While many experienced real estate agents have a general understanding of the mortgage approval process, there are a few important details that frequently get overlooked which may cause a purchase to be delayed or denied. New regulation, updated disclosures, appraisal guidelines, mortgage rate pricing premiums, credit score, secondary approval layering, rescission deadlines, property type, HOA [...]
Tag Archives: First-Time Home Buyer
Ten Credit Do’s and Don’ts To Consider Prior To Getting Your Mortgage Loan Funded
How can a fully approved loan get denied for funding after the borrower has signed loan docs? Simple, the underwriter pulls an updated credit report to verify that there hasn’t been any new activity since original approval was issued, and the new findings kill the loan.
How Much Can I Afford?
How much mortgage money can I qualify to borrow? This is typically the number one question mortgage professionals are asked by new clients. Of critical importance when considering mortgage financing: There is sometimes a difference between what a client ***can*** borrow and what they ***should*** borrow. In other words, what makes for a comfortable long-term [...]
Where Does My Earnest Money Go?
Hey, I gave my real estate agent a $5000 Earnest Money Deposit check… Where does that money go? A basic and very obvious question that most First-Time home Buyers ask once their purchase contract gets accepted. According to Wikipedia: Earnest Money – an earnest payment (sometimes called earnest money or simply earnest, or alternatively a [...]
Renting vs Buying A Home
Buying a home versus renting is a big decision that takes careful consideration. While there are several biased sources that can make arguments for or against owning a home, we’ve found that most home buyers base their ultimate decision on emotion. Yes, there are some tax advantages of owning real estate, as well as the [...]
Understanding the FHA Mortgage Insurance Premium (MIP)
The FHA Mortgage Insurance Premium is an important part of every FHA loan. There are actually two types of Mortgage Insurance Premiums associated with FHA loans: 1. Up Front Mortgage Insurance Premium (UFMIP) – financed into the total loan amount at the initial time of funding 2. Monthly Mortgage Insurance Premium – paid monthly along [...]
-
What’s Ahead For California Mortgage Rates: May 24, 2010
- Welcome to our site!
-
Who Owns My Home If I Have A Mortgage?
-
Top Mortgage Terms To Know
-
Top 8 Things To Ask Your Lender During The Application Process
-
What’s Ahead For California Mortgage Rates: September 7, 2010
-
August 2010 Jobs Report Pushes California Mortgage Rates Higher
-
California Mortgage Rates May Be Low, But They’re Tough To Pin Down
-
What’s Ahead For California Mortgage Rates: August 30, 2010
-
California Buyers Beware: New Development Home Builders May Be Ripping You Off
