Posts Covering About Mortgages
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.
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.
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.
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.
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.
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 […]
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 […]
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 […]
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.
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.
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. […]
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 […]
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 […]
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 […]
2018 Conforming, FHA, & VA Loan Limits
Mortgage loan limits for every U.S. county, as published by Fannie Mae & Freddie Mac, the Federal Housing Administration (FHA), and the Department of Veterans Affairs (VA)