Financing a primary residence means having the most financing options available in today’s marketplace. For those wanting to buy and finance investment real estate there are fewer albeit very competitive choices. But with a primary residence, there are plenty and are divided into two basic categories- conventional and government-backed mortgage loans. A conventional loan is […]
When you and I first begin speaking about using your VA eligibility to buy and finance a home, you can also request a Loan Estimate which will itemize potential closing costs you’ll encounter at the closing table. As you might be aware, borrowers using their VA eligibility status to finance the property are restricted from […]
Bank Statement Loan Explained Have you heard of a Bank Statement Mortgage? Most mortgage loans require bank statements to verify sufficient funds to close on a transaction. A complete bank statement provides third-party verification that the applicant has enough funds for a down payment, related closing costs and cash reserves all belonging to the […]
If you’re eligible for a VA loan and want to come to the closing table with as little money as possible, a VA loan is going to be hard to beat and for several reasons. The most popular is probably not requiring a down payment. That is at least up to the maximum VA loan […]
Saving up enough money for a down payment and closing costs is typically the single biggest challenge when buying real estate, especially so for those buying their very first home. There are low down payment programs which can ask for as little as 3.5 percent down, such as the FHA program, as well as zero […]
A VA No-No is kind of a funny name and it’s possible you’ve heard the term but unless you’re in the mortgage business or in real estate, but most likely you haven’t. The term has been used for decades and applies to a certain type of purchase transaction when someone is using their VA eligibility […]
Are you thinking of buying a property in a rural or maybe semi-rural area on some acreage? Maybe even a property where you can grow your own apples, peaches and other fruits or vegetables? For those who live in the suburbs and long to live on the land, buying a farm can be an ideal […]
Whether it’s applying online, meeting a loan officer face-to-face, or having a conversation over the phone about a new home loan application, your mortgage lender will ask for documentation before underwriting the file. Because mortgage lenders follow the same basic lending guidelines they all ask for the same basic set of information. Sometimes though you […]
Couples don’t enter into a marriage expecting it to soon end. Quite the opposite in fact, when they get married they do so “until death do us part” and are so much in love they couldn’t imagine being separated much less getting a divorce. Unfortunately, divorce is a real thing and too often marriages end. […]
The Annual Percentage Rate, or APR, is perhaps one of the most misunderstood numbers in the mortgage process. Even some loan officers can misinterpret that the APR is for and why it’s needed but in this article we’ll talk about how to use it. The APR was first introduced back in 1974 as part […]
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