One of the most consistent as well as safe investments is real estate. Yes, there are always ups and downs but over time real estate as an investment asset is hard to beat. Note here the phrase, “over time.” So-called “flipping” was a fad several years ago when No-Doc loans and loans for those with […]
If Your Spouse Has Bad Credit: What That Means For You
Mortgage lenders evaluate credit a bit differently than they did several years ago. Prior to the introduction of credit scoring, a lender’s underwriter would review each credit entry line by line. The underwriter would look at credit limits and account balances, if there were any payments made 30, 60 or 90 days past the due […]
The Seesaw World of Stocks and Bonds- And Mortgage Rates
If you’re like most people, you really don’t pay much attention to Wall Street on a daily basis. Sure, you’ll check your 401(k) when you statement comes in and peek at your IRA but in general, Wall Street is left for the so-called “experts” who buy and sell stocks every single day. But as you’re […]
VA Home Loan Changes for 2020
Perhaps the absolute best home loan option for those who qualify and want to come to the settlement table with as little out-of-pocket cash as possible is the VA home loan. The VA loan doesn’t need a down payment and is one of only two such government-backed programs with this feature. The other option is […]
The Difference Between a 1% Origination Fee and 1% Point
There are several types of closing costs involved when financing or refinancing a home. Some are lender fees while still more are non-lender fees. We’re talking about processing fees, document preparation, title insurance and others. Yet two of these fees alone are expressed as a percentage of the loan amount. Those fees are a 1% […]
Appraisal Management Companies: What They Do and Why
An appraisal management company essentially does just that: manage appraisals. Yet AMCs have been around only a relatively short period of time compared with the rest of the mortgage industry. An AMC works directly with a lender to receive an appraisal order, place the order, receive it from the appraisal and then ultimately forward to […]
Why Wholesale Lending is So Important
If you’re not familiar with the term “wholesale” lending in the mortgage industry, you’re not alone. If you have heard the term, it’s easy to misinterpret its meaning. “Wholesale” might imply universal or overall but that’s not the definition. Wholesale lending plays a crucial part in the mortgage business and I’ll explain why. First, if […]
Why Rent Payment History is So Important
If you’re thinking about buying your first home or maybe you have owned a home before but it’s been a while since you did, you’re going to wonder about how to qualify in today’s environment. There are different qualifying guidelines based upon things such as your income and employment, current monthly debt, having enough cash […]
“Mattress Money” and Mortgages
What is “mattress money?” It’s a funny term but it means funds that someone owns but does not have a paper trail. Let’s look at how mattress money can be viewed by a lender and how to document these funds. It’s a good thing to come across some extra cash. Maybe the sale of a […]
Getting Your VA Entitlement Back
If you’re one of the fortunate who have access to the VA home loan program, first, thank you for your service. Second, the VA loan program is without a doubt the most competitive home financing option in today’s marketplace for those seeking to purchase a home with as little cash to close as possible. When […]
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