Alas, it appears that fixed mortgage rates have crept out of the basement and are on their way up. In other words, things are getting back to normal in mortgage and real estate. That means home buyers will once again have to make a trade-off to get the lowest... Read more
While I’m not a fan of all of the changes Dodd-Frank made to the mortgage industry, preapprovals under the new law are better and more reliable. Here’s what you need to know before getting pre-approved for your new home loan. It may take a bit more time than the pre-approvals... Read more
If you think it’s hard to get a conforming (Fannie Mae or Freddie Mac) mortgage today, try applying for a jumbo home loan. Jumbo mortgages have higher loan amounts than conforming loans and can’t be marketing through the mortgage clearing houses Fannie and Freddie. Because these loans can’t be... Read more
Did you know that you have a lot of control over how smoothly your next home purchase goes? Follow these dos and don’ts for a smooth closing: PLEASE DO: Ask your loan officer or mortgage broker about anything you don’t understand. He or she WANTS to address any concerns... Read more
When applying for a mortgage we usually think in terms of credit scores and annual income. These terms have a broad general meaning but for purposes of a mortgage loan application, “income” is not just the number that shows up on a tax return. Assets Generate Income For instance,... Read more
In January, the Consumer Financial Protection Bureau (CFPB) issued its Final Rule regarding lender verification of the borrower’s ability to repay (ATR) when granting mortgage financing. This means that after January 10, 2014, lenders will be required to document that borrowers can repay their mortgages. Does this mean stated... Read more
Mortgage Professor Jack Guttentag addressed a serious topic on the Huffington Post today — specifically, mortgage rate lock scams. He accurately says that when you get a Good Faith Estimate from your lender, there is no obligation to honor the rate unless you lock in before the rate’s expiration.... Read more