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, and loan terms. A person’s gross monthly […]
Mortgage loans fall into two basic categories, fixed-rate and adjustable-rate loans. 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 come. […]
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 […]
If you’re struggling to pay down debt, you’re not alone. It can start out somewhat unnoticeable. Someone 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 […]
In the mortgage business, loan officers constantly interact with their clients, especially as it relates to interest rates, and mortgage rates in particular. The rate on a mortgage loan just may be the single most important aspect of financing real estate. After all, your mortgage rate directly affects the monthly payment. When you call to […]
If you or someone you know is a first-time homebuyer ready to embark into homeownership process, there are some things you should know and be doing now. Follow these simple tips and your buying process will be a breeze, even a first-time homebuyer. First-Time Homebuyer Checklist Check Your Credit. Check your credit before you get […]
Most mortgage program guidelines follow the “rule of twos.” So what do you do when you have income gaps? 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. […]
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, consider a debt consolidation loan, 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 […]
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 […]
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 program allowed people to buy and finance a home with no down payment, creating […]
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