Is a 15 or 30 year mortgage the best choice? There are a number of term options available to borrowers seeking both purchase mortgages and refinance loans today. There are 30 and 15 year mortgage loans, and even 20, and sometimes 10 year mortgages. So what’s the difference, and what quirks…
When shopping for the best home loan rates, are pre-payment penalties really a good thing? In the past home buyers and home owners seeking refinance or purchase mortgage loans were either oblivious to what loan prepayment penalties meant, or found them oppressive. So why hasthe perception on the features of loan…
Many first time home buyers find themselves in a situation of having no rental history when they apply for a mortgage. They choose to stay living at home with their parents or guardians while working and building up savings for a downpayment. Often times, they feel it is a waste of…
Could payment shock sabotage your mortgage loan application? There are many hidden quirks of mortgage loan underwriting which most consumers are unaware of, and even many newer loan officers fail to anticipate when taking mortgage loan applications. Payment shock is one of them. So what is it? How can borrowers preempt…
Where can real estate investors find purchase mortgage loans for flipping houses today? Flipping houses has become incredibly popular thanks to an array of reality TV shows ranging from Flip This House with Than Merrill to Flip or Flop featuring Tarek and Christina. The trendiness of real estate investing, along with…
Where can today’s first time home buyers find assistance with down payments? It is a very appealing time to purchase a home. However, despite attractive home prices and interest rates many first time home buyers have allowed themselves to be held back by the perceived obstacle of needing sizable down payments….
The percentage of Americans with students loans is increasing each year and so is the amount of money they are borrowing. Many young Americans are graduating with five to six figures of student loan debt. The payments on these loans can amount to the equivalent of a mortgage payment. Sadly, these…
What factors could squash your home mortgage loan approval during the process, and even on the day of your real estate closing? While it can seem like there is a fair amount of work to be done in just finding a home to buy, getting pre-approved for a purchase mortgage loan,…
One of the biggest factors on a mortgage loan application is the debt to income ratio. This ratio is calculated by dividing the total monthly credit obligations by the total gross monthly income. Lenders use this number to assess whether or not you’ll be able to afford your new monthly payment….
Interest only mortgage loans have both been vilified and idolized as incredible financial tools for buying a home. So how do they work, what are the real pros and cons, and is an interest only home loan right for you? Interest only (IO) mortgage loans were incredibly popular in the early…
