Great question! This comes up very frequently. When you’re applying for a mortgage, most mortgage companies are going to require two years of stable job history explaining any job gaps from one job to another as well as doing a full two year history showing all dates of employment began and when employment ended during…
You are in luck! A middle 620 credit score or higher is needed for a conventional loan with at least 20% down. This could be your own funds or the funds can come in the form of a gift from family or close friends. This would typically be a non-mortgage insurance loan such as a…
As consumer taking out a mortgage loan, computing a house payment can be a time-consuming process running calculations, let alone qualifying these days. What consumers don’t oftentimes realize, there’s a much easier way to calculate a house payment. Some terms to become familiar with: House Payment or rather PITI Principal-represents principal balance being paid down…
First off, refinancing your home is a great decision, interest rates are low and there are many programs available to help homeowners refinance some even without loan-to-value restrictions, see more on the Harp 2 Refinance. In order to get the lowest possible interest rate, understand there’s two critical components most lenders will typically not sure…
Purchasing a home or refinancing a home loan? If the interest rate is not locked, be prepared to watch the market very closely with your mortgage company. On closing escrow: Shorter term -consider moving into locking status as rates are volatile Longer term -take the position of floating as strong economic indicators point to improving…
Mortgage Insurance is like the plague to a monthly mortgage payment. It makes the cost of homeownership rise over time, only benefits one party… the lender. Mortgage insurance also known as private mortgage insurance (PMI) is an intergal component of many popular loan programs today; FHA Mortgages, USDA Mortgages and yes even standard Conventional Mortgages.…
As mortgage rates remain favorable, more consumers are rate savvy and rightfully so. Everybody wants to make sure they’re getting a competitive combination of rate and associated costs in their purchase or refinance loan. Comparing mortgages, doing true apples to apples comparisons can be quite time-consuming and nonetheless labor-intensive. Typical Way Consumers Shop Mortgages Most…
In short sometimes. Here’s what happens, the bank that owns the property is typically trying to control the transaction both on the listing side as well as on the buying side. Example-a bank such as Bank of America owns a house, in order for them to even consider looking at your purchase offer, they will…