The List of Mortgage Questions

When applying for any mortgage loan it is beneficial and imperative that an applicant ask questions so they are fully knowledgeable of the product, interest rate, origination fee, points and any closing cost that is being paid in the loan.  The lender’s agent/loan officer is required to know and be able to explain all questions. … Read more

Mortgage Income Calculations

Mortgage income calculations are not hard they are just unique. They are as unique as the applicant’s line of work, and method of compensation. After reading various mortgage articles with questions and answers about the loan process and how income is calculated; it seems only appropriate to generate an article simple to understand. Having been a mortgage underwriter I am … 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

How Much Can I Borrow?

  This seems to be a question for many people when contemplating buying a home. It is a fair question and one that needs an answer if you are considering buying a home. Let me give you some details that will be of help to you with the question; “how much can I borrow?” We … Read more

Mortgage Loan Documentation Needed

Mortgage loan documentation may vary when the Lender uses the Agency “automated underwriting system”, which Mortgage Lenders, who submit loans to FNMA (Fannie Mae) or FHLMC (Freddie Mac) are required to use. If your loan has issues or concerns, such as insufficient credit, employment history or funds issues,  (to name a few);  it cannot be evaluated … 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

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

First Time Homebuyer Mortgage -Conventional

Conventional First Time Homebuyer Loan:  This indicates it is in this case Fannie Mae guidelines as Freddie has not joined in yet for this financing. If you are a First Time Homebuyer and need a mortgage loan, you are in better luck than a month ago.  I will explain why.  Starting December 13, 2010; details … Read more