Do Reverse Mortgages Put People at Risk for Losing Their Home?
Often referred to as America’s most hated home loan, reverse mortgages are actually making a comeback and they’re not as risky as a lot of people think they are. There’s a lot of common misconceptions about a reverse mortgage, the main one being the...Will My Credit Score Affect My Chances of Getting a Home Loan?
A lot of us think that that credit score, that end-all/a be-all number is really the deciding factor on whether or not we can get a loan. Any loan or for that matter be it a car loan, student loan, appliance loan, or financing just about anything, but that score, that...
What Happens if the Appraisal Comes in Too Low?
You’ve chosen to buy a house or maybe you’re refinancing and everything’s going along great. The inspection has passed, things look like they’re moving forward, and then you get the appraisal back. Oh no! The appraisal came in lower than...
Bank Statements are the New Stated Income Loan
Back in 2007 and 2008 during the subprime mortgage bust, stated income mortgages were a thing, but they tended to get people into a lot of trouble and made it possible to buy homes they really couldn’t afford. But, with a little bit of finesse, revising, and a...
FHA Loan Limits for Multi-Use Unit Homes
2019 FHA Loan Limits For 1-Unit, 2-Unit, 3-Unit, 4-Unit Homes Every year, loan limits for FHA rise slightly to compete with inflation, which is good news! As of 2019, FHA-insured mortgages are now available for loan sizes up to $726,525 for one-unit homes. FHA loan...
How Much Is My VA Funding Fee?
VA loans are a great option for military personnel but it’s important to know about all the fees associated with these types of loans. The VA must be paid a loan funding fee before the VA will issue a guaranty. The amount of the funding fee depends on the amount...
How Will the Government Shut Down Affect Mortgages?
Here we are several days into a government shutdown and many people are wondering what impact that will have on real estate, the housing market, and the mortgage process. For many people, dealing with the government shutdown interrupts our life in several ways and can...
Wire Fraud in Real Estate – What to Be Aware of
It seems every week we hear something about money fraud or wiring fraud after real estate transactions and mortgage or financial transactions. In March of last year, the California Department of Real Estate issued a consumer alert and warning against timeshare fraud....
Should Sellers Get a Home Inspection Before Listing?
Even though this isn’t necessarily a mortgage or financial post, I wanted to talk about the importance of a home inspection when buying a property and also BEFORE listing a property. With some mortgages, the home inspection is imperative to the financing of a...
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Here you’ll find tips, updates on mortgage laws and changes that can affect your loan or approval. Check back often for more great ideas.