When lenders accept a mortgage loan application for a residential property there is in effect two separate loan approvals - one for the borrower and one for the property. The borrower must be able to show sufficient income to...
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...
Knowing where you stand credit-wise before shopping for a home loan can save you both time and money. Lenders employ a matrix of sorts that combines a down payment amount and credit score to come up with a mortgage...
There are two types of home buyers, those who want to buy an existing home in an established neighborhood or subdivision and someone who wants a brand new home that’s never been lived in before. New construction vs. existing...
Mortgages today are fully amortized. No more of this “negative amortization” stuff or “payment option” loan programs where mortgage loans would actually increase over time instead of being paid down. Thank goodness forbi-weekly mortgage payments. When a mortgage company issues...
If your lender calculated the APR properly, there really isn’t much difference. But for consumers not really familiar with the term “annual percentage rate” or APR, it can cause a bit of confusion. And unfortunately, many loan officers aren’t...
HERO (Home Energy Retrofit Opportunity) is a program that is part of the statewide PACE (Property Assessed Clean Energy) effort. PACE was established in California in 2001 and was used as a blueprint for at least 30 other states....
Another area that we're starting to see lenders expand their offerings is programs for borrowers who have had a short-sale within the past 4 years. The interest rates on these loans however are usually in the high 6’s and even...
Financing a Home Purchase With a HERO Lien or PACE Lien If you found this article during an online search, it’s very likely you, or the property you want to buy (or refinance), is in some sort of a financial...
For those who qualify, there is no better mortgage option which requires no money down, reduced fees and no monthly mortgage insurance.VA Funding Fee...  On top of those stellar benefits, the VA actually guarantees a portion of a VA loan...