Archives for the 'First Time Homebuyers' Category
IS IT EASY TO OBTAIN A MORTGAGE?
According to this writer it is a one, two, three step process.
True? Maybe, but in general not so much. A good, knowledgeable realtor could be a good referral source in finding a good loan officer. The key word is good. Check.
Having a “decent” salary and good credit is pretty relative. And it’s relative to the [...]
Getting a Mortgage with No Credit
For younger borrowers, a lack of credit (history) can hurt.
When a loan officer reviews a borrower’s history, the first, and most important, factor is credit. I recently read an article that focused on this question. Even if a borrower had no credit cards, no automobile payment history, and/or other history regarding credit that would appear [...]
JUMBO RELIEF
It looks as though Fannie and Freddie have decided to lower the rates on those “jumbo” conforming loans.
Remember that Fannie and Freddie increased conforming loan limits–in certain geographic areas–so that borrowers with larger loans could benefit from lower, conforming interest rates and, to some extent, conforming loan underwriting qualifications.
However when these jumbos came out the [...]
MORTGAGE APPLICATION: A CHICKEN AND EGG THING
Many borrowers, especially first time homebuyers, ask about the mortgage process. Basically: “So what do I do?”
First, to make an offer to purchase a property, the listing agent (or homeowner if it’s a FSBO) will likely want a pre-approval letter. In order for the loan officer to write the letter, he or she must have [...]
ANGRY ABOUT YOUR MORTGAGE OPTIONS?
I read this recent blog post and got angry myself. For a different reason than the writer.
He seems to be upset because banks/lenders are using systems to offer higher rates to current, valued clients. Hmmm….. At first glance I would agree and be upset. Yes, you want to give your best customers your best products [...]
WILL THE MORTGAGE PROGRAMS BE THERE?
Here in Chicago we hit 60 degrees this weekend. I noticed everyone out and about, walking dogs, walking kids, wearing shorts, etc. So I guess spring is here.
Then I noticed the trees. Still all bare. Not any sign of buds yet. It was as if the buds were still afraid to pop out for fear that we’d get [...]
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