Good Morning! When you buy a house there are three sets of funds you have to consider… 1) Your down payment. 2) Your closing costs. 3) Your prepaid taxes and insurance. When it comes to closing costs and prepaid taxes and insurance there are five ways to pay these costs… 1) You. …You are the…
Good Morning! I’ve covered this before, but I think it’s worth repeating… Before you go out house hunting make sure you have enough money available to get your house closed. …I know it sounds simple, but many people don’t realize the amount of funds they will need available to get into a house. Here is…
Good Morning! I wanted to let you know if you weren’t already aware of it… The max Conventional loan amount in Texas has increased to $484,350. This is good news for all of us, because Conventional loans come with lower rates and lower down payment requirements. Keep this in mind if you are looking at…
Good Morning! If you have applied for a mortgage, and been told you don’t qualify – don’t despair. Instead take control of your situation, and make a plan to get a mortgage. 1) Isolate the reason you can’t get a mortgage now. Your loan office should be able to tell you this. 2) Make a…
Good Morning! I get asked about “Deed In Lieu” sometimes. A Deed In Lieu is where you beat the mortgage company to the punch… …and give the mortgage company back the house before they have a chance to foreclose. People ask me how a Deed In Lieu would affect their credit. I tell them…
Good Morning! I’ve written about this before, but I wanted to touch on it again, because I had someone ask me about this yesterday… I had a borrower recently use a reverse mortgage to purchase a house, and I wanted to tell you their story. …because I think it’s a good example of a neat…
Good Morning! I get this question alot: “If you pull my credit will it hurt my credit score?” The answer is not really. When you get an inquiry on your credit it’s usually due to you applying for one of these 4 types of credit… 1) A credit check for a mortgage loan. 2) A…
Good Morning! I wanted to quickly go over the waiting period various loan programs have for Foreclosure. FHA – 3 years from completion date. Exceptions with extenuating circumstances are allowed. VA – 2 years from completion date with an automated system refer. Fannie Mae – 7 years from completion date, or if you can get…
Good Morning! Did you realize that 15 percent of your credit score comes from the length of time each account has been open, and the length of time since the account’s most recent action? So, it’s impossible for someone who is new to credit to have a perfect credit score. A longer credit history provides…
Good Morning! Here’s one way to get a loan done with existing disputed accounts on your credit. Does this situation sound familiar?… You hired someone to work on your credit. Now, you have a bunch of disputed accounts on your credit report. That’s all fine and good… Until you need to get a mortgage. Your…