The latest Georgia and Florida mortgage tips, news, and information, including a few secrets and how-to guides we’ve learned after closing more than 4,000+ home loans over the past 15 years.
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 »
This is probably the biggest misconception. While it used to be true that you needed a large down payment, this is no longer the case. In the mortgage industry, there’s always a great new product just around the corner that benefits the consumer. The latest of these to surface is the “zero down” mortgage. This …
Home loans can be generally placed into one of four categories; Conventional, Alt-A and Sub Prime and second mortgages/home equity lines of credit. We will briefly touch on what impacts rates for each of these types of loans. Let’s start with the most common, conventional loans. Fannie Mae and Freddie Mac are quasi governmental agencies …
The mainstream mortgage market is no longer run or controlled by the banks. Wall Street has replaced the traditional bank and now pulls purse strings of this vast mortgage market via “mortgage backed securities.” A mortgage backed security (MBS) is simply a bond instrument in which anyone can invest. MBS’s are trading in the free …
PMI Deduction In 2020 If you obtain a new home loan with PMI (private mortgage insurance) in 2020 you might be able to deduct the cost of the insurance on your tax return. The rules are just as complicated as most other tax laws, so you should consult a CPA for guidance. What is PMI? …
For normal conventional loans (loan sizes from $50,000 – $1,000,000) for borrowers with average to above average credit that can document their income, qualification is generally an automated process. We take a standard loan application over the phone or via the internet, pull your credit and the file is then uploaded to one of two …
What does the appraisal report contain? Each report must reflect a credible estimate of value and must identify the following: The client and other intended users. The intended use of the report. The purpose of the assignment. The type of value reported and the definition of the value reported. The effective date of the appraiser’s …
A home purchase is the largest, single investment most people will ever make. Whether it’s a primary residence, a second vacation home or an investment, the purchase of real property is a complex financial transaction that requires multiple parties to pull it all off. So who makes sure the value of the property is in …
Oftentimes it may seem like a good idea to refinance to combine a first and second mortgages. If you have enough equity to keep your combined loans under 80% of the appraised value of your home this may work. There are some considerations however. If you’re existing 2nd mortgage was not used to originally to …
There may be some out of pocket funds required at closing depending upon a couple of factors. If you have an escrow account for taxes and insurance, it does not roll over to your new mortgage. This means we must collect for the new escrow account whatever amount should be in that account at this …
Will I have to write a check at closing with my refinance? Read More »
