Getting Home Loans With Bad Credit

Home loans for people with bad credit are surprisingly available. If you have had credit challenges in the past and want to refinance or buy a home, you have options. There are excellent loans such as FHA and VA loans that give you the opportunity to buy or refinance a home even if you have… Continue Reading

Pre-Qualified vs. Pre-Approved: What Is the Difference?

Buying a home is a process with many steps. Practically anyone who has started that journey eventually contacted a Real Estate agent, and the question has come up: Have you been pre-approved? The homebuyer may have been pre-qualified by a lender and may think that it is the same thing. Unfortunately, pre-qualification and pre-approval are… Continue Reading

How to Come up with a Down Payment?

For many first-time homebuyers, the biggest challenge to homeownership is the large chunk of change needed to put down on a mortgage. This is commonly referred to as a down payment. Depending on the loan program you choose, a lender could require you to put down as little as 3% or as much as 10%.… Continue Reading

Reverse Mortgages – Myths and Truths

Reverse mortgages are very misunderstood mortgage programs. In part, this is due to myths or misconceptions about this very useful program. Many of the myths about Reverse Mortgages are so entrenched with the public that it is very difficult for them to have a change of mind or heart. This is the case even though… Continue Reading

Debt to Income Ratios: Total DTI and How to Reduce It

Let’s say you’re buying a house and you have calculated your front ratio or the comparison of your proposed housing debt to your usable income. You know your lender allows a 43% total DTI ratio, and your front ratio is an enviable 36%. But your loan officer informs you that your total or “back” DTI… Continue Reading

Escrows & Prepaids at Closing — What You Should Know

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

Is a Forbearance Agreement Right for You?

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