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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 […]

Mortgage Rates Still at Record Lows — Don’t Wait!

It’s certainly easy to get distracted at this time of year. It seems that once we hit Thanksgiving Week, the rest of the year is a blur. Travel, festivities, family get togethers. They are smashed together within a 30 day period. Certainly the main priority is to enjoy the holidays with family and friends along […]

Still Renting? You’re Paying a Mortgage, Just Someone Else’s

If you’re still renting, you might think that you’re not paying a mortgage. Technically that may be correct but in the end, you’re paying the property owners mortgage.  When real estate investors evaluate a potential purchase, one of the first things they’ll be looking for is whether or not the unit generates cash flow. Investors […]

How to (effectively) Buy a Fourplex and Live Mortgage Free

Understanding how to buy a fourplex is an interesting concept and at first glance it might seem a bit misleading. The obvious way to buy a fourplex and live mortgage free is to pay cash for it. But many don’t take that route because it can put a dent in a bank account and tie […]

Do You Have to Be Married to Apply for a Joint Mortgage?

When two people file for a joint mortgage, it’s important to understand that it’s not necessary to be married. In fact, more and more people apply to finance a home together without having officially ‘tied the knot.’ Still, both parties need to be clear early on that they’re both going to be responsible for the […]

Impound Accounts Explained

Impound accounts, sometimes referred to as Escrow accounts in other parts of the country, are funds set aside to take care of property taxes and insurance when due. Some loans require impound accounts while others leave them as an option. Let’s take a further look at these accounts and what they accomplish. Impound Accounts Explained […]

The ABCs of Financing a Rental Property

Financing a rental property is much like financing a primary residence or vacation home. The funding sources are pretty much the same and most lenders follow the same general set of guidelines. Most such loan programs are underwritten to standards set by Fannie Mae or Freddie Mac, although there are also other lenders who offer […]

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 […]

FHA Cash Out Refinance: What You Should Know

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 […]

Why Rent Payment History is So Important

If you’re thinking about buying your first home or maybe you have owned a home before but it’s been a while since you did, you’re going to wonder about how to qualify in today’s environment. There are different qualifying guidelines based upon things such as your income and employment, current monthly debt, rent payment history, […]