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Refinancing Your Mortgage: Reasons You May Not Know About

Refinancing your mortgage is nothing more than replacing an existing home loan with another. Why refinance? Most homeowners refinance their mortgage because rates have fallen below the interest rate on their current mortgage. Lowering Your Mortgage Rate Each week, Freddie Mac comes out with its weekly mortgage rate survey which reports an average rate culled […]

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 […]

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 […]

What Counts in Your Debt Ratios

Debt ratios are utilized by lenders during the loan approval process. It’s an important piece, just one of several. Other factors such as credit, employment and assets are also pieces of the approval puzzle. Debt ratios on the other hand are the primary tool to determine affordability. Today, most loan programs set the guidelines for […]

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 […]

Is Now the Right Time to Refinance Your First and Second Mortgages?

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 […]

The Main Difference Between a Mortgage Banker and a Mortgage Broker

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 […]

How Lenders Count Revolving Debt vs. Installment Debt

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 Online Mortgage Business Just Got Personal

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. […]

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 […]