Can I make up for bad credit with a high income and down payment?

July 16, 2018 in About Mortgages

What’s more important for a mortgage: income or credit scores? Both, but even people who earn a lot of money can’t get a loan without decent credit. Here’s why.

Mortgage underwriting: What are “conditions” and how do I satisfy them?

July 16, 2018 in About Mortgages

You will encounter mortgage underwriting conditions at almost every step of the mortgage process. But being prepared in advance can minimize the number of requests, and the hassle of meeting them.

What happens when my mortgage is sold? Dos and Don’ts

June 29, 2018 in About Mortgages

What happens when your mortgage is sold from one lender to another, or to a mortgage loan servicer or investor? Not much. Here’s how to handle it correctly.

Should you choose low mortgage rates and high processing fees, or vice versa?

June 21, 2018 in About Mortgages

Mortgage processing fees and other costs vary by program and lender. And you, the borrower, also have control over what you pay. Higher rates cost less, and lower rates cost more.

Mortgage with a Chapter 13 bankruptcy

May 31, 2018 in About Mortgages

You can qualify for a mortgage with a chapter 13 bankruptcy in your recent past. Even if you’re still in bankruptcy in some cases. Here’s how.

Background check: verbal verification of employment and other intrusions

May 2, 2018 in About Mortgages

The verbal verification of employment (VOE) is required by almost every mainstream lending program to make sure that your income documents are accurate and reflect your current employment and income.

How to know how much house you can afford in less than 5 minutes

April 25, 2018 in About Mortgages Buying a home

Rules of thumb for home affordability There are several easy rough estimates for how much you can spend on a home. Choose a total payment that is close to what you spend now for rent Select your maximum home price at three times your annual income Choose a total housing payment that does not exceed […]

My mortgage is in “processing.” What does a mortgage loan processor do?

April 20, 2018 in About Mortgages

Mortgage loan processor: definition The mortgage loan processor is the link between you, your loan officer and your underwriter. And he or she is arguably the most important member of the team. Many processors take your application so you don’t have to fill out forms Processors pull all the pieces together – they may order […]

How to find real profits in the Consumer Price Index definition (CPI)

April 12, 2018 in About Mortgages

Consumer Price Index definition The consumer price index definition may sound like one of those useless and wobbly bits of information that we can all safely ignore, but the real story is different. It turns out that the consumer price index – the CPI – is very important for your bottom line. The CPI shows […]

conforming, conventional, government, qm, non-qm mortgage

Important mortgage terms: conventional, non-conforming and conforming loans

March 18, 2018 in About Mortgages

Your choice in mortgage financing: conforming loans, non-conforming loans, or government loans, makes a difference in what you pay. Here’s what you need to know when shopping for a home loan.

What is mortgage insurance?

March 14, 2018 in About Mortgages

Mortgage insurance may be a necessary evil, but it has more benefits than you know. Here’s how to use mortgage insurance, and how to get rid of it.

Can you pay your mortgage with a credit card?

March 5, 2018 in About Mortgages

Will your mortgage servicer allow you to pay your mortgage with a credit card? Probably not, but there are ways around this.

Fannie Mae renovates its HomeStyle® mortgages

March 3, 2018 in About Mortgages Conforming Mortgages

Fannie Mae Homestyle® mortgages are now better than ever, thanks to higher loan-to-values, increased remodeling budgets and expanded property guidelines.

Guide to mortgage closing costs: What average mortgage costs are, and how to keep yours low

February 27, 2018 in About Mortgages Buying a home Mortgage Rates Refinance

Mortgage closing costs are a big part of buying or refinancing a home. Here are the average closing costs for each type, and what you can do to pay as little as possible.

Rising real estate values power new interest in jumbo loans

February 26, 2018 in About Mortgages Mortgage Products

More expensive homes, bigger mortgages Property values are rising in most markets, and that means jumbo loans have become more important. As of December, home prices nationwide had increased for 70 straight months, according to the National Association of Realtors (NAR). Home prices are at new highs in nearly two-thirds of our major metro areas. […]

Should you pay points to get a lower mortgage rate?

February 25, 2018 in About Mortgages Mortgage Rates

Is it worth it to pay points? Whenever mortgage rates go up, borrowers always wonder if it makes sense pay points and thus reduces the rate. The answer is sometimes yes, sometimes no. Here’s how to tell the difference. What is a point? A “point” or “loan discount fee” is equal to 1 percent of […]

Best mortgages for multi-generational families

February 24, 2018 in About Mortgages Buying a home Mortgage Strategy

Buying a home with family members can be a challenge. But mortgages for multi-generational families can make it easier.

Don’t be a victim of mortgage fraud

February 18, 2018 in About Mortgages Buying a home First-Time Home Buyers Homeownership Topics Real Estate Refinance

Mortgage fraud: unlikely, but possible According to the FBI, you are not the most likely victim of mortgage fraud — most cases are perpetrated by borrowers against mortgage lenders. Often those involve exaggerations, white lies or outright falsehoods on loan applications. Should you lie on your mortgage application? However, mortgage industry professionals who abuse their […]

What mortgage rate history can tell us about the future

February 15, 2018 in About Mortgages Economic News Essential Mortgage Miscellany Federal Reserve First-Time Home Buyers Forecasts Homeownership Topics Mortgage Rates Mortgage Strategy Real Estate Refinance Uncategorized

How useful is mortgage rate history? Mortgage rate history may sound a pretty boring topic. Indeed, you may subscribe to the Henry Ford school, which believes that all history is bunk. However, knowing how mortgage rates behaved in the past can help you understand what might happen to them in the future. That knowledge could […]