What Your Existing Debt Signals To Mortgage Lenders

If you’re like most Americans, you’ll carry debt at some point in your life, whether it be student loan debt to a financed automobile. While all debt affects your all-important debt-to-income ratio – that is, your monthly debt payments divided by your gross monthly income – different types of debt mean different things to mortgage ... More

Is a Jumbo Mortgage Right For You?

If you’re like most prospective home buyers, you’ll likely apply for a common mortgage loan called a conforming loan. Though the Federal Housing Finance Agency establishes limits on conforming loans, borrowers may still exceed conforming loan amounts in particular cases. When this occurs, the mortgage instrument is called a jumbo mortga... More

What To Know Before Applying For a Second Mortgage

A second mortgage usually refers to an additional home loan on the same property on which you already have one mortgage. If you own a home and find yourself in need of an infusion of cash – say, to pay for a wedding or unexpected medical expenses – a second mortgage may be the right tool for you.  As with any financial scenario, each ... More

Private Mortgage Insurance Explained

When you’re planning to purchase a home, there are plenty of fees and monthly payments to put a dent in your budget. One common fee is Private Mortgage Insurance, commonly called PMI, and it catches many buyers unawares. If you’re a buyer taking out a conventional mortgage loan and making a down payment of less than 20 percent of your ... More

Your Most Common Mortgage Questions Answered

Prospective homebuyers typically start the process with a host of questions. After all, purchasing a home is likely the largest financial transaction you’ll ever make. Read on for the answers to your most burning home mortgage questions. How Much House Can I Afford? This is a biggie, because it will determine how close your financial ... More

Mortgage Alphabet Soup: Terms To Know

The process of getting a mortgage can feel a bit like learning a new language. While most prospective buyers go into the process with a basic understanding of the terminology associated with mortgage loans, they can quickly many become lost in the jumble of letters, numbers and confusing financial terms. Understanding the five terms below ... More

‘Deliberate Delinquency’ Is A Risky Mortgage Move

For many years, homeowners who wanted a mortgage modification from their lender had to show at least one missed payment. While this is no longer a requirement, many homeowners are under the mistaken impression that deliberately skipping mortgage payments can strengthen their case when they request a loan modification. Unfortunately, experts ... More

Four Methods To Pay Off Your Mortgage Loan Faster

Paying off your mortgage early means saving thousands of dollars in interest and freeing yourself from the burden of long-term debt. It’s a dream nearly all homeowners say they aspire to, but accomplishing such a lofty goal feels out of reach for many. Try the following four methods to tackle your home loan debt fast. Think “Lucky ... More

Be Prepared for Mortgage Lenders to Ask Intrusive Questions

Meeting with a mortgage lender to apply for a loan can feel an awful lot like a first date – a bit awkward, uncertain and nerve-wracking. This is magnified because mortgage lenders will ask plenty of questions that may seem nosy to you. Rest assured, lenders ask these intrusive queries with good reason. How old are you? This question is ... More

Refinancing Is Not As Complicated As Some Homeowners Believe

Although mortgage rates have begun to rise somewhat in the second half of 2016, they continue to remain near historic lows, making it a great time to consider refinancing your loan. The process may seem daunting, and it does include several steps, but those willing to engage in the process can likely expect a new loan with better terms. This ... More