The down payment to buy a home is typically the biggest obstacle, especially for first time home buyers, when thinking about buying a home. We can talk over the phone about how much you might qualify for and I can quote monthly payments based upon a particular loan amount, but the down payment is the […]
Just in case you missed it, the Federal Open Market Committee, or FOMC, concluded their most recent round of meetings on Wednesday, July 31, which affects the Federal Funds Rate (fed funds rate). The FOMC meets every six weeks to discuss monetary policy, current and future economic conditions and the cost of funds. While the […]
You’ve heard me talk before about the importance of the secondary market as it relates to the mortgage industry. Understanding how underwriting works and why there are exceptions is just as important when it comes to your mortgage. Mortgage Industry Overview There is both a primary and a secondary market in real estate finance. The […]
If you or someone you know is a first-time homebuyer ready to embark into homeownership process, there are some things you should know and be doing now. Follow these simple tips and your buying process will be a breeze, even a first-time homebuyer. First-Time Homebuyer Checklist Check Your Credit. Check your credit before you get […]
Most mortgage program guidelines follow the “rule of twos.” So what do you do when you have income gaps? Loan approvals require a lender to verify at least two years of employment. For self-employed borrowers, two years of self-employment is required and verified with at least the last two year of federal income tax returns. […]
When mortgage rates are at or near historic lows, like they are now, it’s a perfect time to take advantage of these low rates, consider a debt consolidation loan, and increase your buying power. At the same time, if you already have a mortgage and haven’t taken a look at refinancing lately, you might want […]
Loan applications go through several stages before loan documents are actually printed. There’s the initial submission and documentation stage. It’s here where the loan officer reviews the application before submitting the loan through the automated underwriting system, or AUS. The AUS digitizes the application and runs it through an online app where a list of […]
It didn’t get a whole lot of publicity last week, but there was a major change for VA Home Loans. More specifically, the VA loan limit, or loan cap. Over the years, the VA loan limit has changed and the changes have always been favorable to the veteran. The most recent adjustment eliminates the VA […]
The United States Department of Agriculture was created in order to improve the qualify of life in rural areas as well as provide a way for urban and suburban citizens to more easily finance homes in underpopulated areas. The USDA loan program allowed people to buy and finance a home with no down payment, creating […]
More and more investors are placing real estate into their portfolios. It’s a special asset class that both appreciates over time and provides the owner a monthly cash flow. Investors also know to leverage their money with today’s low interest rates. It simply follows that the lower the cost of funds the greater the cash […]
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