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 […]
One of the most consistent and safe investments continues to be real estate. Yes, there are always ups and downs but over time real estate as an investment asset is hard to beat. Flipping houses was a fad several years ago when No-Doc loans and loans for those with damaged credit were everywhere. Yet experienced […]
There’s really no question the VA home loan is the premier option for those who are eligible and want to come to the closing table with as little cash as possible. In fact, the VA home loan doesn’t require a down payment at all. Zero. The only other loan program that doesn’t need any type […]
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 […]
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. […]
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 […]
Appraisal management companies essentially do one thing: manage appraisals. Appraisal management companies have been around only a relatively short period of time compared with the rest of the mortgage industry, but they play an important role. An appraisal management company works directly with a lender to receive an appraisal order, place the order, receive it […]
What is “mattress money?” It’s a funny term but it means funds that someone owns but does not have a paper trail. Let’s look at how mattress money can be viewed by a lender and how to document these funds. It’s a good thing to come across some extra cash. Maybe the sale of a […]
If you’re one of the fortunate who has access to the VA home loan program, first, thank you for your service. Second, the VA loan program is without a doubt the most competitive home financing option in today’s marketplace for those seeking to purchase a home with as little cash to close as possible. When […]
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