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 […]
You’ll Be Surprised Where the USDA Loan Program Can Be Used
The United States Department of Agriculture was created in order to improve the qualify of life in rural areas as well as provide a way for urban and suburban citizens to more easily finance homes in underpopulated areas. The USDA loan allowed people to buy and finance a home with no down payment, creating a […]
5 Things You Need to Know When Financing a Rental
More and more investors are placing real estate into their portfolios. It’s a special asset class that both appreciates over time and provides the owner a monthly cash flow. Investors also know to leverage their money with today’s low interest rates. It simply follows that the lower the cost of funds the greater the cash […]
Debt Service Coverage Ratio (DSCR) Explained
Real estate investors take time to properly determine whether a particular property is a good investment. There are multiple factors to consider when investing in real estate. After all, real estate isn’t the most liquid of investments. The first thing to consider is of course the price of the property. That’s relatively easy to evaluate […]
Student Loans and Home Loans
More and more students as well as parents are resorting to loans to pay for college. Public universities have had the ability to set their own tuition rates for years now and for many, attending college means going into debt just for the privilege. And that’s just the tuition, never mind the multitude of fees […]
What Are the Main Differences Between a Conforming and Jumbo Loan?
Okay, the main difference between a conforming and a jumbo loan is simply the loan amount. Conforming loans are labeled conforming because they conform to guidelines set by Fannie Mae or Freddie Mac. For most parts of the country the maximum loan amount to still be considered a conforming loan is $484,350. Anything beyond that […]
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