When mortgage rates are at or near historic lows, like they are now, it’s a perfect time to take advantage of these low rates, consider a debt consolidation loan, and increase your buying power. At the same time, if you already have a mortgage and haven’t taken a look at refinancing lately, you might want […]
There is a term in the mortgage industry called “portfolio lending” and it’s a specific type of home loan program that caters to a particular situation. Portfolio loans are so important that without it the real estate industry would suffer. What is a portfolio loan? It’s a loan that does not fit into any secondary […]
There are different ways to get a new mortgage. A bank will offer a mortgage, so too will mortgage bankers. Each has its very own department that decides which loans to offer and what rates and fees to charge. A bank offers various financial services such as checking and savings accounts while a mortgage banker […]
Buying a first home is probably the biggest financial decision someone can make. For those who already own their own homes they can relate. It’s a process that can be explained upfront but until someone goes through it, experience is the ultimate teacher. Finding, buying and financing a home can be a rather drawn out […]
A mortgage broker is an individual or a business that discovers and arranges financing for their clients. I’m a mortgage broker and my fiduciary responsibility is to you. There are multiple places to obtain a home loan from your local bank to an online lender but a mortgage broker has distinct advantages that other lending […]
Saving up enough money for a down payment and closing costs is typically the single biggest challenge when buying real estate, especially so for those buying their very first home. There are low down payment programs which can ask for as little as 3.5 percent down, such as the FHA program, as well as zero […]
Whether it’s applying online, meeting a loan officer face-to-face, or having a conversation over the phone about a new home loan application, your mortgage lender will ask for documentation before underwriting the file. Because mortgage lenders follow the same basic lending guidelines they all ask for the same basic set of information. Sometimes though you […]
Couples don’t enter into a marriage expecting it to soon end. Quite the opposite in fact, when they get married they do so “until death do us part” and are so much in love they couldn’t imagine being separated much less getting a divorce. Unfortunately, divorce is a real thing and too often marriages end. […]
You’ve heard the terms “jumbo” and “conforming loan limits” but there might be those who aren’t completely sure what both of those terms mean, especially so if you’re not in the mortgage industry. But they are important as it relates to loan choices, rates and fees. By far the conventional mortgage using guidelines set forth […]
It used to be that when someone applied for a conventional loan, the down payment required could be as much as 20 or even 30 percent or more. That kept many buyers away from homeownership simply because they couldn’t save up enough for a down payment. Private mortgage insurance began as a way to make […]
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