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
If you’re wondering why mortgages seemingly come in sizes, like tubs of popcorn at a movie theater, you’re not alone. A jumbo mortgage refers to a loan amount that’s higher than the conforming or high-balance loan limit for a particular county. Presently, Fannie Mae and Freddie Mac set the maximum loan amount threshold for the… Continue Reading
Lenders may use the terms pre-qualification and pre-approval interchangeably, but it’s generally understood that there are different levels of evaluation and approval available nowadays. Our goal is to make sure you understand what information your lender will be verifying and what assumptions they’re making when evaluating your financial scenario. What’s the Difference Between a Pre-Qualification… Continue Reading
So, you’re interested in getting a mortgage, but you know for a fact that you’re anything but an ideal candidate. You’ve resigned yourself to a life of renting and living under other people’s rules, because there’s no way you’re going to get your debt-to-income ratio into an ideal place and there’s not a house to… Continue Reading
Last time we had a long talk about the public record and how you can deal with public record items on your credit report. You’re armed to handle things like bankruptcies and judgments, but not everyone actually has to deal with those. These are extreme results of issues in the other main part of your… Continue Reading
I know I sometimes harp on those good old days before the Great Recession came and crushed the hopes and dreams of millions of Americans, but when I read this news story in the Boston Herald, I couldn’t believe my eyes. Apparently, the difficult loan qualifications of years past are over and those of you… Continue Reading
Before we start talking about loan applications, I have a confession to make: I took a lot of shortcuts in getting our mortgage loan. See, when I was a Realtor, I made a lot of connections — a lot of them — and even though it has now been a few years since I surrendered… Continue Reading
Shopping for a mortgage should be your first step before you even begin to ponder your housing options. Whether you choose to go with an FHA, VA, USDA, Conventional or exotic mortgage is a very personal decision that you’ll have to make on your own, but I thought it might help if I made some… Continue Reading
First time homebuyers, more than any class of homeowners, tend to be cash poor. That’s not a judgement statement — we all start somewhere. However, compared to other loans, FHA is much more forgiving of your liquidity-related woes. Because of FHA’s low down payments and small reserve requirements, along with options to roll your up-front… Continue Reading
Getting your first mortgage is a rite of passage for many Americans, but in these days of tighter credit regulations, increasing down payments and less free cash for savings, it may seem like an impossible dream. Believe it or not, you can still get a mortgage — even a first mortgage — in today’s real… Continue Reading