An experienced loan offer knows that forming good relationships in the industry is key to an open dialogue when issues arise. Just like personal relationships, how each one handles adversity of any degree when it comes is extremely important. A solid relationship keeps the lines of communication open so when a problem comes along, it’s […]
The one term that loan officers like to hear is the word “fund.” Why? Because it signals the loan approval process has come full circle and the loan is officially closed. There are multiple stages in the loan approval process and each stage must be completed before the next can be taken on. Initially, it’s […]
Your efforts have finally paid off. You submitted your loan application some time ago and received your preapproval letter. Your credit was reviewed and income and assets verified. Shopping for a home with a preapproval letter in hand gave you the confidence you needed knowing that all you need next is a property address. You […]
There are those who strive to get their credit scores as high as possible. Even way beyond the minimum FICO credit score for many home loan programs. Some programs that ask for a minimum FICO score of say 720 or 740 are above the minimum scores for other programs such as 680 or even 620. […]
Mortgage loans fall into two basic categories, fixed-rate and adjustable-rate loans. A fixed-rate loan, by far the most popular choice, is a loan program where the interest rate never changes. A fixed-rate loan allows borrowers to more easily plan their financial future because they know what the mortgage payment will be for years to come. […]
Today, the FOMC decided to cut rates by 0.25 percent, as many investors had expected. The next scheduled meetings are October 29-30 and December 10-11. What is the forecast? That’s really too far out to tell but the Fed’s patience with rates over the past few years has been showing. Another move to lower rates […]
Buying and financing your first home has a lot of moving parts. There are multiple people involved, some you will talk to and many that you won’t. From an appraisal to a credit report to title insurance and more, your loan officer will make sure all the necessary documentation is included in your loan file. […]
If you’re going to buy a home and get a mortgage, you’ll need a flood certificate, often referred to in the mortgage biz as a flood cert. You won’t be able to get financing without one. A flood cert isn’t very expensive at all, probably the least expensive items borrowers are expected to pay. Even […]
In the mortgage business, loan officers constantly interact with their clients, especially as it relates to interest rates, and mortgage rates in particular. The rate on a mortgage loan just may be the single most important aspect of financing real estate. After all, your mortgage rate directly affects the monthly payment. When you call to […]
The down payment to buy a home is typically the biggest obstacle, especially for first time home buyers, when thinking about buying a home. We can talk over the phone about how much you might qualify for and I can quote monthly payments based upon a particular loan amount, but the down payment is the […]
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