Listing your property as For Sale By Owner can sound easier than working with traditional realtors. So can you really save money and stress deciding to list your property as For Sale By Owner? Closing Costs and Fees There are closing costs associated when selling a home. There’s no secret in that. All you have […]
Mortgage rates are still very low and refinancing options are better than ever. For many, the decision whether or not to refinance your mortgage is fairly easy. This is something I can do with you over the phone. Simply compare the difference in monthly payments and divide that into the amount of closing costs needed […]
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 […]
From the outside looking in, getting a mortgage loan from application to final closing looks fairly straightforward. You apply for a loan, submit it, the lender looks at it, approves it then orders final closing papers. Once you submit your application, it gets pretty quiet on your end. But on the other end, there’s a […]
Mortgage lenders evaluate good credit and bad credit a bit differently than they did several years ago. Prior to the introduction of credit scoring, a lender’s underwriter would review each credit entry line by line. The underwriter would look at credit limits and account balances, if there were any payments made 30, 60 or 90 […]
When consumers start talking about mortgage loans, the two most important topics are almost always the prevailing interest rate for the loan program they’ve chosen and closing costs. Yes, there certainly are other considerations but in most every instance these two items get the most attention, and rightly so. After all, the interest rate on […]
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 […]
There are two government-backed mortgage programs that do not require a down payment. The first one is the VA home loan program. The VA loan doesn’t require a down payment at all and available to those who are eligible. Those eligible include veterans, Armed Forces and National Guard members with at least six years of […]
You may have heard this before. That when you refinance you get to skip two mortgage payments. In fact, it’s not uncommon to hear a lender actually promote this notion. If so, I think it’s a bit misleading. There’s no such thing as skipping mortgage payments during a refinance, the payments are made just in […]
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