4 Reasons Why Your Mortgage Application Was Rejected

May 22, 2015

in Mortgage Loans | Tagged , , , , , , ,

It’s one thing to decide that you’re ready for homeownership, and another entirely when it comes to getting a loan. What the lender says is all that matters – it will make or break your chance at attaining the American Dream. There are many reasons why applicants may be turned down for a mortgage. Some [...]

The Good Faith Estimate, Defined

March 13, 2015

in Mortgage Loans | Tagged , , , , , , ,

One of the most confusing aspects of the process for first-time homebuyers is the mortgage. Common homebuyer questions include: Where to get one, how to get one, and what does all that jargon mean? Advice abounds, especially on the Internet. One common tip is that you should compare offers from lenders before settling on one [...]

Homebuyers Behaving Badly – And How to Avoid Being One

January 9, 2015

in Home Buying Guide | Tagged , , , , , , , ,

When a home is on the market, the seller’s privacy goes out the window. It is almost guaranteed that some buyers will open drawers, peek inside cabinets and touch items that are obviously personal and not included in the sale. Coming home from work to find that the impeccably-made bed you left in the morning [...]

Buy a Fixer With an FHA Loan

April 4, 2014

in Home Buying Guide, Mortgage Loans | Tagged , , , , , ,

Most real estate agents have tales of clients who just can’t seem to look beyond a home’s minor flaws, be they ratty floors or sagging screens. Then, there are those clients who can envision the possibilities of a house that’s seemingly being held up by a prayer. If you fall into the latter category but [...]

Good Credit but No Down Payment? There’s a Loan for That!

March 14, 2014

in Mortgage Loans | Tagged , , , ,

So, Warren Buffet spends more on dinner than you make in a month, and you’ve never required the services of an investment banker, but you have good credit and you long to own your own home. What if we told you that there is a mortgage loan program out there for people just like you [...]

Confused About VA Loans? Find Out What Veterans Should Know

February 28, 2014

in Mortgage Loans | Tagged , , , , ,

Fans of late-night TV will recall the infomercials of a few years ago, hawking zero-down loans. Those loans, along with loans requiring no documentation, were being handed out like candy to anyone who applied, and were largely blamed for the mortgage industry implosion. In the wake of that mess, mortgage lenders tightened standards. Lenders began [...]

Fannie Mae and Freddie Mac Conventional FHA Alternatives

January 31, 2014

in Mortgage Loans | Tagged , , ,

The changes in FHA-backed financing have many homebuyers seeking an alternative and, although it’s been around since 2006, Fannie Mae’s My Community Mortgage Program’s time has come. This is a conventional loan product, ideal for first-time homebuyers lacking a large down payment and with limited credit histories. With flexible underwriting and a 3 percent down [...]

Understanding FHA-Insured Loans

December 20, 2013

in Mortgage Loans | Tagged , , ,

One of the few blessings to come out of the Great Depression was the FHA-insured loan. Although, contrary to what many think, it wasn’t created to help low-income buyers get into homeownership. Just as during our recent Great Recession, during the Depression foreclosure rates skyrocketed, leaving lenders in the lurch. The FHA-insured loan was created [...]

Steps in the Mortgage Loan Process

November 8, 2013

in Home Buying Guide, Mortgage Loans | Tagged ,

You walk into the local bank and ask to see a mortgage specialist. Palms sweating, heart leaping – you are about to apply for what may be the largest loan in your life. A lot is riding on an approval: the ability to purchase a home, a new start in life, or the first steps [...]

Decoding Mortgage Terms

September 6, 2013

in Home Buying Guide | Tagged , , , , ,

Ah, the home-buying process. It feels as if someone scooped you up and dropped you in a country where you don’t speak the language. From your real estate agent to the lender, a lot of what you’ll hear may sound like gibberish. Busy real estate professionals who use the acronyms and foreign-sounding terms on a [...]