Okay, we admit it. The mortgage industry certainly has more than its fair share of acronyms such as CAIVRS. In addition to using our own language it seems during the mortgage process we also employ these shortened versions of...
There is a loan program that’s somewhat under-utilized and it really shouldn’t be. It’s the USDA home loan program and while it’s not the home financing answer for everyone, for those who can take advantage of this special type...
You may wonder why mortgage lenders are very competitive as it relates to mortgage rates. First, they must be competitive in price along with a strong reputation in the community, service and communication. You won’t find one mortgage lender...
Conventional Loans Conventional loans, those that are underwritten primarily to guidelines set forth by Fannie Mae and Freddie Mac have been around in some fashion since 1967, when Fannie Mae became its own government-sponsored corporate entity followed by Freddie Mac...
Sometimes it appears the VA loan is a gift that just keeps on giving. That might be hard to explain to those outside of the mortgage industry but when you begin reviewing the benefits the VA home loan program...
Coming up with funds to close on a home purchase is perhaps the single greatest barrier first time home buyers face. At least there are still too many who believe that. Yet despite the easy access to information and...
The mortgage market is certainly complex at times as there are so many functions required to approve a loan. The mortgage company must order services and reports from these entities just to get to the loan approval stage. Once a...
There are two primary sources of mortgage money in today’s marketplace- conventional and government backed loans. Conventional loans are those underwritten to standards issued by mortgage giants Fannie Mae and Freddie Mac. By far making up the largest share...
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...
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...