No one ever gets married with the intention of getting a divorce. And no lender makes a loan with the intention of foreclosing on the property. But when a couple who have financed a home together decide the best thing to do is end the marriage and go on their separate ways, figuring out what […]
What Consumers with High FICOs Do to Create and Keep Those Lofty Scores
When someone applies for credit and obtains their very first credit account, such as a credit card or an automobile loan, they’ll soon have an established credit history and credit scores to follow. Scores can rise and fall over time as someone opens up a new credit account and makes payments on the account based […]
When It’s Time for a Portfolio Loan
Mortgage loans can fall into multiple categories, even more than one at a time. For example, a loan can be a fixed rate loan or an adjustable rate loan. At the same time, a loan can be used to finance a primary residence, a vacation home or one that is used for a rental property. […]
Tax Time: Home Ownership and the 2018 Tax Plan
In case you forgot about the sweeping income tax changes passed by Congress last fall and took effect December 15 of last year, you probably were reminded when you filed your 2017 taxes. The new changes didn’t affect any filing for last year’s taxes but in 2018 and going forward there were some rather significant […]
Different Types of Income Lenders Will Use- And Income They Won’t
One of the key components when lenders evaluate a loan application is affordability. Lenders consider current monthly credit obligations such as an auto loan and credit card payments and add those to the new mortgage payment. The new mortgage payment includes principal and interest, property taxes, insurance and mortgage insurance when required. This total is […]
Which Economic Reports Matter, Which Really Don’t and Why Rates Change
This article is a basic explanation of how and why mortgage rates change. For someone that is getting ready to buy a home and apply for a mortgage or are thinking of refinancing an existing mortgage, where rates are a primary driver when deciding whether or not to refinance, they might wonder why rates […]
Why You Shouldn’t Be a Rate Watcher
Are you watching rates? There are different types of borrowers as it relates to rate-watching. Some speak with their mortgage broker and get a daily rate quote to decide whether or not to go ahead and refinance, or maybe someone is thinking about buying a rental property and the lower the rate the better the […]
When a Cosigner Makes Sense
Do you need a cosigner? Maybe you’ve been asked to help out a relative and cosign on a mortgage? It’s long been a practice for parents to help out their kids buy their first home when needed. Cosigning isn’t as pervasive as it once was, primarily due to changes in lending guidelines, but it’s still […]
Does It Make Sense Any More Paying Points to Get a Lower Rate?
When first getting rate quotes, borrowers might be a bit surprised at all the options available for the very same loan program. It’s completely understandable however. When a mortgage company advertises a mortgage program and an accompanying note rate and APR, there’s always just one rate, not five, six or seven choices for the same […]
Should You Refinance to a Shorter Term?
There really is more than one reason to refinance an existing mortgage. Homeowners with a mortgage most often start to consider refinancing when interest rates have taken a dip. After all, a lower interest rate means lower monthly payments which saves borrowers money each month. There really is no direct correlation regarding how much lower […]
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