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 …
IS YOUR BANK THE BEST PLACE TO GO? You’ve decided to make a move and buy a new home, what’s next? It may seem like a logical step 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 …
A Short Sale or a Foreclosure is most definitely not something anyone wishes upon them self or their loved ones. But, if you happen to be one of the many Americans who unfortunately experienced a Short Sale or Foreclosure, The Family Mortgage Team of Atlanta has good news for you! Listed below and in our infographic you’ll see Six Reasons …
Short Sale & Foreclosure Victims: 6 Reasons You Can Buy Again Read More »
It’s safe to say, most people are aware of the ever-so-popular home buying reality TV shows. And it’s probably also safe to say most people watch, have watched, or have at least been in the room while someone watched one of these shows… Property Virgins, Love it or List It, House Hunters, Property Brothers… and …
Now that you have created your list of amenities you want in your new home, are you ready to start searching? Well, not quite. You will need to know what price range you can afford. There are two ways to go about this: You can either get pre-qualified, or pre-approved for a mortgage. Whichever you choose, …
There are two ratios that a lender will be interested in; 1) your housing ratio, also known as your “front end ratio,” and 2) your debt-to-income ratio, also known as your “back end ratio.” The housing ratio is your gross monthly income (your income before taxes are deducted) divided by your total housing payment. Your …
If you have relatively good credit, today’s automated underwriting systems provide a list of only the documentation that is necessary to satisfy the lender. The way it works is that once the lender has your application and has pulled your credit, the file is uploaded to one of three locations, Fannie Mae, Freddie Mac or …
Automated Underwriting and The Home Mortgage Process Read More »
