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7 Top Questions Your Loan Officer is Going to Ask

Even if it’s not your very first home purchase, you can to be prepared to provide your loan officer with what is required. Experienced home buyers may like a refresher for all the things provided and questions asked. Here are some questions you can bet your loan officer will be asking before you get too […]

Paying Off Credit Card Balances vs. Closing the Accounts

With While mortgage lenders review a loan application, affordability is determined. Affordability can sometimes be a moving target as different loan programs may have different acceptable levels of debt. Paying off credit card balances might seem important, but lenders look at things differently. There are two primary types of debt, installment and revolving. Installment debt […]

Answers to the Most Common Lender Questions About Your Application

Often when a mortgage lender reaches out to an applicant after the loan has been submitted, the applicant’s first response is often, ‘Oh no, what do they need?’ After all, along with the initial application there was an additional amount of documentation the lender needed in order to process the loan. But in most instances […]

What is an AKA Letter and Why Is It Important?

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 […]

Lender Questions? Keep Calm and Answer On

When consumers first complete and then submit a loan application, the initial thought might be that the work has been done and now we’re just waiting on loan papers.  Further along in the approval process, common lender questions will often come up. The fact however is that loan submission is one of the early steps […]

Is Now the Right Time to Refinance Your First and Second Mortgages?

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 […]

5 Things You Can Do to Ensure a Smooth Closing

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 […]

What Exactly is Forbearance?

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 […]

If Your Spouse Has Bad Credit: What That Means For You

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 […]

How Lenders Count Revolving Debt vs. Installment Debt

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 […]