HUD, FHFA, FNMA, FHA, FHLMC: Who Are These People? Well, they’re not really people. People certainly work there but in reality, HUD along with the others all government agencies that have some major connection with the mortgage industry. Some are relatively new and some not so much. The mortgage industry has so many acronyms it […]
There is a term in the mortgage industry called “portfolio lending” and it’s a specific type of home loan program that caters to a particular situation. Portfolio loans are so important that without it the real estate industry would suffer. What is a portfolio loan? It’s a loan that does not fit into any secondary […]
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 streamline refinance is where an existing mortgage is completely replaced by a new one. The term was originally coined when the Federal Housing […]
There are three government-backed loan programs available today: The USDA, VA and FHA loan programs. They’re referred to as a government-backed loan because the lender is guaranteed to be compensated should the loan ever go into default. Each of these three has their own special niche that is filled. USDA Loans USDA loans are used […]
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 […]
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 […]
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 […]
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? […]
Financing a primary residence means having the most financing options available in today’s marketplace. For those wanting to buy and finance investment real estate there are fewer albeit very competitive choices. But with a primary residence, there are plenty and are divided into two basic categories- conventional and government-backed mortgage loans. A conventional loan is […]
If you’re eligible for a VA loan and want to come to the closing table with as little money as possible, a VA loan is going to be hard to beat and for several reasons. The most popular is probably not requiring a down payment. That is at least up to the maximum VA loan […]
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