Good Morning! If you have a conventional loan, and your loan to value ratio is over 80% – you will be paying monthly mortgage insurance to the lender. No one likes paying monthly mortgage insurance. It’s extra money added to your payment every month, and it doesn’t help pay down the balance of the loan.…
Good Morning! The Fed is to meet later today. Keep in mind, the Fed doesn’t set mortgage rates. The Fed’s policy rate applies to overnight loans between large financial institutions. However, if they announce a change to their mortgage backed bond buying policy – that could affect mortgage rates. Right now the Fed is buying…
Good Morning! I try to write about this topic at least every year or two, because it’s important… My job as a loan officer allows me to have a unique perspective into people’s lives. I can see how much money people make, and how much money they have in the bank. I do loans for…
Good Morning! If you’re rate shopping for a mortgage – here are some guidelines for you to keep in mind… 1) Get a Loan Estimate (LE). There’s always a relationship between fees / points / and rate. …You won’t know what that relationship is unless you look at a LE. (A low rate is great,…
Good Morning! I hope you had a great holiday weekend! I wanted to let you know we are getting more Jumbo products back. Once Covid hit the Jumbo market went away. You just couldn’t get a Jumbo loan. Now the product options are starting to come back. So, if you have a Jumbo loan and…
Good Morning! I’ve written about this before, but I see it every day, and wanted to remind you… Remember, from a loan perspective it’s very difficult to get a loan if you are currently in Forbearance, and the loan is behind. Lenders will insist the loan be brought current, and removed from Forbearance before they…
Good Morning! If you are planning on purchasing a house, and will be putting 5% down or less – this post is for you! I made a short video to show you how to have a lower house payment, and pay off your house quicker… That’s it for today! Have a good day! Get…
Good Morning! We want to be able to use your bonus income to help you get a mortgage. However, here are three big guidelines to be aware of for us to be able to count your bonus income: 1) We can’t use bonus income or overtime income unless you can prove you have been receiving…
Good Morning! I have borrowers ask me every day how much they need to put down to purchase a home. Here are your minimum down payment options on the loan products currently available in the marketplace. Loan Programs… VA loan: No down payment necessary. No monthly MI. This is the best loan going if you can…
Good Morning! There is a little known rule Fannie Mae has regarding self employment income. I see it being enforced more and more, and if you are self employed you should be aware of it. It’s regarding the borrower’s proportionate share of income or loss. Here is the actual guideline… “The Borrowers proportionate share of…