Traditionally, no however this does a vary on a per lender basis. Short answer, not all mortgage lenders have the same credit characteristics or guidelines. Fannie Mae and Freddie Mac do have set guidelines that lenders are required to follow. While this holds true, sometimes depending on how well capitalized your lender is and whether…
When you refinance a mortgage, the lender you’re paying off has to estimate the amount of days of daily interest it will take for them to get paid off in full and for your new loan you’re obtaining to go into place. For example let’s say you’re refinance lender, orders a payoff at the beginning…
Anyone buying a home is all too familiar with the fact interest rates have risen sharply and dramatically in the last several weeks. Buyers and homeowners alike, should expect rates to be at these levels as long as positive economic data continues to surface in the financial markets. Unfortunately for many, due to current lending…
Getting a mortgage loan is challenging enough, with strict underwriting, providing detailed explanations, sourcing of monies and debt ratios, adding a divorce into the mix makes things even more technical for the divorced borrower. The good news is despite most divorce circumstances, many can still successfully obtain financing. Here’s what to know and do when…
Homeowners who went through difficult financial times in recent years, actually can still refinance their homes so long as their situations have changed for the better. Many banks offered loan modifications to homeowners who otherwise couldn’t refinance due to equity position or repayment ability. Two government programs have helped homeowners stay in their home and/or…
Home equity has come roaring back. Many, can now refinance, others, are in a better position to sell as the intense demand for real estate continues. Everyone wants to attain maximum value for their home. So what’s the best indicator of a home’s worth? Simple: the amount a ready, willing, and able buyer is willing…
Typically, with most mortgage companies you will need it least it 620 minimum credit score to get a mortgage. Let’s be clear about something else, this is also a middle credit score. What a mortgage lender pulls your credit report they obtain three credit scores a high credit score, middle credit score and a low…
This is a standard within the industry, closing costs on a purchase transaction cost more than a refinance transaction. One reason is because there is an additional form of title insurance when buying a house that’s not required on refinance transaction. When you buy a house, there’s two forms of title insurance required when taking…