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 […]
It’s now closer to the time when holidays and days off are further in the rear view mirror and it’s back to the standard routine. Investors are back in the markets packing their portfolios with stocks, mutual funds and bonds and analysts are moving back in the guessing game as to the state of the […]
Bank Statement Loan Explained Have you heard of a Bank Statement Mortgage? Most mortgage loans require bank statements to verify sufficient funds to close on a transaction. A complete bank statement provides third-party verification that the applicant has enough funds for a down payment, related closing costs and cash reserves all belonging to the […]
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. […]
ITIN is the acronym for Individual Tax Identification Number and is issued to Foreign Nationals and can be used in lieu of a social security number when a non-permanent resident alien applying for credit, employment and other areas where a social security number is required. For example, an individual wants to buy a home and […]
Have you heard of an asset utilization loan? Not many have. Most mortgages issued today fall into two distinct categories, conventional and government-backed. Conventional loans include those approved using guidelines set forth by Fannie Mae and Freddie Mac while government-backed loans include VA, FHA and USDA programs. What is an Asset Utilization Loan? An asset […]
Cross collateralization is the act of a lender securing more than one property in order to place a new loan. So what exactly does that mean? Cross Collateralization in Practice When mortgage lenders make loans they evaluate both the borrower as well as the property being financed. The borrower should have shown the willingness and […]
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