Good Morning! Mortgage rates are on the rise today. This is due to the Fed’s announcement yesterday that they may be increasing their lending rate in 2023. Even though the Fed lending rate has no direct impact on mortgage rates, an announcement like that still affects the mortgage rate market. The Fed didn’t say when…
Good Morning! I have people ask me about no cost refinances. I wanted to take a minute and tell you exactly how a no cost refinance works. There are two pools of funds you have to address when you refinance… 1) Closing costs. 2) Pre paids. (taxes, interest, and insurance) A no cost refinance will…
Good Morning! One of the most common questions I get from borrowers is “How much will I have to put down to get a mortgage?” Here are your minimum down payment options on the loan products currently available in the marketplace. Loan Programs… VA loan: No down payment necessary. No monthly MI. This is the…
Good Morning! I’ve written about this before, but we have more and more people passing the age 62 threshold, so I wanted to show you how to buy a house with a reverse mortgage. I had a borrower that was recently retired, and now living on a fixed income. They owned their home free and…
Good Morning! Mortgage tip: If you are about to get into the loan process to buy or refinance a house – don’t go out and buy things on credit. It sounds simple, and you would think most people would know this without being told. …but, I have a loan right now where a borrower got…
Good Morning! When you give someone option money at the onset of a lease option agreement – you are going to have to prove you gave that money when you get a loan to buy that house. How do you prove it? If it’s certified funds you need to keep a copy of the certified…
Good Morning! If you get bonus income please be aware of how the mortgage company will treat that income when you try to get a mortgage. 1) We can’t use bonus income or overtime income unless you can prove you have been receiving this income for 2 years. 2) The employer has to indicate that…
Good Morning! I wanted to give you a brief updated summary of various loan products and the minimum down payment for each… Loan Programs… VA loan: No down payment necessary. No monthly MI. This is the best loan going if you can qualify for it. USDA: No down payment necessary. Low monthly MI. Mainly for…
Good Morning! Here’s a USDA tip for you… One of the things to keep in mind is that USDA has family income caps. In other words if you make too much money you won’t qualify for a USDA loan. Here is the link to check the income for your area… Important: USDA goes by total…
Good Morning! If you are considering getting a part time job to give you extra income for mortgage qualification purposes – consider this… Underwriters will want to see that you have a two year stream of this part time income before they will give you credit for it. …So, in other words if a loan…