On its face, getting a home loan application approved is pretty basic fare. All lenders who issue mortgages all follow the same general lending guidelines issued by mortgage giants. The mortgage giants include Fannie Mae and Freddie Mac as...
With home prices on the rise, especially in markets like New York and San Francisco, it’s common for mortgage loan amounts to exceed the conforming and high balance conforming loan limits as set by regulation. These loan limits often...
As a first-time homebuyer, you have a lot to consider. There are new terms, new information, and important concepts to learn. In many cases, the confusion is compounded by “advice” from friends, family, real estate agents, lenders, and more;...
One of the biggest challenge for self employed individuals in the process of purchasing or refinancing a home is the documentation of income. Over 90% of mortgage transactions are underwritten using a traditional income analysis in which a mortgage bank...
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...
That might not seem a very important question for most, but for those that do wonder about the answer, it’s certainly an important one. When someone is on maternity leave typically there is no monthly income during the leave. So,...

Qualification Ratios

When it comes to your mortgage, qualification ratios may seem like something from your high school calculus class. It's actually not rocket science. The math is simple, and the concept is sound. Income Ratio is your total monthly housing payment...
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...
A bankruptcy is generally the result of something very bad happening in someone’s financial life. No one enters into a loan agreement of any sort, either the debtor or the creditor, with the intent to default on the loan....
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...