Types of Home Loans
on May 26, 2009 in Mortgage Down Payment financing options loan types mortgage Ok, so you’ve found the house of your dreams….what’s next?  Well unless you have a large sum of cash just lying around, you’ll probably need financing right?  So, what types of mortgage loans are available anyway?   Thirty...

So you think you want to purchase a Foreclosure or Short Sale do you?
on May 6, 2009 in Property Appraisals and Inspections Real Estate/Realtors/Finding your house Add new tag foreclosure mortgage short sale The current housing market certainly does have some great advantages for buyers in this market.  Interest rates are historically low and there are some great real estate buys out there due to Foreclosures or Short Sales.  While you may have heard t...

The perils of ‘the gift’ …
on Apr 8, 2009 in Mortgage Down Payment Down payment gift mortgage A casual acquaintance approached me a week or so ago, she knows what I do for a living and had received a letter from one of the third party companies which performs quality control on mortgage loans (lenders will contract with these third party comp...

Am I getting the best possible mortgage interest rate?
on Apr 6, 2009 in Loan Approval Rate vs APR best rates how to get the lowest mortgage rate how to qualify for lowest mortgage interest rate Someone who is interested in purchasing a new home or perhaps refinancing of course wants to make sure they are getting the best and lowest interest rate possible. Whether fortunate, or unfortunate, the media will focus and report “current rate...

Financing Home Improvements with a new mortgage.
on Apr 2, 2009 in Government Loans FHA 203k Streamline home improvements refinance purchase home improvement So, what type of transaction will allow a borrower to purchase or refinance a home, and include some home improvements to be financed in within the deal? The 203K Streamline allows a customer to purchase or refinance a home to make limited upgrades o...

Really should I rent or own??
on Mar 30, 2009 in Real Estate/Realtors/Finding your house housing own rent You see this everywhere…”Buy and you will have equity, you are throwing your money away renting, buying a home is an investment in your future” And while all of that is true it does not mean YOU are ready…there are many factor...

How does my lender calculate my income Part 2.
on Mar 23, 2009 in Income Documentation Loan Approval income mortgage approval self-employed tax returns Self-employed, oh the often dreaded words uttered and heard in the mortgage office…”I have a self employed borrower”. It’s not that we have anything against self-employed borrowers but calculating the income is more complicated and so often m...

What is APR and Why Is It (Or Is It Not) Important When Shopping For A Mortgage
on Mar 20, 2009 in Loan Application Loan Approval Rate vs APR By Federal law, mortgage lenders are required to disclose APR anytime they advertise an interest rate (although it’s not uncommon to see lenders omit this out of ignorance of the law).  They are also required to disclose this figure to the loa...

What are these fees anyway?
on Mar 19, 2009 in Loan Application fees GFE In a previous post Ok so explain closing costs to me… we discussed the GFE and fees but now we will go into more detail about some of the fees and explain some of the terms you may hear tossed around. Third party fees: Those are fees for services...

Do I need a Realtor?
on Mar 18, 2009 in Real Estate/Realtors/Finding your house mortgage application Realtor You will see lots of advice saying you always need a Realtor but having one is not a requirement.  There are advantages to having a Realtor and to a buyer few disadvantages. First thing to remember as a buyer having a Realtor (sometimes referred to...