Refinancing a mortgage simply means replacing an existing mortgage with a new one. Why would someone do that? For a variety of reasons. Perhaps the common reason is to reduce the interest rate on an existing loan. When someone originally finances a home at one rate and later rates fall, it might make sense to […]
Buying in 2020? Here’s What You Need to Know
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 rear view 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 […]
How to Answer Underwriter Questions
Borrowers don’t really get the opportunity to pull back the curtains and speak directly with various departments and individuals within a mortgage operation. Certainly a borrower will speak with the loan officer and the loan processor but beyond that, most others are off-limits. Everyone within a mortgage company plays an important and needed role. Some […]
Took Your Home Off the Market and Thinking of Refinancing Instead? – What You Need to Know
There are multiple reasons to refinance. Maybe you have a first and a second mortgage and if you combine the two into one “blended” rate, the total monthly payments are lower. Perhaps you took out a “balloon” mortgage and the note is coming soon down the road and you’ve decided to stay. Of course, the […]
Mortgage Brokers and Secondary Markets
Real estate and the finance industry in general have key players throughout various segments which all play an important part. In the mortgage industry, that is especially so. But there are two key components that play an especially important part that many are not aware of. Mortgage brokerage and secondary markets. Let’s take a closer […]
FHA Basic Approval Guidelines
The Federal Housing Administration oversees the FHA home loan program and issues guidelines lenders use to approve FHA loans. The FHA does not approve loans or otherwise handle them in any way. The program was introduced in 1934 as an integral part of the National Housing Act of 1934 as just one of the efforts […]
Comparing the Three Government-Backed Mortgage Loans
Financing a primary residence means having the most financing options available in today’s marketplace. For those wanting to buy and finance investment real estate there are fewer albeit very competitive choices. But with a primary residence, there are plenty and are divided into two basic categories- conventional and government-backed. A conventional loan is one where […]
How to Calculate a Jumbo VA Loan Amount
If you’re eligible for a VA loan and want to come to the closing table with as little money as possible, a VA loan is going to be hard to beat and for several reasons. The most popular is probably not requiring a down payment. That is at least up to the maximum VA loan […]
How to Finance a Hobby Farm
Are you thinking of buying a property in a rural or maybe semi-rural area on some acreage? Maybe even a property where you can grow your own apples, peaches and other fruits or vegetables? For those who live in the suburbs and long to live on the land, buying a farm can be an ideal […]
Why Lenders Ask for the Things They Do
Whether it’s applying online, meeting a loan officer face-to-face or having a conversation over the phone about a new home loan application, you’re provided with a list of things the lender will need to see before underwriting the file. Because mortgage lenders follow the same basic lending guidelines they all ask for the same basic […]
