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...
When we think of loan qualification, we think of credit scores, debt-to-income ratio, and annual salary totals from a steady career. We rarely think of the money locked in an Investment Retirement Account (IRA), 401(k), or Keogh retirement account. For...
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...
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...
For most homebuyers across the country, a conventional loan is enough for their purchase. However, in high-market areas like San Diego, large sums of money are needed to purchase even a moderate home. After all, a million-dollar home in...
Home loan modifications aren’t as common today as they were just a few short years ago. Loan modifications have in fact been in existence for decades yet were rarely used. What is a home loan modification and what are...
Lending guidelines over the past few years have gradually relaxed in certain areas. Leading up to 2008 and immediately thereafter, lenders seemed to dry up available credit for home buyers. That was true but mostly the lenders that participated...
If you’re considering ways to save on long term interest and paying down your mortgage balance sooner rather than later, refinancing to a shorter loan term is probably the most common way to do so. Most mortgage loans issued...
Avoiding FHA mortgage insurance can be tough, but it’s not impossible. When you apply for your first mortgage loan, you might be surprised to see all the additional fees and expenses. Suddenly the number you expected, the one you...
Mortgages can be complicated, with lots of confusing terms and acronyms that seem like they come from another language. But you don’t need to be a real estate agent or a lending professional to speak the language of mortgages....