1st Mortgage on Primary Residence single family home Cash-out, used alternative income sources Business Purpose loan
ARM vs. Fixed? Let’s say you’re at an amusement park. One with lots of rides. And each ride is like a different mortgage — some are safe and predictable (like the Merry Go Round), and others are more exciting (like a roller coaster). And some are downright terrifying, like the one where you’re strapped into…
How do I save money on my mortgage? Welcome to the Insider’s Guide to Mortgages, where we help you save money on your mortgage. How do we do that? Simple – by giving you information and tips from industry professionals with over 20 years experience in offering mortgages to people like you. Day in, day…
How much do I qualify for? There are two ways to answer this question – purely by the numbers, using a quantitative approach, or by looking at a borrower’s own comfort level with different degrees of debt (the qualitative approach). By asking a few basic questions about your income, assets, and credit, we can tell…
What does a mortgage really cost? Okay, you’ve found a company you like, and their rate seems competitive. Now you have to find out what the closing costs are. Is the company in line with the competition or do they charge hidden “junk” fees that will make their deal more expensive? So you ask for…
Should I lock in my rate? Borrowers ask this question all the time. And you should — you’ve spent a lot of time finding the best deal. If you don’t lock it in, the rate could change. Obviously, if you thought rates were going up, you should lock in the rate. And conversely, if you…
Let’s say you’re shopping for a mortgage, and you’ve decided you want an ARM. You’re fairly certain you’ll only need this loan for 5-7 years (maybe you’re going to relocate or you’re buying a starter home and you’re confident you’ll be moving to a bigger place within that time frame). You get rates for a…
ou applied for a loan two weeks ago, and you gave your loan officer everything he asked for. The appraisal has been done, but you don’t have a commitment yet. You call your loan officer, and he says your loan is with the underwriter. Finally, he gets on the phone and says, “Your DTI is too…
Imagine your loan is an apple, on a conveyor belt, along with tons of other apples. And there’s a sorter who’s paid to pull out the bad ones — the wormy apples, the bruised ones, the ones that won’t sell. The good apples — the ones that are standard size, color, shape — they get…
Where’s my what? You just met with your loan officer. You’ve chosen a lender, locked in a rate. He asks, “Where are your docs?” You give him a blank look. “My what?” Your income and asset docs. Your lender can’t approve a loan without your help. You need to provide certain specific pieces of paper…
