Call or Text: (800) 900-8569
Email Us: alex@gustancho.com
ByAlex Carlucci
Posted on
In this blog, we will discuss lender versus borrower-paid mortgage transactions. Mortgage brokers can often opt to go with a borrower paid for by a mortgage borrower to save the borrower’s commissions. There is no such thing as free in the mortgage industry. The way mortgage rates charged is the higher the lender’s compensation, the…
ByAlex Carlucci
Posted on
This guide covers the importance of mortgage qualification and pre-approval. A pre-approval is when a home buyer or homeowner has completed a 1003 mortgage loan application and the loan officer is confident the borrower qualifies for a mortgage. A pre-approval should be issued once the loan originator has run credit, ran the file through the…
ByAlex Carlucci
Posted on
This guide covers things to avoid when repairing your credit for a mortgage approval. There are things to avoid when repairing your credit for a mortgage approval. Mortgage applicants need to realize that low credit scores mean higher mortgage interest rate. Lenders view lower credit score borrowers as higher risk. With higher risk, comes higher…
ByAlex Carlucci
Posted on
This guide covers the five C’s of mortgage underwriting leading to clear-to-close. With mortgage loans, the risk analysis is critically important, so it is a good idea to review the file in detail before even submitting it. It is the responsibility of the mortgage underwriter to analyze the layered risk of the lender and the…
ByGustan Cho
Posted on
In this article, we will address the steps to take if you face mortgage denial following conditional approval. The home loan application and approval involve various stages, and this holds for both home purchase and refinance borrowers. Regardless of the type of borrower, the mortgage application process remains consistent. Before prospective mortgage applicants sign any…
ByApril Ramirez
Posted on
Homebuyers should ask for seller concessions from the home seller to pay closing costs. There are two types of costs for a home purchase. The down payment and closing costs. Most homebuyers do not have to come up with closing costs. If structured the home purchase contract correctly, homebuyers do not have to worry about…
ByAlex Carlucci
Posted on
This guide covers the frequently asked question can I get denied for FHA loan with good credit on home purchase. You can qualify for an FHA loan with credit scores down to 500 but you will not get an FHA loan approval with a 700 credit score if you have late payments in the past…
ByAlex Carlucci
Posted on
In this article, we will cover and discuss when am I committed to mortgage lender for a home loan. Mortgage loan officers do a lot of work in order to get a clear to close from the mortgage underwriter. A loan officer nor a lender can charge any fees, costs, or commissions up front until…
ByDale Elenteny
Posted on
In this blog, we will discuss and cover the upfront costs mortgage application versus closing costs. All home buyers or a refinance mortgage borrowers have closing costs associated with obtaining a residential mortgage loan. However, there are strict rules and regulations, both federal and state, on costs a mortgage lender can charge. Upfront costs mortgage…
ByGustan Cho
Posted on
This guide covers about the third-party search by mortgage lenders during the underwriting process. Mortgage lenders will pull three credit reports on every mortgage loan applicants during the mortgage process. The first step in the mortgage process is for lenders to look at borrower’s credit scores. The credit scores are what decides whether the loan…
ByGustan Cho
Posted on
In this blog, we will cover why lenders need credit reports and credit scores to get borrowers a mortgage loan approval. We will also discuss how mortgage underwriters analyze borrowers’ credit reports during the mortgage process. A consumer’s credit score is probably the most important factor that comes into play when applying for credit. When…
ByMike Gracz
Posted on
This guide covers qualifying and getting approved for a home mortgage moving to new home. Moving to new home is a very exciting time for your family. As I take you on a daily journey of my life, and if you have been following along, you will know that I just moved into my current…
ByGustan Cho
Posted on
Most mortgage lenders typically disapprove of overdrafts in bank statements. The presence of overdrafts in bank statements is viewed negatively by lenders, as it indicates a lack of financial responsibility on the part of the account holders. Even a single overdraft can lead many lenders to reject a mortgage loan application. It is advisable to…
ByGustan Cho
Posted on
This guide covers what do lenders look in bank statements during the mortgage process. Every mortgage lenders require borrowers to provide 60 days of bank statements as part of the start of mortgage process. Lenders typically review bank statements as part of their due diligence when assessing a borrower’s creditworthiness. When examining bank statements, lenders are…
ByJohn Strange
Posted on
In this blog, we will discuss and extensively cover everything you need to know about the loan estimate. The Loan Estimate, also known by mortgage industry professionals borrowers as the GFE, was created by the United States Department of Housing and Urban Development in 2010. The Good Faith Estimate is being replaced by the newly…
ByAlex Carlucci
Posted on
In this blog, we will cover and discuss getting a fully underwritten TBD mortgage approval as pre-approvals. Fully Underwritten TBD Mortgage Approval on home loans is geared towards borrowers who may or may not meet agency mortgage guidelines. In most cases, loan officers will issue pre-approval letters if they are sure borrowers will definitely get…
ByGustan Cho
Posted on
This guide covers the mortgage process leading to closing for borrowers. The home buying and mortgage process leading to closing is a process. It takes time. Most closings take an average of 30 days from the time the buyer has an executed real estate purchase contract. There are times where homebuyers can close in less…
ByGustan Cho
Posted on
This guide covers mortgage approval with 580 FICO credit score. The Federal Housing Administration, a subsidiary of the United States Department of Housing and Urban Development ( HUD ) insures residential mortgage loans to mortgage lenders against default from mortgage loan borrowers on FHA loans. HUD, the parent of FHA is not a mortgage lender….
ByAlex Carlucci
Posted on
This guide covers closing mortgage on time without stress during the mortgage process. All mortgage loans should not be delayed and close on time. However, this is often not the case. In this article, we will cover how mortgage loans should close on time. We will cover how loan officers should avoid closing delays. Following…
ByBrent Norkus
Posted on
This guide covers the importance of job stability when buying a house with a mortgage. Income is the most important factor when qualifying for a mortgage. You can have the highest credit scores in the world but without documented income, you will not qualify for a mortgage. You can have credit scores down to 500…
ByGustan Cho
Posted on
This guide cover how long is a pre-approval valid when shopping for a home. A pre-approval letter is a ticket for homebuyers to go and enter into a real estate purchase contract and the transaction is likely to close. A pre-approval letter is not a guarantee that the mortgage loan application is guaranteed a residential…
CALL NOW