Good Morning!Here is something to consider if you were thinking about refinancing from a 30 year mortgage to a 15 year mortgage… It takes 19 years and 4 months to pay your principle down by half on a 30 year amortization. Recommended action… If you can handle a slightly higher mortgage payment it’s a smart…
Good Morning! I’ve written to you about this before, but I think it’s worth covering again. People ask me if it’s possible to get rid of FHA mortgage insurance. It is possible, and here is how to do it… On a 30 year FHA mortgage the annual mortgage insurance premium is canceled once the loan…
Good Morning!You can have a credit score as low as 620 and get a loan with just 15% down payment on investment property.It’s been several years since you could have a credit score this low and be able to purchase an investment property.If you are interested in purchasing an investment property, and want to see…
Good Morning! I wanted to give you a quick break down of how your credit score is calculated by the credit bureaus… 35% – Payment history The credit bureaus look at your payment history on all your accounts; the length of your positive credit history and how long you have gone without a negative item;…
Good Morning! When it comes to getting a mortgage the difference between a credit collection account and a judgment is significant. The biggest difference is that a collection account doesn’t have to be paid off as a condition of mortgage approval. …However, a court ordered judgment MUST be paid off before a mortgage can be…
Good Morning! If you purchased your house on a Contract For Deed, or a Land Contract – we can treat this as a refinance loan? …It’s true! …The Contract For Deed doesn’t even need to be recorded. We just need 12 months cancelled checks to refinance a Contract For Deed, or a Land Contract. The…
Hello! In some circumstances your spouses credit matters – even thought they may not be on the loan with you. When it doesn’t matter… If you are applying for a conventional loan then we won’t run your spouses credit if they aren’t on the loan. When it does matter… If you are applying for a…
Hello! I wanted to let you know that I can now do VA loans with no credit score limitation! This means that there is no “minimum score” you must have to get a VA loan. There are two main requirements for me to get your VA loan approved… 1) I must get an Approve /…
Good Morning! Are planning on using your bonus income or overtime income to help you get a mortgage? …If so, then there are three important things you need to be aware of: 1) We can’t use bonus income or overtime income unless you can prove you have been receiving this income for 2 years. 2)…
Good Morning! Have you been told by a loan officer that you don’t qualify for a mortgage because you don’t have enough “trade line depth”? Most lenders have guidelines for the number of trade lines they want to see on your credit report. …for most of them they want to see 3 trade lines with…