With interest rates being at historical lows more and more people are applying for mortgages and nationally mortgage banks and lenders across the country are experiencing unprecedented amounts of volume, expect delays. If you’re purchasing or refinancing a home follow is what you need to understand and be aware of… The coronavirus pandemic has created…
Buying a home is a balancing act between a mortgage payment in relation to present and future expenses. One of the biggest challenges people have when buying a house is being able to plan a family budget around a mortgage payment. Real estate is not black and white, it is not linear sometimes it’s a…
One of the challenges of getting mortgage loan financing these days is showing total and complete monthly income. Contrary to popular belief you must be able to support ability-to-repay (ATR) as a Consumer Financial Protection Bureau has laws in place to make sure abusive lending practices from days past don’t repeat themselves. One of the…
Many experts will tell you shouldn’t refinance unless you’re saving 1% lower in rate. With today’s interest rates being on average below 3% here’s how you should determine whether refinancing for you and your family makes sense or not… Stop paying attention to all of the internet articles and all the so-called financial experts out…
Interest rates are a big driver of the mortgage market. People purchasing houses and refinancing houses are taking advantage of today’s historically low rates. Here are some fundamentals you should be aware of when it comes to interest rates and what the market may or may not do going forward… First things first what drives…
If you’re going to be doing a refinance of your house and you have an energy Independence program that’s built into your real estate taxes- here is what you need to know. Originally, these loans were required to be paid off because most of these programs are built into the property taxes of your mortgage,…
Mortgage lenders sometimes take an overly gun shy approach to how a mortgage loan is originated. One such example of this is if you have a first and a second mortgage on your home. Let us say your goal is to refinance and to not get any money out but just combine the first and…
One of the things that have changed since the coronavirus has taken shape is how mortgage lenders are viewing appraisals. If you’re buying or refinancing a home here’s what you need to know… If you have a very good strong financial package typically 20% equity with good credit score and sufficient savings in the bank…