Tag: <span>Loan Programs</span>

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TWO APPROVALS, PLUS COLLATERAL

Two approvals take place when you apply for a loan.  Lenders review both your credit and income, and the collateral. The collateral must be sufficient for the loan to be approved.  What if the collateral is a condominium? When the collateral is a condominium, there is increased scrutiny by the lender. This is due to...

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DETERMINING YOUR CREDIT SCORE

Credit cards are a significant factor in determining your credit score. Credit bureaus look at your credit card balances and history to determine how you manage your discretionary spending. The credit bureaus do not know your spending habits, but by reviewing credit card balances, they make conclusions regarding your ability to manage credit which will...

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LOAN PROGRAMS AND DISTRESSED PROPERTIES

Did you know that if a home has water spots on ceiling tiles, broken windows, is missing a stove, or missing cabinets or countertops, the lender may not lend on the property? There are many properties that are very well priced, but they are in disrepair or missing pertinent household items. If this is the...

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IS REVERSE MORTGAGE RIGHT FOR YOU?

One way to understand what reverse mortgage is, is to understand forward mortgage. A forward mortgage is the mortgage you know, you borrow money, the loan is secured by your home and you pay it back. For the reverse mortgage, you also borrow money, the loan is secured by your home, but you don’t have...