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 […]
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 […]
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 […]
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 […]
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 […]
Are you getting ready to take the leap? Are you wondering if you should go ahead and lock in your rate now? Or maybe wait a bit to see what happens? We get that. But let me take some time here to provide you some suggestions as the best course of action for your situation. […]
Credit scores for mortgage loan approvals were first introduced years ago, then refined by a company now know simply as The FICO Company. FICO is the acronym for the Fair, Isaac Corporation which developed the algorithm used by credit scoring engines today. For those who are constantly in the mode of increasing their scores to […]
Mortgage loan limits for conforming loans will take effect on January 1 of next year. For 2020, the conforming loan limit for a single family home will be $510,400, up from $484,350 in 2019. Higher limits will also apply to a duplex, triplex and fourplex. What, exactly is a conforming loan? Conforming Loan Explained A […]
There are those who strive to get their credit scores as high as possible. Even way beyond the minimum FICO credit score for many home loan programs. Some programs that ask for a minimum FICO score of say 720 or 740 are above the minimum scores for other programs such as 680 or even 620. […]
Your credit score is an important factor when not only determining a loan approval but can also affect an interest rate on a particular loan. At the same time, a credit score can be a moving target and do take some explaining to understand how they’re calculated. Further, it’s also no secret that credit scores […]
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