Changes To Dodd/Frank Bill – Should They?

Why bring up the past? Well, it seems we are possibly about to be presented with changes in mortgage lending regulations again. To this underwriter, caution might be the best route to take. In 2010, the Dodd/Frank bill came into play where banks and mortgage lending rules/regulations and procedures changed drastically because of serious mortgage … Read more

Some Methods To Improve Your Credit Score

Many different factors go into your credit scoring. Your credit score is not one score, it is made up of three. In mortgage lending, usually the middle score (called representative score) of the three bureaus; determines your capacity to pay back the debt in a consistent manner. One important note is to always know what … Read more

How To Get A Better Comprehensive Value For Your Home

When we start to sell our home, we naturally want the best value that is possible. Always little things here and there pop up that need to be done to give us the top dollar. I am going to give you some things to consider before calling the appraiser. Property values have gone up and … Read more

FHA Closing Cost Explained

Disclosure:  Mortgage policies and guidelines change frequently for all mortgage product; FHA/VA & Conventional. Always check with your lender of choice about their fees before jumping ahead.  When writing here we try to find the most current guidelines to give you the head-up you need. That does not mean that in the interim something could … Read more

Mortgage- Adjustable Interest Rate Loans

With the mortgage rates on the rise, the Adjustable Interest Rate Loans will more than likely start to go up and possibly give those homeowners the benefit of a lower rates initially. Mortgage interest rates are up just a little, but do not be dismayed, they are still viewed as low, compared to before the mortgage crisis. … Read more

Mortgage Banking Terms To Know

Mortgage Banking Terms There may be terms or definitions which are not included here. Mortgage Banker:  A firm or individual who originates loans for sale to other investors (such as Fannie Mae or Freddie Mac) and usually is a depository institution. They usually service the loan also.  A mortgage bank is a state-licensed banking entity … Read more

Understanding Mortgage Underwriting And Processing

What you as the applicant should understand about mortgage underwriting and processing. Processing a loan and underwriting a loan is not a magic process. It is a well thought out structure to know that the loan being documented and reviewed meet all mortgage loan requirements. It includes but not limited to:   1) Does the … Read more

How Your Mortgage Interest Rate Is Determined

While there are a number of loan parameters that will affect your mortgage loan interest rate, be aware that the lender will make some $$$ on your loan. Most lenders  will explain this to you, and are supposed to tell you how all aspects of your loan is determined. They are not going to give … Read more

FHA Mortgage Insurance Premiums (MIP)

These policies and procedures as of January 2015 What is MIP? MIP is FHA’s mortgage insurance premium that guarantees the loan in case of default. This Home Mortgage Insurance insures lenders for possible losses on mortgage loans to Finance a home purchase, proposed or under construction or an existing one -to four-family dwelling or manufactured … Read more

Ten First Time Homebuyer Mistakes To Avoid

Being a first-time homebuyer can be frightening simply because it is something you have not done before. It is an emotional process, which anyone making such a large purchase needs upfront information and knowledge. There are common mistakes that first-time homebuyers often make that perhaps you can avoid if you are reading this. Let this … Read more