There are several reasons to consider a refinance, there can be more to it than just lowering the rate on a loan. If you’re looking at your mortgage and thinking of refinancing, let’s talk about your options based upon your personal financial situation and not some “model” based upon when it’s a good time to […]
What many borrowers don’t realize is how mortgage lenders “fund” a home loan. Funding essentially means providing the money needed to create a new mortgage. It’s probably easy to think that when someone applies for a mortgage, the lender reaches back into its bank vault and sends the money over to the settlement agent. But […]
The term “forbearance” has gotten a bit of attention over the past few weeks. Unfortunately, homeowners often seek out a forbearance agreement without fully knowing all the implications or understanding exactly what forbearance is and is not. The term has come to the forefront lately as the number of the unemployed mounts and homeowners may […]
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 […]
Mortgage lenders want to make sure applicants can afford a new mortgage payment, and this means looking at your current revolving debt and installment debt. This mortgage payment includes not just the principal and interest amount toward the outstanding balance but also includes a monthly amount for property taxes, homeowner’s insurance and mortgage insurance when […]
Wondering how your new mortgage loan will be handled now that many of us have been officially considered “non-essential?” Well, for one, the mortgage industry is up and running regardless of any status. Yes, there are many who are currently in a work-from-home status and don’t have an official office to go to, at least […]
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. […]
The FHA home loan program is by far the most popular financing option for first time buyers. Why? First, the low down payment is very attractive. FHA loans only need a down payment of just 3.5% of the sales price of the home. Second, qualifying for an FHA loan is a bit easier as credit […]
There are several types of closing costs involved when financing or refinancing a home. Some are lender fees while still more are non-lender fees. We’re talking about processing fees, document preparation, title insurance and others. Yet two of these fees alone are expressed as a percentage of the loan amount. Those fees are a 1% […]
Getting a home loan is indeed a process and a simple application will go through various stages before it finally funds. In the early stages, even before you’ve submitted your application, you speak primarily with your loan officer. Your loan officer will provide various loan options based upon your current situation and your goals. Your […]
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