Your Responsibilities When You Co-Sign on Someone’s Mortgage

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You just did a good thing. You agreed to co-sign on a mortgage. Especially for first time homebuyers, qualifying on their own can sometimes be a challenge, especially for those who are having difficulty qualifying due to debt-to-income ratios, coming up with funds for a down payment, having some credit issues or having their very […]

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5 Things You Should Know About VA Loans (they’re all good)

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The Department of Veteran’s Affairs provides benefits for those who qualify for the program and one of the more popular is the VA mortgage loan. VA loans are the ideal option for those wanting to come to the closing table with as little cash as possible. The most obvious benefit is the lack of a […]

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Mortgage Insurance: How It Helps Homebuyers

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Mortgage insurance might sound like it is something that it isn’t. Yes, it is indeed an insurance policy but it’s not a policy that pays the borrowers’ mortgage payments should they begin to default. Instead, it’s an insurance policy with the financial benefit payable to the lender issuing the mortgage. But it’s also a benefit […]

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What is a Wholesale Lender and Why Are They Important?

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It might surprise some to learn that there are two primary types of lenders. There are direct lenders such as your bank and mortgage bankers. Banks provide mortgage services to their banking customers. With a bank, someone might appreciate the convenience of getting a home loan at the same place they got their auto loan […]

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Meet the Behind-the-Scenes People At Your Mortgage Company

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When you and I first speak together, it’s generally a Q&A sort of thing. You have questions, I have answers. The first is probably to check out mortgage rates to make sure we’re competitive and to get a general fix on the mortgage market. The next is to talk about getting prequalified, get a loan […]

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What is an AKA Letter and Why Is It Important?

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In the mortgage industry, it’s referred to as an AKA letter, or Also Known As. An AKA letter is one written by the applicant at the direction of the lender. And it can be required for a number of reasons when the name on the loan application doesn’t match exactly the name or names appearing […]

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How Car Lease Payments Are Treated by Lenders

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Affordability is one of the key elements in the mortgage loan approval process. If lenders want to approve a marketable loan, making sure the new mortgage payments fall into a comfort zone for the borrowers. This is accomplished by comparing monthly debt payments to qualifying gross monthly income. Qualifying debt payments are those associated with […]

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How to Reinstate Your VA Eligibility

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For those fortunate enough to have earned their VA home loan eligibility, the VA program is the ideal low-closing cost mortgage. There really is no other program that can match it. Perhaps the most attractive feature of the VA loan is the down payment.  The VA loan doesn’t require a down payment. In addition, veterans […]

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Using Outside Income to Help Qualify

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One of the determinations lenders must make when evaluating a loan application is whether or not the borrowers can comfortably afford the new mortgage payments. Regular income, revolving debt, installment debt, and outside income are all considered.  This is done primarily by way of debt-to-income ratios, or simply “debt ratios.” Most loan programs provide guidance […]

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Refinance: Rate and Term, Cash Out or Streamline?

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Homeowners know there are different reasons to refinance. When asked why someone is refinancing, the most common answer is “lower rates.” While that’s perhaps the most popular reason there are others, too. Homeowners can refinance to lower a rate but they can also refinance to change the term of the loan. If say, someone is […]

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