Credit scoring can be somewhat of a mystery to the everyday consumer. Borrowers typically have a pretty good handle on the status of their credit. Bills come in every month and they’re paid on or around the due date. Sometimes though those accounts aren’t paid when due and if a payment is made more than […]
Why Mortgage Companies Use Mortgage Brokers
Consumers can get a mortgage from multiple sources. Maybe one of the most common places to secure a home loan is someone’s bank. Or, a consumer can get a mortgage from a mortgage banker that offers mortgages only, unlike a bank which can offer other financial services such as checking and savings accounts and credit […]
Why Lenders Ask You to Sign IRS Form 4506-T
One of the major changes in lending guidelines made nearly 10 years ago was making sure mortgage lenders verified income. Up until around 2008-2009, the proliferation of so-called “stated” and “no doc” loans made getting a loan approval almost a no-brainer. Such loans also contributed to the housing crisis as those who wouldn’t normally be […]
Why Experienced Loan Officers Form Relationships With Third Party Providers
Forming relationships either personal or in business is key to an open dialogue when issues arise. For example when a couple first start getting to know one another, how each one handles adversity of any degree when it comes is extremely important. Does one party get frustrated and angry? Maybe the silent treatment? A solid […]
Is There Such a Thing as a Perfect FICO Score?
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 […]
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