Many real estate companies partner with preferred lenders and encourage their agents to provide their clients with the names of these lenders to handle the financing of their purchase. What the buyer does not know is that in some circumstances there is a business agreement between the lender and real estate company creating this preferred status....
Tag: mortgage broker
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FIRST THINGS FIRST
You’ve decided you want to buy a house but don’t know where to begin. You’re not sure what to do. First things first; Here’s where to start: • The first thing to do is check your credit, you will need a good credit score to get a good loan. Student loans, car loans, and credit...
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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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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...
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FINANCIAL PLANNING TOOLS
We are hearing that reverse mortgages are becoming more of a financial planning tool. Click on this article by one of the lenders to whom we can broker reverse mortgages, American Advisors Group, on 7 Ways to Use a Reverse Mortgage Loan as a Financial Planning Tool: http://bit.ly/2Cdjf5f If you are considering a reverse mortgage,...
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WE HAVE CLOSED MANY VA LOANS
One of the best mortgage loans is the VA loan; if you are a veteran, you should consider this loan. For conforming loans, the VA loan allows 100% financing and does not have mortgage insurance. Instead, there is a one-time funding fee that can be paid at closing in cash or rolled into the loan....
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DODD-FRANK ACT
The Dodd-Frank Act includes a provision that a borrower must show an ability-to-repay a mortgage to qualify. It seems silly that a law had to be passed with this provision in it as you would think someone would not make a loan unless they knew it was going to be paid back. Nevertheless, this law...
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“LE” LOAN ESTIMATE
The Loan Estimate (“LE”) is the document provided to you by the lender within 3 days of the application date. The application date is the date the lender is provided the following: • Property address • Property value • Name of borrower • Social security number to pull credit • Income • Loan amount Once...
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MORTGAGE PLANNING: 30-YEAR FIXED V. 15-YEAR FIXED
The shorter the term of the loan, the less interest you pay, and the sooner you pay it off. So, why not apply for and obtain the shortest-term loan possible? This makes good sense if you are comfortable with the payment. Let’s take a look at the following 3 scenarios, a 30-year fixed, 15-year fixed,...
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MORTGAGE APPROVAL: PROPERTY CONDITION
In order to get a mortgage, the property condition must be move-in ready; it must be habitable and safe. I often get asked if there is a list of items the house must have in order to meet the habitability standard, but there is not, as it is on a case-by-case basis. Here is a...