Refinancing Your Mortgage: Reasons You May Not Know About

/0 Comments/in , , , , , /by

Refinancing your mortgage is nothing more than replacing an existing home loan with another. Why refinance? Most homeowners refinance their mortgage because rates have fallen below the interest rate on their current mortgage. Lowering Your Mortgage Rate Each week, Freddie Mac comes out with its weekly mortgage rate survey which reports an average rate culled […]

Read more

7 Top Questions Your Loan Officer is Going to Ask

/0 Comments/in , , , /by

Even if it’s not your very first home purchase, you can to be prepared to provide your loan officer with what is required. Experienced home buyers may like a refresher for all the things provided and questions asked. Here are some questions you can bet your loan officer will be asking before you get too […]

Read more

How Lenders Calculate Weekly or Bi-Weekly Income When Qualifying

/0 Comments/in , , , , /by

  There is an ‘Ability to Repay’ or ‘ART’ rule that lenders follow when approving a traditional mortgage. When lenders calculate income, they are required to both determine and document that determination of whether or not someone can safely afford a new home loan. This is a result of the vast mortgage guideline changes implemented […]

Read more

Mortgage Rates Still at Record Lows — Don’t Wait!

/0 Comments/in , , , , /by

It’s certainly easy to get distracted at this time of year. It seems that once we hit Thanksgiving Week, the rest of the year is a blur. Travel, festivities, family get togethers. They are smashed together within a 30 day period. Certainly the main priority is to enjoy the holidays with family and friends along […]

Read more

What’s the Reason for a Vacancy Factor?

/0 Comments/in , , , , , /by

If you’re new to the world of investing in real estate, one term you may run into is the vacancy factor. As part of the approval process to buy a rental property, one of the early qualifying factors will be income. Rental income from the property might be able to be used to qualify for […]

Read more

Overlays Explained

/0 Comments/in , , , /by

What are Overlays? An Overlay is a mortgage industry term. In simple terms, overlays are additional qualifying requirements on top of the guidelines set by Fannie Mae and Freddie Mac, as well as FHA, VA and USDA. These guidelines are set forth for several reasons but one is to provide lenders with mortgage program stability. […]

Read more

Why Financing a Second Rental is So Much Easier

/in , , , , /by

Financing a second rental property can be much easier the second time around. For those thinking about dipping into the investment real estate world, there are some important things to know. At its most basic level, financing a rental property is not much different as it relates to income, assets and credit. First time buyers […]

Read more

Still Renting? You’re Paying a Mortgage, Just Someone Else’s

/in , , , /by

If you’re still renting, you might think that you’re not paying a mortgage. Technically that may be correct but in the end, you’re paying the property owners mortgage.  When real estate investors evaluate a potential purchase, one of the first things they’ll be looking for is whether or not the unit generates cash flow. Investors […]

Read more

How to (effectively) Buy a Fourplex and Live Mortgage Free

/in , , , , /by

Understanding how to buy a fourplex is an interesting concept and at first glance it might seem a bit misleading. The obvious way to buy a fourplex and live mortgage free is to pay cash for it. But many don’t take that route because it can put a dent in a bank account and tie […]

Read more

VA Home Loan Advantages

/in , , , , /by

The Department of Veteran’s Affairs was first established back in 1930. Implementing and overseeing multiple programs and benefits to those who have served in the Armed Forces. One of the more popular programs is the VA Home Loan Benefit. This financing option provides multiple benefits that other mortgage programs simply cannot provide. For those who […]

Read more