Good Morning! I try to write about this topic at least every year or two, because it’s important… My job as a loan officer allows me to have a unique perspective into people’s lives. I can see how much money people make, and how much money they have in the bank. I do loans for…
Good Morning! If you’re rate shopping for a mortgage – here are some guidelines for you to keep in mind… 1) Get a Loan Estimate (LE). There’s always a relationship between fees / points / and rate. …You won’t know what that relationship is unless you look at a LE. (A low rate is great,…
Good Morning! I hope you had a great holiday weekend! I wanted to let you know we are getting more Jumbo products back. Once Covid hit the Jumbo market went away. You just couldn’t get a Jumbo loan. Now the product options are starting to come back. So, if you have a Jumbo loan and…
Good Morning! I’ve written about this before, but I see it every day, and wanted to remind you… Remember, from a loan perspective it’s very difficult to get a loan if you are currently in Forbearance, and the loan is behind. Lenders will insist the loan be brought current, and removed from Forbearance before they…
Good Morning! If you are planning on purchasing a house, and will be putting 5% down or less – this post is for you! I made a short video to show you how to have a lower house payment, and pay off your house quicker… That’s it for today! Have a good day! Get…
Good Morning! We want to be able to use your bonus income to help you get a mortgage. However, here are three big guidelines to be aware of for us to be able to count your bonus income: 1) We can’t use bonus income or overtime income unless you can prove you have been receiving…
Good Morning! I have borrowers ask me every day how much they need to put down to purchase a home. 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 best loan going if you can…
Good Morning! There is a little known rule Fannie Mae has regarding self employment income. I see it being enforced more and more, and if you are self employed you should be aware of it. It’s regarding the borrower’s proportionate share of income or loss. Here is the actual guideline… “The Borrowers proportionate share of…
Good Morning! You may not be aware of it, but last week rates increased. This comes from a surprise announcement from conventional mortgage regulators (Fannie and Freddie or, collectively, the “GSEs”) that they will collect a new fee on all refinances. Any loan that’s not already very close to the closing table will be affected.…
Good Morning! There are a few reasons people refinance their homes… – Get cash out. – Lower rate, or lower the number of years remaining on their mortgage. – Debt consolidation. I want to talk about this last one for a moment. When rates are as low as they are now it can make a…