Sometimes Private Mortgage Insurance (PMI) gets some bad publicity. Consumers can hear things about how important it is to avoid PMI. Yet that’s not really a fair statement. Some can also say that PMI only benefits the lender and not the borrower. But these statements need to be looked at a little further. Once explained, […]
For many, a mortgage banker and mortgage broker are the same. They’re really not. They are the same because they’re a source for home financing but how they get a home loan ultimately to the closing table is different. A mortgage banker and broker might sound the same to the everyday consumer but there are […]
Lenders today have multiple rules they must follow in order to be in compliance with federal and state regulations. One of those regulations can be found in the “Ability to Repay,” or ATR rule issued by the Consumer Financial Protection Bureau, or CFPB, back in 2014. Affordability was inserted after regulators discovered more and more […]
If you’re like many, you’re probably working from home these days. All so-called “non-essential” employees have been asked to stay home and work remotely. For some, this takes some getting used to. There are no other employees around, no office chatter and the communication between coworkers is done either by phone or via online meetings. […]
When you’re in the market for a new mortgage, whether it’s for a purchase or a refinance, you want to get the very best rate and terms as possible. Sometimes though the process can get a little too crowded with too much information. I often get asked the question, “What are rates going to do?” […]
To refinance 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 […]
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 […]
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 […]
There are multiple reasons homeowners consider refinancing. 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, […]
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 brokers and secondary markets. Let’s take a closer […]
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