If you’ve ever gone completely through the mortgage process you know full well there are rules that lenders must follow. From federal compliance to following lending procedures, it sometimes seems a lender’s series of questions will never end. There...
Future homebuyers are certainly aware they’ll need to have some sort of a down payment when obtaining a home loan. Unless they’re VA eligible or buying a qualifying property in a rural area using a USDA mortgage, there will...
When you make an offer on a home, it’s not always just about the price. That’s certainly one of the most important facets but there are other features that can have an impact, such as a non-contingent offer. Having already applied...
When lenders receive a loan application they actually begin the process of issuing two separate approvals, not just one. If either doesn’t meet the standards the loan won’t be approved. These two approvals involve the borrowers and the property....
VA loans are hands-down the best choice for those who qualify wanting a low cost, no down payment financing with competitive rates. It’s a benefit reserved for the select few who have served or are serving in the Armed...
Buying and financing a condo unit is not all that different compared to financing any other type of residential property. Mortgage lenders must still evaluate the loan application and determine the buyers have the ability to repay the debt...
To the casual observer, it probably makes very little difference if a loan is “QM” or “non-QM.” And unless you’re in the mortgage business you probably have no idea what the designation actually means. But it is a big...
If you haven’t been referred to a mortgage lender by your real estate agent, coworker or a friend and you’re getting ready to either refinance your mortgage or finance a new purchase, no doubt you’re getting ready to play...
As lenders are required by regulations set forth by the Consumer Financial Protection Bureau, or CFPB, to make sure a borrower can afford the new monthly mortgage payment. Plus a monthly installment amount for property taxes and insurance. This...
Credit is one of the three main pillars of a mortgage approval. The other two, income and equity also play just as important of a role as credit but over the years evaluating credit has changed remarkably while income and...