Are you hoping to qualify for a mortgage and make the purchase of your dream home a reality? Then you’re probably aware that understanding the mortgage process can be daunting, to say the least! Knowing which steps are involved in obtaining a loan, what lenders look at when they evaluate applications, and how to ensure …
Understanding the Mortgage Process: A Step-by-Step Guide Read More »
Your credit score is a critical metric used in assessing your creditworthiness and financial responsibility. It is key in determining whether or not you’re approved for a mortgage. A good credit score not only improves your chances of qualifying for a mortgage but also determines the interest rate you are offered and mortgage insurance. Here, …
How to Improve Your Credit Score Before Applying for a Mortgage Read More »
There are many types of loans available for homeowners, vacationers, and rental property investors. If you have investment properties that require financing, a Debt Service Coverage Ratio (DSCR) loan may be perfect for you. The DSCR loan is the right mortgage product for borrowers who want to avoid strict criteria, personal income verification, and time-consuming …
DSCR Loan Requirements: EVERYTHING You Must Know About Read More »
Unlike traditional loans, debt service coverage ratio (DSCR) loans are designed for borrowers who want to avoid the income verification standards, slower approvals, and underwriting complexities of conventional mortgages. The DSCR loan pros and cons vary depending on the borrower’s goals, financial situation, and property investment. Before You Apply for DSCR Loans If you’re considering …
One of the first important decisions you’ll need to make when buying or refinancing a property is whether you prefer a 15-year or 30-year mortgage. While both choices offer a set monthly amount over a lengthy period of time, there are more distinctions between the two than simply how long it would take you to …
A reverse mortgage is a unique type of home loan that allows investors and property owners who are at least 62 years old to turn significant property equity into cash they can spend. With a reverse mortgage, property owners essentially borrow against the property’s value. They do not have to make traditional monthly mortgage payments …
How to MAXIMIZE the Benefits of a Reverse Mortgage in 2023 Read More »
FHA loans and conventional mortgages are common mortgages used to finance homes. Whereas Federal Housing Administration (FHA) mortgage loans are insured by the government, conventional loans come solely from private lenders such as credit unions, banks, and mortgage brokerages. FHA loans have lower qualifying standards and lower down payment criteria than conventional loans. Conventional mortgages, …
Your Guide to Comparing FHA vs Conventional Loan Mortgages Read More »
Fixed-rate and variable-rate mortgages are two types of mortgage loans that homeowners use to finance their homes over years. The basic difference between variable rates vs fixed rates is the interest rate. Fixed-rate mortgages have a fixed interest rate that does not fluctuate, no matter the market conditions. Meanwhile, variable-rate mortgages have variable interest rates …
The Difference Between a Fixed-Rate and Variable-Rate Mortgage Read More »
In the world of mortgages, there are two major categories: jumbo loans vs. conventional loans. While conventional loans conform with the loan limit and conditions set by the Federal Housing Finance Agency or Fannie Mae and Freddie Mac, jumbo mortgages do not. Jumbo mortgages make up only a tiny percentage of all mortgages in the …
When looking for a way to finance or refinance your home, it’s essential to answer the mortgage broker vs. lender question. While both mortgage brokers and lenders can help you get the financing you need to buy a home, there are differences in their duties and the way they operate. Understanding the differences can help …
