After fears earlier in 2014 that the Fed was about to raise interest rates, it now seems that rates will remain unchanged for some time. Experts cite declining oil prices and flat inflation as evidence of the prime rate remaining near zero as it has been for the last six years. Part of the reason Read More »... Read more ›
Mortgages for Second Homes & Investment Properties The terms “Investment Property” and “Second Home” are sometimes used interchangeably to describe real property that is not an individual’s primary residence. While they do share characteristics there are some important differences worth knowing when it comes to Mortgage Basics. Investment Properties An investment property is a property Read more ›
Home Equity Line of Credit If you own a home and need access to cash, a home equity line of credit (HELOC) is an option you may want to consider. Depending on the amount of equity in your home, you could have access to the cash you need at reasonable interest rates. Although HELOCs have Read More »... Read more ›
Tips To Improve Your Credit Score? Your Credit Score – Turning a Necessary Evil into a Money-Saving Tool Many people view their Credit Score as a complex, frustrating, “Necessary Evil.” Just when you think you understand your score, it drops a few points, leaving you confused and right back where you started. This is not the Read More »... Read more ›
Private Mortgage Insurance Private Mortgage Insurance is designed to protect the Mortgage Lender in case the borrower defaults on the loan. It provides protection in the event of a foreclosure of the property in which the Lender had financed more than 80% of the home’s value. In the event the borrower has defaulted on the Read More »... Read more ›
About Home Loan Closing Costs When you get a home loan you will need to pay what is known as mortgage closing costs. They are basically fees charged by lenders and third parties that relate to the purchase of your home. This is an additional cost on top of the down payment, and home loan amount. Read More »... Read more ›
Credit Scores & Your Financial Health So we hear a lot about this infamous score and how it can affect our future financial abilities – but what is it really, and how does it come about? First of all, a credit score is an entirely different beast than a credit report. A credit report is Read More »... Read more ›
Temporary Leave Loan Qualification Temporary leave from an employer may encompass various circumstances (e.g. family and medical, short-term disability, maternity, other temporary leaves with or without pay). Under no circumstances should any medical documentation be required or any inquiry regarding the nature of the disability be made. Temporary leave may vary in duration. The period Read more ›
Why Does My Lender Need to Document Everything? “What’s with all the documentation?” or “Aren’t my pay stubs enough? I make plenty of money and have more than enough assets!” Are common questions I hear from borrowers. You show us your paystubs, and then you get a mortgage, how great would that be?! We like Re... Read more ›
The Fair Credit Reporting Act (FCRA) ensures that consumer reporting agencies conduct reporting activities on your credit report with accuracy, fairness and impartiality while protecting your right to privacy. This act imposes strict guidelines to regulate the reporting agencies that provide your reports. As well as the people who furnish the information to the agencies. Read Mo... Read more ›
