Are you thinking about buying an investment property? Do you already own an investment property and you’re considering refinancing, either to reduce your rate or to take out some cash? Perhaps you already own your own home where you live, and you’ve gone through the underwriting process a few times so you’re familiar with what… Continue Reading
If you are buying a home or refinancing a mortgage, you should be aware of the two most potentially expensive components of your closing costs: Escrows and Prepaids. What Are Escrows and Prepaids? Escrows are the initial amount you must put aside (i.e., pay) at closing to fund your escrow account with sufficient funds so… Continue Reading
If you are about to close on a loan, whether you’re buying a home or refinancing a loan you already have, you will probably have an escrow account established at closing. This account is where your monthly payments of taxes and insurance will be deposited so that when taxes and insurance are due, your servicer… Continue Reading
Have you been affected by COVID-19? Not physically – financially. Did you lose your job? Did your company cut back on your hours? Are you a homeowner and you’re finding it increasingly difficult to pay your bills on time? Then you might need a forbearance. What is a forbearance? On March 27, 2020, President Trump made… Continue Reading
Let’s say you applied for a loan in March, before the first corona virus case was reported. You and your wife had good income, good credit, and you had been pre-approved for the loan amount you needed to buy the house. Then the corona virus hit, and everything ground to a halt. Your job was… Continue Reading
Let’s say you’ve done your research, you want to consolidate debt, a personal loan isn’t for you, and you are comfortable using the equity in your home to pay off debt. You shop around for rates on a cash out refinance and you choose a lender. Half-way through the application process, the loan officer asks… Continue Reading
Do you have a lot of debt? Student loan, car loans, credit card debt? Are you considering taking out a debt consolidation loan where you get a new loan that pays off all the other debt? These types of loans are popular because you get to put various different loans into one payment, which makes… Continue Reading
Approximately 34% of US households do not currently own a home. According to the National Multifamily Housing Council, there are over 43 million households in the United States occupied by renters. There are a number of reasons of course for not owning a home. However, one of the biggest perceived obstacles to homeownership is: Lack… Continue Reading
Let’s say you’re buying a house or refinancing and you need PMI. What are your options (besides putting down 20%)? Take Two Mortgages to Avoid PMI That’s right. If you take two mortgages that add up to 90% or 95% (remaining 5-10% is your down payment), you can avoid paying PMI. How? Because your first… Continue Reading
Are you buying a house and putting down less than 20%? Are you refinancing but have less than 20% equity? Whether you’re buying or refinancing, are you getting a conventional loan? Then you will need PMI. What is PMI? PMI stands for Private Mortgage Insurance. It protects the lender from losing financially if you default… Continue Reading