I understand the interest rate market can appear to be a little jumbled sometimes. You can check out interest rates one day and then a week later they’ll be a little different, sometimes higher and sometimes lower. They can also remain the same but in most instances rates do change daily, even by a very […]
These two terms have been around for a long time. The term “loan modification” however, while being an industry term for nearly long as there have been conventional mortgages, really came into being toward the end of 2008 and 2009 when toxic loans began to damage credit files, home sales and property valuations. Leading up […]
Home buyers, especially those preparing to buy their very first home, know that unless they’re VA eligible or the property qualifies for USDA financing there will be a down payment of some amount when obtaining financing. In addition to the down payment there will also be closing costs associated with the home loan. This means […]
Loans have always been underwritten manually, also referred to as a “manual underwrite”. But it’s important to be clear on what the term means to our underwriters and what the impact can be on your loan application. Manual Underwrite: What is It Historically when a borrower applied for a home loan we would ask to […]
Everyone likes to save money, right? And for most people the monthly mortgage payment is the most expensive outlay. A mortgage payment which includes not just the principal and interest payment but also a monthly allotment for property taxes and insurance can take upward to one-third or more of a household’s gross monthly income and […]
Income is income, right? Not necessarily. When it comes to applying for a mortgage, not all income is treated equally, including rental income. Income sources can be an employer, business profits or investments and dividends to name a few. Interest is another form of income and as we approach income tax time any variety of […]
Home values across most parts of the country have not only recovered from their lows in the early part of this decade but the continued increase in home prices also adds to homeowner wealth in the form of equity. Increasing equity and low rates typically signal an opportunity to tap into that equity and put […]
The VA home loan is without peer when it comes to providing a competitive mortgage option with as little cash to close as possible, but the VA Jumbo Loan is a lesser know option. VA loans don’t require a down payment while at the same time restricting certain types of closing costs from payment by […]
With much fanfare, the Administration proposed and Congress passed the first major tax reform changes since the Reagan era. In this sweeping new tax code, much of the changes related directly to real estate and mortgage transactions. Let’s take a quick look at some of the major reforms to the tax code that took effect […]
The federal income tax code was significantly altered beginning the first of this year. Several traditional deductions such as mortgage interest deductions, state and local income tax deductions and others were changed or otherwise eliminated altogether. In exchange, income tax rates for all brackets were reduced. This was the first major tax reform since 1981. […]
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