Mortgage

[ad_1] You may have heard that the nation’s largest mortgage lender just rolled out a zero down mortgage. If you were around for the housing market crash in the early 2000s, it could feel like déjà vu. And not in a particularly good way. After all, it was toxic home loans that sunk the market […]

[ad_1] When you apply for a home loan, an underwriter will review your file in order to make a lending decision. They can approve your loan, deny your loan, or possibly suspend your loan pending additional information. The two most common outcomes are approval and denial, but even an approved loan is typically “conditional.” This

[ad_1] There are many different people involved in the home loan process. I wrote about this in detail already, but probably didn’t even include everyone. Because getting a mortgage is a pretty big deal, a lot of hands are needed to ensure it goes according to plan. There are also several ways to obtain a

[ad_1] You may have heard recently that “tappable” home equity has reached an all-time high, thanks to rapidly appreciating home prices and conservative borrowing on behalf of existing homeowners. If you haven’t, know that some 48 million homeowners have around $11 trillion in equity at their disposal. This assumes a maximum 80% loan-to-value ratio (LTV),

[ad_1] I spoke to a friend the other day who is selling their home and moving up to a bigger one. Crazy I know! What with home prices where they are the mortgage rates more than double their early 2022 levels. Despite this, they needed more space (and wanted a new locale) and were ready

[ad_1] Mortgage Q&A : “Which mortgage should I pay off first?” Today we’re going to talk about strategy if you hold multiple mortgages and want to reduce your total interest expense by paying one off ahead of schedule. It’s not uncommon to have multiple mortgages, such as a first and second mortgage tied to the

[ad_1] It’s time to talk about assumable mortgages. Everyone knows mortgage rates are no longer super cheap. The popular 30-year fixed was in the low 3% range just last year and today is closer to 7.5%. And it’s possible mortgage rates could move higher before they move lower, though they could be close to peaking.

[ad_1] I’ve already covered the mortgage underwriter’s role, so let’s take a look at what mortgage loan processors do too. After you speak to a mortgage broker or loan officer and agree to move forward with a loan application, a processor may reach out to gather required paperwork. This individual is responsible for prepping and

[ad_1] Here’s some Q&A with regard to the home loan approval process: “What do underwriters do?” Once you actually apply for a home loan, your mortgage application will be organized by a loan processor and then sent along to a loan underwriter, who will determine if you qualify for a mortgage. The underwriter can be

[ad_1] If you’re having trouble obtaining a home loan, perhaps after speaking to multiple banks, lenders and even a mortgage broker, consider reaching out to a “portfolio lender.” Simply put, portfolio lenders keep the loans they originate (instead of selling them off to investors), which gives them added flexibility when it comes to underwriting guidelines.