The first rule told to me when I started in the mortgage business was, “He who has the gold, makes the rules.” It is very true. It means, if you are looking for money from someone else to help you finance a property, you have to follow their rules to get the money. If they are...
Tag: CPA
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IS AN APPRAISAL NEEDED WHEN APPLYING FOR A MORTGAGE?
An appraisal may not be needed when applying for a mortgage. How can you get an appraisal waiver? Generally, an appraisal is needed to get a home loan, but, there are instances where this requirement is waived. Most home loans are sold to Fannie Mae or Freddie Mac. When underwriting these loans, they are submitted...
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WHAT IS THE DIFFERENCE?
Pre-qualification v. pre-approval, what is the difference? A pre-qualification is based on information provided to the loan originator. The information could be as simple as a conversation about your income, assets, and debts, to providing the supporting documentation. A pre-approval is where an underwriter reviews your file, including the loan application, credit report, income and...
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CHECK YOUR CREDIT REPORT IN ADVANCE
Are you considering buying a home? It may be worthwhile to review your credit report beforehand. To check your credit for free go to: www.annualcreditreport.com Many sites promise free credit reports, but this website is the only official site authorized by Federal law; It is sponsored by Experian, TransUnion, and Equifax. You are allowed to...
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PLEDGING ASSETS
With the way the stock market is running, many people do not want to liquidate their accounts to make a large down payment on a home. They are conflicted because they want to make a large down payment to get a better interest rate, but do not want to sell the assets in their investment...
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CAN I SKIP A PAYMENT, OR TWO?
Have you heard you can “skip” a payment, or maybe even 2 months payments, when you refinance? Is this practice considered tricking the system, or getting away with something? No, in fact, you may be front-loading more cash at closing. This is how it works: The first thing to understand is how a mortgage payment...
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WE SUPPORT OUR VETERANS
Are you a veteran? One of the best loans is the VA loan. To start, you would need your DD214 form and Certificate of Eligibility for a VA loan. We can help you obtain the Certificate. You may be able to qualify for 100% financing. We support our vets and have many veteran employees who...
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ARE YOU FEELING CONFUSED BY ALL THE MANY LOAN PROGRAMS AND PRODUCTS?
I often get asked, “What do I need to do to shop for a loan?” There are many different programs, products, and sales pitches, making it confusing to determine which loan product to choose. Even a plain 30-year fixed mortgage can be confusing, as some lenders will offer incentives such as payments to closing costs...
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FINANCING AND PLANNED COMMUNITIES
When you finance a condo, there are specific rules the condominium association must meet. Here is the link to the article we wrote on these rules: /category/condominiums/ However, there are many properties that you may know as a patio home, townhome, or even a single family residence, but because of the way the land was...
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SELF-EMPLOYMENT AND LOAN QUALIFICATION
After the mortgage crisis, there was a perception that self-employed individuals could not get loans; this was plain wrong. If you were self-employed, you could get a loan but the lenders looked at your net income, not your gross income to qualify; the same holds true today. However, if you write off all of your...