Renting? You’re Still Paying a Mortgage, Just Someone Else’s

If you’re still renting, you might think that you’re not paying a mortgage. Technically that may be correct but in the end the mortgage on your rental unit is ultimately being paid for by you. When real estate investors evaluate a potential purchase, one of the first things they’ll be looking for is whether or […]

Tip Income: How It Can Be Counted as Qualifying Income

For those in the service industry, getting tips certainly helps the overall pay. Most people who do earn tips work in a restaurant, hotel or similar industries. But can it be counted when helping to qualify for a new mortgage? We recently spoke about various types of income but getting tips is a bit different […]

Pros and Cons of Financing New vs. Existing Homes

Believe it or not but there are some differences between financing new construction and an existing property. Yes, they’re certainly both financing options for a residential mortgage but there are some key differences and you might be surprised at the available options. Let’s first look at the most common type of mortgage, that’s the one […]

Short Term? Long Term? Why Your Loan Choice Matters

Deciding on which home loan to take is usually a matter of choosing an interest rate. But, especially for those who have never financed a home before, there are many more things to decide on besides the rate. Sure, the rate is important, but you might be surprised at the array of loan choices available […]

Lender Questions? Keep Calm and Answer On

When consumers first complete and then submit a loan application, the initial thought might be that the work has been done and now we’re just waiting on loan papers.  Further along in the approval process, common lender questions will often come up. The fact however is that loan submission is one of the early steps […]

Insider Tips for a Fast Close on Your Home

Want to close fast? There are certainly lots of things people can do to accelerate the closing process. A fast close can help with the negotiation process. Sellers who see that someone has already applied for a mortgage means the buyers are not only serious about an offer but have taken the extra step and […]

Thinking of Refinancing? Start Your Application In Now

Mortgage rates are still very low and refinancing options are better than ever. For many, the decision whether or not to refinance your mortgage is fairly easy. This is something I can do with you over the phone. Simply compare the difference in monthly payments and divide that into the amount of closing costs needed […]

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 […]

Debt Ratios: The Difference Between Owning vs. Leasing a Car

Lenders today have multiple rules they must follow in order to be in compliance with federal and state regulations. One of those regulations can be found in the “Ability to Repay,” or ATR rule issued by the Consumer Financial Protection Bureau, or CFPB, back in 2014. Affordability was inserted after regulators discovered more and more […]

The Seesaw World of Mortgage Rates, Stocks and Bonds

If you’re like most people, you really don’t pay much attention to Wall Street on a daily basis. Sure, you’ll check your 401(k) when you statement comes in and peek at your IRA but in general, Wall Street is left for the so-called “experts” who buy and sell stocks every single day. But as you’re […]