There are closing costs associated when selling a home. There’s no secret in that. All you have to do is pull out your original settlement statement and you’ll see plenty of itemized closing costs. Some are relatively inexpensive while others not so much. A credit report won’t cost very much at all while title insurance […]
Freddie Mac Weekly Mortgage Rate Surveys and What They Mean
It pretty much happens the same way every week. Data is released to the public as well as various news groups regarding the direction of residential mortgage rates. Where does this data come from? There are several rate surveys but the one most referred to by far is the one performed by secondary mortgage giant […]
Why Mortgage Bonds Matter
A mortgage bond is a bond just like any other. There is a fixed rate of return that the investor knows about prior to making a purchase. Compare a bond to an individual stock or mutual fund and you’ll soon discover a wide disparity between yields, or profit. Stocks can provide a greater return on […]
Even if You’re Not Sure You Want to Refinance, Get Your Application In Now
Mortgage rates are still very low and refinancing activity is strong. For many, the decision whether or not to refinance is fairly easy. This is something I can do with you over the phone. Simply compare the difference in monthly payments and divide that into the amount of closing costs needed to close the loan. […]
Why Lenders Sell Loans: It’s a Good Thing
What many borrowers don’t know early on is how mortgage lenders “fund” a home loan. Funding essentially means providing the money needed to create a new mortgage. It’s probably easy to think that when someone applies for a mortgage, the lender reaches back into its bank vault and sends the money over to the settlement […]
5 Things You Can Do On Your Own to Ensure a Smooth Closing
From the outside looking in, getting a mortgage loan from application to the closing table looks fairly straightforward. You apply for a loan, submit it, the lender looks at it, approves it then orders closing papers. Once you submit your application, it gets pretty quiet on your end. But on the other end, there’s a […]
What Exactly is Forbearance?
The term “forbearance” has gotten a bit of attention over the past few weeks. Unfortunately, homeowners seek out a forbearance agreement without fully knowing all the implications, as well as understanding exactly what a forbearance is and is not. The term has come to the forefront lately as the number of the unemployed mounts and […]
Want to Be a Landlord? Know How It Will Affect Your Debt Ratios
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 […]
VA Eligibility Restoration: How It Works
There’s really no question the VA home loan is the premier option for those who are eligible and want to come to the closing table with as little cash as possible. After all, who doesn’t want that? The VA home loan doesn’t require a down payment at all. Zero. The only other loan program that […]
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 […]
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