and safe investments continues to be real estate. Yes, there are always ups and downs but over time real estate as an investment asset is hard to beat. Flipping houses was a fad several years ago when No-Doc loans and loans for those with damaged credit were everywhere. Yet experienced […]
For many, a mortgage banker and mortgage broker are the same. They’re really not. They are the same because they’re a source for home financing but how they get a home loan ultimately to the closing table is different. A mortgage banker and broker might sound the same to the everyday consumer but there are […]
There’s really no question the VA home loan is the premier option for those who are eligible and want to come to the closing table with as little cash as possible. In fact, the VA home loan doesn’t require a down payment at all. Zero. The only other loan program that doesn’t need any type […]
Mortgage lenders evaluate good credit and bad credit a bit differently than they did several years ago. Prior to the introduction of credit scoring, a lender’s underwriter would review each credit entry line by line. The underwriter would look at credit limits and account balances, if there were any payments made 30, 60 or 90 […]
When consumers start talking about mortgage loans, the two most important topics are almost always the prevailing interest rate for the loan program they’ve chosen and closing costs. Yes, there certainly are other considerations but in most every instance these two items get the most attention, and rightly so. After all, the interest rate on […]
Lenders today have multiple rules they must follow in order to be in compliance with federal and state regulations. One of those regulations can be found in the “Ability to Repay,” or ATR rule issued by the Consumer Financial Protection Bureau, or CFPB, back in 2014. Affordability was inserted after regulators discovered more and more […]
Mortgage lenders want to make sure applicants can afford a new mortgage payment, and this means looking at your current revolving debt and installment debt. This mortgage payment includes not just the principal and interest amount toward the outstanding balance but also includes a monthly amount for property taxes, homeowner’s insurance and mortgage insurance when […]
Wondering how your new mortgage loan will be handled now that many of us have been officially considered “non-essential?” Well, for one, the mortgage industry is up and running regardless of any status. Yes, there are many who are currently in a work-from-home status and don’t have an official office to go to, at least […]
If you’re like many, you’re probably working from home these days. All so-called “non-essential” employees have been asked to stay home and work remotely. For some, this takes some getting used to. There are no other employees around, no office chatter and the communication between coworkers is done either by phone or via online meetings. […]
The FHA home loan program is by far the most popular financing option for first time buyers. Why? First, the low down payment is very attractive. FHA loans only need a down payment of just 3.5% of the sales price of the home. Second, qualifying for an FHA loan is a bit easier as credit […]
