Rate Locks & Good Faith Estimates… Know the difference!

Top 5 Questions: 1. What guarantee do you offer with rates provided on your written rate quote? A rate quote is NOT a guarantee of a mortgage rate until the loan is "LOCKED." A quote is a reflection of the rate "At that moment" the loan officer prepared the quote. Mortgage rates can change throughout the day... It's actually possible that the rate quote may have changed moments after the rate was provided... for better or worse. "Rates are a moving target, and without a lock–it’s just a quote" 2. Does my Good Faith Estimate mean my rate is locked? Your Good Faith Estimate [...]

How Many Times Can You Refinance with a VA IRRRL?

Question: How many times can someone refinance their home with the VA Streamline program, sometimes called the VA to VA loan and also known as the IRRRL (interest rate reduction refinance loan)?   Answer: As many times as it makes sense. When interest rates trend downward, as they have been doing for the past few years, it can make sense for someone to refinance their mortgage multiple times within a relatively short period of time. Example: If interest rates go from 7 percent to 4 percent over a 2 year period of time, it may make sense for someone to refinance their 7% mortgage to [...]

When To Know It’s Time To Refinance Your Home Loan

Your home is most likely the biggest investment you have, so refinancing your home is not to be taken lightly. Refinancing your home can be a great way to save money or even improve your financial situation, however before you refinance, you need to determine if you are refinancing for the right reasons and if the market conditions are right for refinancing. THE 5 REASONS YOU SHOULD CONSIDER   1. Mortgage Rates are at 60 Year Lows - Lowering Your Monthly Payment  Refinancing saves you money every month by lowering your interest rate and the size of your monthly payment, so you're paying [...]

10 Reasons Homeownership Is Better Than Renting

10 Reasons Homeownership Is Better Than Renting

So you are feeling uncomfortable taking the leap into the obligations of a new home and mortgage? Are you nervous about homeownership? Realize, unless you are living rent free with your parents, you ARE paying a mortgage... your landlord's. Take a look at these 10 reasons why and you might just go for it and become a first time homeowner! In a nutshell from the Joint Center for Housing Studies at Harvard University: “Households must consume housing whether they own or rent. Not even accounting for more favorable tax treatment of owning, homeowners pay debt service to pay down their own principal while [...]

“HELP! I’ve fallen and I can’t get up!” (Mortgage Rates)

  The Week in Review – July 4th 2014   "Help! I’ve fallen and I can’t get up!”  The Federal Reserve has been working hard helping our economy recover from the recent recession; we still need to keep our eye on some key reports that are rather disappointing. It has been six years and over $4 trillion in stimulus aimed at promoting economic growth, the final reading for 2014 first quarter Gross Domestic Product (GDP) came in at an sickly  -2.9 percent. Worse than expected and the worst reading since first quarter of 2009, the height of the recession. The report showed [...]

Pre-Approval vs. Home Loan Pre-Qualification

Getting ready to purchase your first home or even if you’ve been around the block and have owned multiple homes, the language surrounding the mortgage and real estate finance industry can get confusing. I will always break it down for you and make it easy to understand, so I thought it would be useful to review 2 very important and sometimes confusing terms... Pre-Qualification vs. Pre-Approved.. there is a BIG difference:   Pre-Qualification When we first speak,  we'll discuss your goals and plans, find out  what you are looking to accomplish. Are you looking to stay in this home long term or [...]

5 Signs You Might Have Chosen the Wrong Lender

5 Signs You Might Have Chosen the Wrong Lender

I have heard some stories over the years of clients that had a less than happy ending with their mortgage lender and loan officer. Here’s a list of 5 signs you need to look out for before going down the wrong road: 1. They don’t ask for any documentation - Early on a loan officer will ask you many questions... the more the better in regards to income documentation. If your lender doesn’t seem to be asking these questions, that is a reason for concern. Reviewing your tax returns, W-2’s and paystubs, or 1099 forms are necessary to qualify you. Early [...]

Documents Required for a New Home Loan - Purchase or Refinance

Documents Required for a New Home Loan – Purchase or Refinance

A question I am asked often is what information and / or documents do I need to provide? Because I am required to verify your income and financial information before giving you a mortgage loan, the items I request will provide the most complete picture of your financial history. Below are the documents I will need from you when we meet: Income Tax returns 2011-2012 (W2’s and 1099 if received) (2013 if filed or extension) Paystubs for the last 30 days Copy of Drivers License and SS card Mortgage Statement and hazard insurance declaration page for all real estate owned Asset statement most recent 60 days [...]

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