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 […]
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 […]
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 […]
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 […]
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 […]
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. […]
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 […]
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 […]
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