Absolutely yes, here’s why… On January 10, 2014, qualified mortgages took shape for the entire mortgage industry mandating lenders specifically document of borrowers ability to repay. Because of of these new regulations, if you receive a mortgage quote offering less the normal documentation such as not needing a pay stub for example if you are…
Considering the possibility of buying a home this year? Contrary to popular belief, you need not have a down payment to get your foot in the door. Tips to avoid monthly private mortgage insurance… Ways To Get The Keys What you’ll need: a good credit score, at least 700 credit score or better with a…
Condominiums make an affordable alternative to purchasing a single-family home. As prices continue to rise in Sonoma County and Santa Rosa, purchasing a lower-priced condo makes for an attractive choice in pursuing home ownership. Quick Terms PITI– an acronym for principal, interest, taxes, and insurance. This is also your total mortgage payment which includes the…
House hunting? If your appetite for a turnkey renovated home is a flipped house, you may end up jumping through more hoops to close escrow. What Is A Flipped Home? A flipped property is a situation where the house is acquired usually by a real estate investment company (also could be an individual) and is re-offered…
Generally no-in order to get a mortgage these days you must be able to support an ability to repay. An ability to repay the debt by virtue of having income to offset the liability is what home lenders look for. When purchasing a home, bank on providing tax returns, W-2s, pay stubs and bank statements.…
A judgement, a court ordered nightmare that if not handled correctly can make getting a mortgage loan much more stringent than it otherwise needs to be. What you’re lender will want want… Quick Terms To Know Judgment-a court ordered debt that can arise from a number of factors, a lawsuit, a divorce, business dispute to name…
High priced loans by ‘industry-standard’ is any first mortgage loan that exceeds 1.5% in APR the weekly offered rate for a fixed rate or adjustable rate loan backed offered by Fannie Mae or Freddie Mac. Comparing mortgages? One lender’s fees and lower rates might trigger a higher priced loan even if it seems like a…
What Are Disputed Credit Accounts? *Credit Accounts (that report on the credit report) in which there is disagreement about any material item like balance, interest rate, payments are most common, any aspect of the agreement between a borrower (creditor) and lender (debtor). Includes: Disputed Charge-off Accounts (charge off shows a due debt, but no payment due)…