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 […]
When you’re in the market for a new mortgage, whether it’s for a purchase or a refinance, you want to get the very best rate and terms as possible. Sometimes though the process can get a little too crowded with too much information. I often get asked the question, “What are rates going to do?” […]
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, […]
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 […]
Real estate is one of the unique asset classes that appreciates over time while at the same time providing the owner a monthly dividend. Name any other investment that does the same. Active real estate investors seek out rental properties that point to long term appreciation while getting paid each month to own it, to […]
The New Year is upon us and if you’re going to start the New Year off jumping into the homebuying market. 2019 is just now appearing in our rearview mirror. There were several changes made which will all take effect on January 1, 2020. Many of the changes are more like “tweaks” to existing regulations […]
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 […]
Borrowers don’t really get the opportunity to pull back the curtains and speak directly with various departments and individuals within a mortgage operation. Certainly a borrower will speak with the loan officer and the loan processor but beyond that, most others are off-limits. Everyone within a mortgage company plays an important and needed role. Some […]
Mortgage loans fall into two basic categories, fixed-rate and adjustable-rate loans. A fixed-rate loan, by far the most popular choice, is a loan program where the interest rate never changes. A fixed-rate loan allows borrowers to more easily plan their financial future because they know what the mortgage payment will be for years to come. […]
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