If you’re still renting, you might think that you’re not paying a mortgage. Technically that may be correct but in the end, you’re paying the property owners mortgage. When real estate investors evaluate a potential purchase, one of the first things they’ll be looking for is whether or not the unit generates cash flow. Investors […]
Understanding how to buy a fourplex is an interesting concept and at first glance it might seem a bit misleading. The obvious way to buy a fourplex and live mortgage free is to pay cash for it. But many don’t take that route because it can put a dent in a bank account and tie […]
When two people decide it’s time to buy a home together, in today’s environment and in many markets it takes two incomes in order to qualify for the home they really want. That means both will appear on the same mortgage application. Unfortunately when the decision is made to get divorced, there are a lot […]
With While mortgage lenders review a loan application, affordability is determined. Affordability can sometimes be a moving target as different loan programs may have different acceptable levels of debt. Paying off credit card balances might seem important, but lenders look at things differently. There are two primary types of debt, installment and revolving. Installment debt […]
Believe it or not there are some differences between financing new construction and financing an existing property. Yes, they’re certainly both financing options for a residential mortgage but there are some key differences and you might be surprised at the available options. Popular Loan Options for Financing an Existing Property Let’s first look at the […]
Deciding on which home loan to take is usually a matter of choosing an interest rate. But for those who have never financed a home before, there are many more things to decide on besides the rate. You might be surprised at the array of loan choices available to you, including short-term loans and long-term […]
What many borrowers don’t realize is how mortgage lenders “fund” a home loan. Funding essentially means providing the money needed to create a new mortgage. It’s probably easy to think that when someone applies for a mortgage, the lender reaches back into its bank vault and sends the money over to the settlement agent. But […]
When consumers start talking about mortgage loans, the two most important topics are almost always the prevailing interest rate for the loan program they’ve chosen and closing costs. Yes, there certainly are other considerations but in most every instance these two items get the most attention, and rightly so. After all, the interest rate on […]
Lenders today have multiple rules they must follow in order to be in compliance with federal and state regulations. One of those regulations can be found in the “Ability to Repay,” or ATR rule issued by the Consumer Financial Protection Bureau, or CFPB, back in 2014. Affordability was inserted after regulators discovered more and more […]
Let’s say that around the first of this month you checked mortgage rates to see if a refinance was in your future. Rates have been on a steady decline so far this year so it’s no wonder that you did make a quick check. And rates have fallen to the point in early March that […]
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