An age old question many people face; continue to rent or commit to buying a home? Most people do a financial analysis to see if this makes sense. Will the mortgage payment be less than the rent payment? Whether yes or no, they should consider that the principal portion of the mortgage payment is used...
Tag: <span>#Mortgage_Loan</span>
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HAVE YOU CONSIDERED ADDING A CO-SIGNER?
Sometimes, you may not be able to qualify on your own. Have you considered adding a co-signer to help you qualify? If so, the co-signer will have to complete a loan application and will have to qualify, too. Lenders will combine the incomes and debts of both borrowers and base the loan off of the...
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IF YOU CANNOT QUALIFY
Sometimes, you may not be able to qualify on your own, and may ask someone to sign with you to help you qualify. If so, the co-signer will have to complete a loan application and will have to qualify, too. Lenders will combine the incomes and debts of both borrowers and base the loan off...
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LOW RATE ADS
You’ve most likely heard on the radio lenders boasting they can get you approved in minutes or days by simply going to the website and clicking a button. Is that all it takes nowadays to get approved and to go to closing? Can you close the loan right after you are approved in mere minutes?...
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CALCULATING MORTGAGE INSURANCE
If you are applying for a conventional loan and put less than 20% down on a home, the lender will require you to pay mortgage insurance. The amount of mortgage insurance will depend on your credit score, what you are purchasing (e.g. condo, single family residence, etc.), the purpose (primary residence, second home, or investment...
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CONTACT COUNSEL MORTGAGE GROUP
Would you like to buy a home but you’re not sure if you’ll qualify? Don’t worry with all of the different products available today, you can get a mortgage. The issue just may be when. If you have less than perfect credit, you may have to repair your credit before you apply. Nevertheless, conventional loans...
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OPTIONS ARE ENDLESS WHEN YOU WORK WITH A MORTGAGE BROKER
Loan Originators use both DU and LPA automated underwriting programs. What is DU and LPA, you might ask? DU is Desktop Underwriter and is Fannie Mae’s underwriting software. LPA is Loan Product Advisor and is Freddie Mac’s underwriting software; most conforming loans are run through one of these software programs. These programs dictate details such...
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WHAT’S BEST FOR THE FIRST-TIME HOMEBUYER?
I see time and again advertisements on the internet for no down payment first time homebuyer loans. The down payment is typically in the form of a grant that does not need to be paid back. Many people push these loans enticing first time homebuyers to buy a home without any money out of their...
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WHY WOULD ANYONE WANT ONE?
Hard Money loans are usually obtained by borrowers who cannot qualify or the property does not qualify for conventional financing; many people doing fix and flips obtain these loans. The interest rate and costs for these loans is higher than what you can get conventionally. The reason is that there is more risk to the...
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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...