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.…
If there is one type of borrower in this credit market whose profile has been scrutinized the most by the financial markets, it’s the sole proprietor business. Self-employed borrowers/sole proprietors used to be able to get stated income loans that would otherwise allow them to provide no income verification. Because the paradigm has shifted so…
Ever been enticed by via low mortgage rate only to find out you don’t measure up to the credit standards of that particular lender? Unfortunately it happens every day. The good news only 40% of people cannot qualify, that means there is 60% of the people who can. Nevertheless, following are common way your loan…
Home Loans are made against your ability to repay. While the mortgage loan is secured against the house, it is really made against your income. That’s what mortgage lenders are look for, income to offset liabilities. Yes, a house payment is liability for a borrower. Oftentimes, there is a disparity between how much house you…
As mortgage lender, we see it all the time, cash funds being used in consideration on a purchase mortgage or on a home refinance. People earning non-reported money doing cash side jobs otherwise known as money “under the table.” These funds are ineligible as consideration for procuring a home loan. The reason is simple, all…
It’s a fact buying a house today has never been more affordable. Low house prices coupled with record low mortgage interest rates have made purchasing a primary residence, second home or investment property very appealing for many. Unfortunately, many purchase transactions fall out of escrow, some buyers are unable to qualify for mortgage loan financing…
So is it true 30 year mortgage rates are at 3.25%? Well that depends on how you look at it. The answer is yes if you willing to invest discount points to purchase your interest rate down, so long as your financial profile is completely flawless. Otherwise for the 99.9% us, 30 year mortgages are…
Single family homes, condominiums, planned unit developments….. and then there’s 2 to 4 unit properties, often called duplexes, tri-plexes and four-plexes. A 2-4 unit property is the oddity of the various property types, it’s this property type that has the most confusion when it comes to securing mortgage loan financing. People think a single-family residence…