Good Morning! You may have been told by your loan officer that you have to remove the disputes from your credit before they can underwrite your loan. Removing disputes can be time consuming and expensive. For Conventional loans, there is really no way around this. You will have to remove…
Good Morning! I hope you had a great weekend! If you have ever wondered if you might benefit from a Debt Consolidation loan – check this out… I did a short video for you showing you how they work, and how they can benefit you: That’s it for today! Thanks for reading! Get Pre…
Good Morning! I wanted to spotlight a Jumbo product we have. It’s full doc only (you have to prove your income via traditional means). Up to $3,000,000 at 70% loan to value ratio. Up to $2,000,000 at 80% loan to value ratio. Up to $1,000,000 at 90% loan to value ratio. Rates in the 2’s…
Good Morning! One of the most important things you will have to do when you apply for a loan is to show that you have the money for the down payment. This is called sourcing in the mortgage industry. For instance, the down payment on an FHA loan is 3.5%. If the seller is paying…
Good Morning! If you are self employed, and need to get a mortgage to purchase a house, but don’t show a lot of income on your tax returns – here’s an option for you… I wanted to spotlight one of our Alt Doc programs: Alternate Documentation loans are loans that allow you to use alternative…
Good Morning! If you have a conventional loan, and your loan to value ratio is over 80% – you will be paying monthly mortgage insurance to the lender. No one likes paying monthly mortgage insurance. It’s extra money added to your payment every month, and it doesn’t help pay down the balance of the loan.…
Good Morning! The Fed is to meet later today. Keep in mind, the Fed doesn’t set mortgage rates. The Fed’s policy rate applies to overnight loans between large financial institutions. However, if they announce a change to their mortgage backed bond buying policy – that could affect mortgage rates. Right now the Fed is buying…
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…