Top 5 Ways to Position Yourself if You Want to Buy a Home in 2019

Top 5 Ways to Position Yourself if You Want to Buy a Home in 2019

• Get a copy of your credit report through www.MyFico.com. This will give us your true mortgage scores without a hard inquiry on your credit. You can also get a free copy of your report through someone like www.freecreditreport.com but it won’t give you the scores we use. There are 48 different FICO scoring models but only one that mortgage lenders use. No surprise, that this model is more conservative than most.

• Through an educational process, we can assist with ...

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Qualifying for a Mortgage on a Condo

Qualifying for a Mortgage on a Condo

When you apply for a mortgage on a condominium there are a whole host of additional considerations the lender must analyze. I like to think of it as two separate approval processes, the approval of your own personal loan and a secondary approval for the condominium complex itself. They take place at the exact same time but go down to separate paths. Since the approval process for the loan itself is no different than that of ...

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Recasting Your Mortgage

Recasting Your Mortgage

In this market, it is challenging to make a move if you must utilize the equity from the sale of your existing home for the down payment on a new home. Most Sellers will not accept an offer that is contingent on the successful closing of your existing property. But there is simple solution. Assuming you can qualify for both mortgage payments, and you have a 3 – 5% down payment for a conventional loan, you ...

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Credit Repair Companies

Credit Repair Companies

If you have had credit challenges in the past, beware of unscrupulous companies that promise they can solve all your problems. Far too many take advantage of you. They typically will charge you an upfront setup fee and then a monthly charge for as long as you remain a client. Most of them just take the “shotgun” approach and dispute every negative item on your report, every month. The credit reporting agency is then required to ...

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Paying Cash for a Home? Beware of the 90 Day Rule

Paying Cash for a Home? Beware of the 90 Day Rule

With inventory levels low in this competitive housing environment, some people are opting to make cash offers on homes to make their purchase agreement look more attractive to potential sellers. While this may help you get your offer accepted, there is a large pitfall you must understand. The IRS gives you a 90-day window to put a mortgage on a property to gain the benefits associated with this loan being considered “acquisition indebtedness”.

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SO, YOU NEED A MORTGAGE:

SO, YOU NEED A MORTGAGE:

IS YOUR BANK THE BEST PLACE TO GO? – Part 2

Last time, we presented a few things to consider if you are thinking about financing for your new home. Specifically, should you use a local bank or a Mortgage Banker? It may seem like the logical step is to call your bank. They have your banking accounts and since the Bank has your financial information, the process will be easier. Unfortunately, this is rarely the case. ...

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SO, YOU NEED A MORTGAGE:

SO, YOU NEED A MORTGAGE:

IS YOUR BANK THE BEST PLACE TO GO? – Part 1

You’ve decided to make a move and buy a new home, what’s next? The first step should be to obtain a Pre-Approval Letter. It may seem like the logical step is to call your bank. They have your banking accounts and since the Bank has your financial information, the process will be easier. Unfortunately, this is rarely the case. In fact, it is typically a much ...

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The Only Constant is Change…

The Only Constant is Change…

…and as witnessed over the past 20 years, nowhere is it more evident than in the mortgage industry. Much of it, as with any business, occurs because of the rapid and ever evolving technological advances making the process easier and more efficient.

Enter Government Regulation
But, as rapidly as it happens, the most change we’ve seen in the past years has come from government regulation. Hindsight is 20/20, of course, and looking back at the events leading ...

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Interest Rate Update

Interest Rate Update

Since I last wrote this update back in April, interest rates have been amazingly steady. The Federal Reserve raised short-term rates again in June. That is having a direct impact on adjustable rate mortgages (that are now adjusting), home equity lines of credit, and car loans. The prime rate has now risen from 3.25% in 2015 to 5% today. They have penciled in two more increases this year potentially, which would bring it up to 5 ...

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Divorce & Support Payments…

Divorce & Support Payments…

…When Can You Use it to Qualify for a Mortgage?

As you contemplate and work through a divorce, one of the most important factors to consider is your housing needs in the future. Will you stay in the home that your living in or sell the house and move somewhere else? We can’t overstate the importance of getting with a mortgage professional as you begin to negotiate your marital settlement agreement. There are very specific guidelines revolving around ...

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