For many, a mortgage banker and mortgage broker are the same. They’re really not. They are the same because they’re a source for home financing but how they get a home loan ultimately to the closing table is different. A mortgage banker and broker might sound the same to the everyday consumer but there are […]
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 […]
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 […]
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. […]
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. […]
You’re surely been following the news and hearing or reading about the price of oil lately. If you haven’t, well, we’re at levels we haven’t seen in decades. Low levels. Currently, the price for a barrel of oil hovers around $30 with some even predicting prices to fall a bit more over time. Quickly compare […]
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% […]
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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