There are those who strive to get their credit scores as high as possible. Even way beyond the minimum credit score for many home loan programs. Some programs that ask for a minimum score of say 720 or 740 are above the minimum scores for other programs such as 680 or even 620. But for […]
How Different Loan Terms Affect Your Monthly Payment
Most future borrowers simply want to know what their payment will be. Typically the question comes in the form of “what is your rate today” but ultimately it boils down into how much will go toward the mortgage. Of course the main factor is indeed the interest rate. A person’s gross monthly income is used […]
3/1, 5/1, and 7/1 Loans Explained
Mortgage loans fall into two basic categories, fixed and adjustable. 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 […]
Fed Approves Rate Cut: What’s Next?
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 […]
6 Painless Ways to Pay Down Debt
It can start out somewhat unnoticeable. Some gets a new credit card and is doing well with it, buying something on the card and paying the bill when due. After a time, the credit card company sees the positive payment patterns and raises the credit limit. The person is being responsible by not really making […]
Fence-Sitters Take Note: Rates Could Be At Their Bottom
In the mortgage business, loan officers constantly interact with their clients, especially as it relates to interest rates. The rate on a mortgage loan just may be the single most important aspect of financing real estate. After all, the rate directly affects the monthly payment. When you call to get updated rate information, I can […]
10 Things First Time Buyers Should Be Doing Now
If you or someone you know is about to embark on the first time home buying experience, there are some things you should know and be doing now. Follow these simple tips and your home buying process will be a breeze. Check Your Credit. Check your credit before you get too far into the process. […]
How to Explain Income Gaps
Most mortgage program guidelines follow the “rule of twos.” Loan approvals require a lender to verify at least two years of employment. For self-employed borrowers, two years of self-employment is required and verified with at least the last two year of federal income tax returns. As it relates to income, there needs to be two […]
It’s a Good Time for a Debt Consolidation Loan
When mortgage rates are at or near historic lows, like they are now, it’s a perfect time to take advantage of these low rates and increase your buying power. At the same time, if you already have a mortgage and haven’t taken a look at refinancing lately, you might want to give it another try. […]
Loan Conditions Explained
Loan applications go through several stages before loan documents are actually printed. There’s the initial submission and documentation stage. It’s here where the loan officer reviews the application before submitting the loan through the automated underwriting system, or AUS. The AUS digitizes the application and runs it through an online app where a list of […]
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