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Tag Archive | "mortgage basics"

Don’t Depend On Your Last Pay Statement To Get That Mortgage

The Sixty-Day Seasoning Rule When you are waiting for approval on your home loan, you need to prepare for this one important detail. Your lender is unlikely to regard your most recent pay deposit as part of your contribution at closing. That means your paycheck is not eligible to form part of your deposit. Conventional […]

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Even More Homebuyer Mortgage Tips To Make It Happen

More Home Loan Hacks For First Time Homebuyers Homebuyers should shop around for mortgage bargains; not all terms and conditions are the same, but chances are, there’s a mortgage out there that’s right for you. Not all interest rates, closing costs, and terms are the same. Banks and the other financial institutions that underwrite home […]

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Back To Basics – What Goes Into A Mortgage Anyway?

Owning your home quite and accomplishment and one to which many people aspire. Most consumers have to do this by taking out a mortgage against the home they purchase. So let’s go back to basics to review what it is that makes a mortgage anyway. A Mortgage Contract Is A Matter Of Public Record A […]

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Income Stability Gets The Mortgage Done Better Here Is Why

Income stability is the key attribute that mortgage underwriters wish to see in a home loan applicant. When you begin the process of buying a home and applying for a mortgage, your lenders review your financial history very carefully. Based on the policies of the bank, what they know about risking large piles of cash, and […]

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Jumbo Loans For Luxury Homes – Going Beyond The Conforming Limits

Conforming Versus Non-Conforming Loans So, where are the limits in conventional home lending and why do they matter? It certainly matters if you are seeking a luxury home that exceeds the limits for conventional home loans as defined by the FHA. Or if you have a high income, and you would like to live in […]

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Should You Trade Discount Points For Your Down Payment?

Should you divert funds from your down payment to get better terms on your monthly payments? Or should you go the opposite direction and add to your equity? How about getting cash back at closing? These are all things that you can do by adjusting the level of discount points that you agree to pay […]

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What Do Mortgage Originators Do After Your FHA Home Loan Closes?

Mortgage Originators Initiate The Process Your mortgage lender is part of an extensive and wealthy system of residential real estate finance. The person at the very knife-edge of the lending process is the loan originator, the loan officer or independent arranger who helps loan applicants fill out forms, gather documents and submit the loan application; […]

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When Should You Use Financing With A Balloon Payment?

Balance Due At Maturity The conventional residential real estate mortgage has a structure, which includes monthly repayments of principal and interest, where the payments over the term of the loan pay off the principal entirely, and nothing is due at maturity. In other lending instruments, such as corporate bonds, the borrower has to make payments […]

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Avoid These Things To Prevent Home Loan Approval Delays

No Sudden Financial Moves Once your lender preapproves you for a mortgage, and you have paid to start the application process, you need to make sure not to do anything that will cause the bank to think twice. Otherwise, you will have to deal with the consequences of delays or contract termination. The risky behaviors […]

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Don’t Take The First Mortgage Package On Offer, Get What Works For You

Home lending is a gigantic industry in the United States; in 2014 lenders originated $1.24 trillion in new home lending and there are more than 7,100 lenders. There are plenty of different mortgage plans available for you to choose. So, as a consumer considering taking on a new mortgage, you can afford to be picky. […]

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