Your Lender for Life
Have you ever called a mortgage company and received a quote and then called back the next day and the same rate was no longer available?? Mortgage companies, Banks and Credit Unions are subject to potential daily and even hourly shifts in the market. Interest rates fluctuate on the simple principal of supply and demand. …
Continue reading "So Why Do Mortgage Rates Change So Much?"
National Doughnut Day started in 1938 as a fund raiser for Chicago's Salvation Army. Their goal was to help the needy during the Great Depression, and to honor The Salvation Army "Lassies" of World War I, who served doughnuts to soldiers in the First World War. Soon after the US entrance into World War I …
Continue reading "The True Meaning of National Doughnut Day"
In the housing market, the best deal doesn’t always come with the lowest price. Price vs. Payments - If you're financing your purchase, you'll probably never come close to paying the actual price. You're making a comparatively small down payment and then paying interest on the loan until you refinance or sell. Yes, you will have …
Having your bank account statements in order and avoiding the deposit traps will help assure a smooth mortgage application and approval process. Follow these simple steps and remember, if you have a question, just ask me!! Document the source and purpose of deposits not clearly identifiable as being from your employer. If a deposit does …
Are you Buying or Selling a Condominium? Worried that you don't meet the old rule of 50% owner occupancy rate? Worry no longer!! As long as you purchasing your new condo with the intent to occupy this condo as your Primary Residence, Fannie Mae no longer requires a specific occupancy rate in order to obtain …
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Home loan payments are now often less than rent payments! If you don’t intend to stay in your home long, need extra mobility or are unsure about your employment prospects, renting probably makes good sense for you. But if you're planning to stick around, owning may prove to be more rewarding. Here are five good …
Getting Gift Funds for the purchase of your new home? Whether the funds are for the down payment, reserves or even closing costs, here is what you need to know. The "Donor" of the gift must be a family member, fiancé or domestic partner. They must prove they have the ability to provide you with …
As you know, lending guidelines are like the weather in New England. Wait 5 minutes and they could change! With that introduction, why would you bring your clients out to see homes without having a full commitment letter from the Lender? Not a Pre-Approval... Not a Pre-Qualification letter, but a full commitment letter from US …
It's always been a good idea to get pre-approved for your mortgage loan, but lately, it's become even more important. Why should I be pre-approved for a mortgage loan? In recent years, mortgage guidelines have been tightened. Documentation requirements have been expanded and followed more closely. A pre-approval gets you through the process and uncovers …
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An Adjustable Rate Mortgage provides a specific fixed rate term before becoming an adjustable mortgage. An example: A 10/1 ARM is fixed for the first 10 years and then becomes a 1 year adjustable rate for the remaining term of the mortgage, thus giving you 10 years of security at a fixed rate. Advantages: If you know …
