Here’s another loan program you might not have heard of before but could be an attractive option for you. It’s referred to by lenders as a “two-step” mortgage. It’s so called because the interest rate on the mortgage changes once at a predetermined point in the future. There’s the initial rate, or the first step, […]
The New Year is upon us and if you’re going to start the New Year off jumping into the homebuying market. 2019 is just now appearing in our rearview mirror. There were several changes made which will all take effect on January 1, 2020. Many of the changes are more like “tweaks” to existing regulations […]
Credit scores for mortgage loan approvals were first introduced years ago, then refined by a company now know simply as The FICO Company. FICO is the acronym for the Fair, Isaac Corporation which developed the algorithm used by credit scoring engines today. For those who are constantly in the mode of increasing their scores to […]
Surely the ideal loan program for those looking to come to their closing with as little cash as possible is the VA loan. There are only a couple of government-backed mortgages that do not require a down payment and the VA program is one of them. The other is the USDA mortgage but that is […]
It can be somewhat surprising, especially for those who have just purchased their very first home, to discover the mortgage they recently got has been sold by their lender to someone else. The mortgage industry refers to this as a “goodbye letter” which, required by regulation, informs the borrowers their loan was sold and when […]
Mortgage loan limits for conforming loans will take effect on January 1 of next year. For 2020, the conforming loan limit for a single family home will be $510,400, up from $484,350 in 2019. Higher limits will also apply to a duplex, triplex and fourplex. What, exactly is a conforming loan? Conforming Loan Explained A […]
Understand how your credit score is determined 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 […]
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 able […]
An experienced loan offer knows that forming good relationships in the industry is key to an open dialogue when issues arise. Just like personal relationships, how each one handles adversity of any degree when it comes is extremely important. A solid relationship keeps the lines of communication open so when a problem comes along, it’s […]
The one term that loan officers like to hear is the word “fund.” Why? Because it signals the loan approval process has come full circle and the loan is officially closed. There are multiple stages in the loan approval process and each stage must be completed before the next can be taken on. Initially, it’s […]
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