FHA Home Loans

An FHA loan is a mortgage loan with flexible underwriting guidelines backed by the Federal Housing Administration (A Department of HUD).  FHA loans are extremely popular with first time home buyers because they allow down payments as low as 3.5% and allow the seller to pay the borrowers closing costs. FHA has flexible credit requirements. …

FHA Home LoansRead More »

Mortgage Inspection

Home Inspection Red Flags

So you have found the home of your dreams. It fits your vision and lifestyle, and you are pre-approved to expedite the purchase. It is an exciting time, becoming a homeowner. One of the first steps to take is to have the home inspected to check for any structural and safety risks associated with the …

Home Inspection Red FlagsRead More »

The Cost of Waiting

Interest Rates Won’t be This Low for Long Waiting to buy a house could be costing you money. Homeownership has significant financial benefits, and yet, for the first time in 50 years, we have more renters than ever in the U.S. Almost half of renters say that their biggest regret is not buying a house. …

The Cost of WaitingRead More »

Credit Scores Could Rise Next Month!

Starting next month, you might notice a boost to your credit score.Here’s what you need to know.Credit Score: What’s Changing?Beginning today, the three major credit bureaus – Experian, Equifax and TransUnion – will exclude tax liens from credit reports. Since tax liens can adversely impact your credit score, their removal could benefit your score.This follows …

Credit Scores Could Rise Next Month!Read More »

Mortgage “Advisors”

More and more loan officers are presenting themselves as “trusted mortgage advisor” and “mortgage planners.” Unfortunately, there are no standards in the industry for these terms. Disregarding titles, it is important for anyone making this important decision to make it with the best advice possible. To do this, an individual needs an understanding of the …

Mortgage “Advisors”Read More »

The Perfect Loan Application

The Perfect Mortgage Application

The media has it all wrong – securing a mortgage approval and satisfying credit underwriting guidelines are not the challenges facing mortgage applicants. It is meeting the rigorous documentation requirements in the mortgage application that most people fall flat. The good news is, the fix is simple. Just scan, photocopy, fax, and deliver every aspect …

The Perfect Mortgage ApplicationRead More »

PMI Mortgage Insurance

Mortgage Insurance / PMI

What is mortgage insurance? Mortgage insurance / PMI is offered by either the government or private insurance companies to enable lenders to offer smaller downpayments on loans. Before mortgage insurance existed, many had to pay a minimum of 20% down to purchase a home which made homeownership unaffordable for many Americans. Mortgage insurance covers lenders …

Mortgage Insurance / PMIRead More »

Should I Pay a Point?

Shopping for a mortgage can be very complex for the general consumer. There are several factors which can affect the decision of whether to contract for a particular type of mortgage. These factors include but are not limited to the points and other fees associated with the mortgage, the mortgage type and/or term, the lock …

Should I Pay a Point?Read More »