Mortgage Rates Still At Record Lows—Don’t Wait!

It’s certainly easy to get distracted at this time of year. It seems that once we hit Thanksgiving Week, the rest of the year is a blur. Travel, festivities, family get togethers…they’re all smashed together within about a 30 day period. And that’s certainly the main priority is to enjoy the holidays with family and […]

Renting? You’re Still Paying a Mortgage, Just Someone Else’s

If you’re still renting, you might think that you’re not paying a mortgage. Technically that may be correct but in the end the mortgage on your rental unit is ultimately being paid for by you. When real estate investors evaluate a potential purchase, one of the first things they’ll be looking for is whether or […]

How to (effectively) Buy a Fourplex and Live Mortgage Free

This is an interesting concept and at first glance it might seem a bit misleading. The obvious way to buy a fourplex and live mortgage free is to pay cash for it. But many don’t take that route because it can put a dent in a bank account and tied up into a relatively non-liquid […]

Tip Income: How It Can Be Counted as Qualifying Income

For those in the service industry, getting tips certainly helps the overall pay. Most people who do earn tips work in a restaurant, hotel or similar industries. But can it be counted when helping to qualify for a new mortgage? We recently spoke about various types of income but getting tips is a bit different […]

The Importance of Non-QM Mortgages

Yes, they’re not only important but necessary in the mortgage world. What’s a non-QM loan you ask? The answer is basically any mortgage loan that isn’t a QM loan. That makes perfect sense, right? But to understand the importance of a non-QM loan, we first need to understand what a QM loan is. The Consumer […]

How to Get a Divorced Spouse Off the Mortgage

When two people decide it’s time to buy a home together, in today’s environment and in many markets it takes two incomes in order to qualify for the home they really want. That means both will appear on the same mortgage application. Unfortunately the divorce rate in this country means anywhere from 40 to 50 […]

Paying Off Credit Card Balances vs. Closing the Accounts

While mortgage lenders review a loan application, affordability is determined. Affordability can sometimes be a moving target as different loan programs may have different acceptable levels of debt. There are two primary types of debt, installment and revolving. Installment debt is where one loan is taken out and paid back over time with regular monthly […]

Pros and Cons of Financing New vs. Existing Homes

Believe it or not but there are some differences between financing new construction and an existing property. Yes, they’re certainly both financing options for a residential mortgage but there are some key differences and you might be surprised at the available options. Let’s first look at the most common type of mortgage, that’s the one […]

Impound Accounts Explained

Impound accounts, sometimes referred to as Escrow accounts in other parts of the country, are funds set aside to take care of property taxes and insurance when due. Some loans require impound accounts while others leave them as an option. Let’s take a further look at these accounts and what they accomplish. Mortgage lenders need […]

Short Term? Long Term? Why Your Loan Choice Matters

Deciding on which home loan to take is usually a matter of choosing an interest rate. But, especially for those who have never financed a home before, there are many more things to decide on besides the rate. Sure, the rate is important, but you might be surprised at the array of loan choices available […]