Have you heard of the term “streamline” refinance? Lenders certainly have and when you discover what this process actually is, you may very well decide it’s time to refinance after all. A refinance is where an existing mortgage is completely replaced by a new one. The term was originally coined when the Federal Housing Administration, […]
3 Signs You Know It’s Time to Buy
For those who occasionally wonder whether or not it’s time to stop being a renter and start owning, it can be difficult to ultimately lead to the decision to drop the landlord and own a home. There won’t be any midnight revelation that says, “Buy Now” or anything remotely similar. Even if the math works […]
When NOT to Consider a USDA, VA or FHA Loan
There are three government-backed loan programs available today, the USDA, VA and FHA programs. They’re referred to as government-backed because the lender is guaranteed to be compensated should the loan every go into default. Each of these three have their own special niche that is filled. USDA loans are used to finance a property in […]
Looking to Finance a Property in a Rural Area? Here’s Your Answer
Many mortgage programs like to have a loan application that checks off all the boxes. This means approving both the property as well as the borrower. The property is approved primarily by reviewing the property appraisal. The appraisal contains a wealth of information about the property including the general condition of the home, a legal […]
Conventional 3.0% Down or FHA’s 3.5% Down- Which is Better?
If a low down payment mortgage is your preference, there are two programs that might suit your needs. The Conventional 97, a Fannie Mae product, and the FHA loan. They’re both very similar and even more so beyond the low down payment. If you’re eligible for both programs, there are some questions to ask to […]
7 Reasons You Should Use a Mortgage Broker
A mortgage broker is an individual or a business that discovers and arranges financing for their clients. I’m a mortgage broker and my fiduciary responsibility is to you. There are multiple places to obtain a home loan from your local bank to an online lender but a mortgage broker has distinct advantages that other lending […]
Is the Fed Changing Its Tune?
It appears that, while not backtracking, the Federal Reserve has indeed changed its tune regarding interest rate policy. The Federal Open Market Committee, or FOMC, wrapped up its most recent two-day meetings this past January 30. The FOMC meets about every six weeks to review the current state of the economy, review recent past and […]
Should You buy Now or Wait? Q1 and Q2 Mortgage Rate Forecast
It’s now closer to the time when holidays and days off are further in the rear view mirror and it’s back to the standard routine. Investors are back in the markets packing their portfolios with stocks, mutual funds and bonds and analysts are moving back in the guessing game as to the state of the […]
The Five Most Important Economic Reports That Can Affect Mortgage Rates
Have you ever wondered how and why mortgage lenders adjust their mortgage rates their borrowers can choose from each day? One would think it’s a lot of work to make a daily rate change, right? I mean, why doesn’t a lender just post a rate and let it stay that way for a few days? […]
How to Refinance Your VA Loan With Questionable Credit
VA loans are a bit more forgiving overall compared with other zero/low down payment programs. And for those who qualify for a VA loan and want to come to the closing table with close to zero cash, the VA loan can’t be beat. No down payment, restricted closing costs and somewhat relaxed credit requirements make […]
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