Alright, you have selected the house you want to buy, found a mortgage lender to meet your financing needs and they have presented you with a rate quote that looks pretty enticing. You love the offer, and your dream of homeownership is coming to close but there’s just one thing. You notice an extra charge… Continue Reading
A credit score is arguably the single most important factor for lenders when determining whether you qualify for a mortgage or not. Not only that, but your credit score will also determine what type of loan you can get when finding financing for your next home purchase. The score is important to lenders because it… Continue Reading
When buying a house, it is critical that every borrower research each loan program to know the ins-and-outs of each type of financing. Knowing what loan is best suited for you and your family will depend on your individual financial situation. Perhaps nothing is more important than trying to determine how much cash you will… Continue Reading
With the uncertainty surrounding today’s mortgage market and skyrocketing prices to buy real estate, buyers are having to come up with more and more cash to cover the costs of closing and buy-down their interest rates. As of the time of this writing, the average interest rate on a 30-year mortgage is 5.95%. By comparison,… Continue Reading
You’ve cleaned up your credit, put some savings in the bank, paid down some debts and you’re finally nearing one of your lifelong goals of homeownership. All that hard work is about to pay off into one of the ultimate American dreams. There’s only one problem – what loan program do you choose? In today’s… Continue Reading
If you are buying or refinancing an investment property, the first thing you need to know is “how much can I borrow”? To answer this question, we need to look at the maximum loan-to-value guidelines (“LTV”) for conventional loans that are sold to Fannie Mae or Freddie Mac. This article lays out the five differences between… 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
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
For US military veterans and their spouses, the benefits of being able to use a VA loan program to purchase, refinance, and even streamline refinance their homes are well known. After all, VA financing makes up over 10% of the mortgage market. Since the creation of the VA loan guarantee program, VA loans have paved… Continue Reading