Mortgage lenders have a systematic approach to determine how a borrower qualifies for a specific interest rate. While it may seem obvious that borrowers want to receive the lowest interest…
What Affects Your Interest Rate?
Impound Accounts – A Primer on Property Tax and Homeowners Insurance
An impound account, also known as an escrow account, is a prepaid account set up by a lender to collect the borrower’s property taxes and homeowners insurance premiums. These payments…
Happy New Year: Welcome to 2020 and Increased Loan Limits!
What Is a Conforming Loan? A Conforming loan is a mortgage loan that follows and conforms to specific Fannie Mae and Freddie Mac guidelines. A Conforming loan is directly tied…
The Income-Equity-Credit Triangle
Many things in the mortgage industry have changed and evolved throughout the years. One aspect of the mortgage loan process that continues to stay the same is how mortgage loans…
Down Payment Gifts
When it comes to purchasing a home there are a few obstacles that a borrower may come across. The most common obstacle is being able to save for a down…
Cars & Mortgages
What do cars and mortgages have to do with each other? Let us explain further: When a borrower qualifies for a mortgage, the debts reported on their credit report ultimately…
Understanding Your Debt to Income Ratio
When applying for a mortgage loan, lenders keep track of several important ratios and numbers to qualify a borrower. One of the most important calculations is a borrower’s overall Debt-To-Income…
What Are My Closing Costs?
It’s no mystery that there are closing costs whenever a buyer purchases a new home or refinances a property that they already own. The question is, what are these closing…
Fannie Mae & LLC’s are Playing Nice!
Historically, residential properties that were financed with Conventional mortgage loans and then transferred and held in an LLC by the owner was not recommended. If a borrower wanted to refinance…
Don’t Hibernate This Winter
The winter season tends to slow down the real estate market which can be advantageous to those willing to house hunt during these cold months. There tend to be fewer…
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