In short the answer is no, but for a few reasons. A credit report is only as good as that moment in time that it is obtained by the creditor, mortgage company, bank etc. The Fair Credit Reporting Act & Home Mortgage Disclosure Act both prevent a lender from originating a new loan with another…
For anyone who has tried to apply for a mortgage and had student loans, they know whats it’s like to be scrutinized and questioned by the mortgage company over the validity of the those obligations. Like other forms of debt, like car loans or credit cards, student loans fall into the same classification, debt made…
For consumers purchasing or refinancing a home with less than 20% equity, little-known fee inflates the monthly outlay. Mortgage insurance is paid by the the homeowner for the benefit of the lender to ensure the lender against future payment default. Mortgage insurance, also dubbed as PMI (an acronym for private mortgage insurance), can be easily…
Generally, speaking it depends. Each mortgage company has different policies and procedures. On average due to consumer protection laws governing appraisals, most are not transferable. When a mortgage company orders an appraisal, they have to use an appraisal management company, an independent third-party that has a panel of licensed appraisers. The AMC (for short), then …
If you have never owned a home before, or owned a home in the past, or previous circumstances require you to rent a home now, and you’re thinking about buying a home again, we have good news. An opportunity in the market is to purchase the home you live in. That’s right make a purchase…
This depends on a few factors: risk appetite- comfortable are you knowing that interest rates down the road will be different, put another way, how comfortable are you with the unknown? loan hold time- selling the house or refinancing again in the next 5 to 7 years? If you know this than an adjustable-rate mortgage…
Own an investment property? Thinking about buying a property for income producing purposes? It’s going to cost…. For years, Fannie Mae and Freddie Mac have charged premiums for individuals purchasing property for the purposes of generating income than for primary residence homes and rightfully so, higher the risk, higher the cost. Conversely, opposite holds true,…
Yes! Lots of mortgage companies still have a requirement that basically states, financing is unavailable for individuals who own more than four financed properties. This is a somewhat limiting condition, indignant of a smaller boutique type mortgage company, that is relatively small in the bigger picture of mortgage lending. Mortgage financing does exist for individuals…