You’re surely been following the news and hearing or reading about the price of oil lately. If you haven’t, well, we’re at levels we haven’t seen in decades. Low levels. Currently, the price for a barrel of oil hovers around $30 with some even predicting prices to fall a bit more over time. Quickly compare […]
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 […]
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% […]
What Does It Really Mean When Your Loan Goes Into ‘Processing?’
Getting a home loan is indeed a process and a simple application will go through various stages before it finally funds. In the early stages, even before you’ve submitted your application, you speak primarily with your loan officer. Your loan officer will provide various loan options based upon your current situation and your goals. Your […]
6 Things to Know About USDA Loans
There are two government-backed mortgage programs that do not require a down payment. The first one is the VA home loan program. The VA loan doesn’t require a down payment at all and available to those who are eligible. Those eligible include veterans, Armed Forces and National Guard members with at least six years of […]
Skip Two Payments by Refinancing- Here’s What That Really Means
You may have heard this before. That when you refinance you get to skip two payments. In fact, it’s not uncommon to hear a lender actually promote this notion. If so, I think it’s a bit misleading. There’s no such thing as skipping payments during a refinance, the payments are made just in a different […]
How to Dispute an Appraisal (Note: Let Your Loan Officer Help)
You’ve finally decided to move forward and refinance your existing mortgage and at the same time pull out some extra cash to make a couple of home improvements and take some time off for a well-deserved vacation. You speak with your loan officer to get an update on rates and monthly payments and to confirm […]
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 […]
All About FHA Cash Out Refinance Loans in 2020
The Federal Housing Administration’s home loan program is one of the three government backed loans and is also the most popular. The other two government backed loans are the VA and USDA programs. The FHA loan is also the favorite for first time homebuyers. There are several reasons for this popularity but primarily the minimum […]
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