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This article covers the mortgage rate lock process and how to decide when to lock in a mortgage. You cannot close your mortgage without locking your interest rate when your lender gives you a mortgage rate quote that tells you what rate is available to you that day. But your mortgage rate is not guaranteed…
In this article, we will cover and discuss the final walk-through prior to home closing. A Final Walk-Through Prior To Home Closing To Inspect Home option is given to all home buyers. It is not mandatory for a home buyer to do a final walk-through prior to home closing. However, it is highly recommended that…
In this blog, we will be covering pre-qualifying borrowers with bad credit for mortgage loans. This article on pre-qualifying borrowers with bad credit for mortgage loans is a resource mortgage guide for borrowers and loan officers. New loan officers need to understand that the pre-approval process is the most important stage of the mortgage process….
This Article Is About How Credit Scores Affect Mortgage Rates When Locking Loan Mortgage Rates have dropped 0.25% after the sudden surge in recent weeks. Many borrowers in recent weeks were alarmed due to the sudden surge of rates. Now is the opportunity to lock in rates. How much lower will rates go? Nobody has…
This guide covers the minimum credit score mortgage guidelines on home loans. Income, credit, credit history, and credit scores are all determinants to qualify for mortgage loans. Every loan program has minimum credit scores mortgage loan programs. The single most important factor in whether or not borrowers qualify for a certain type of loan program…
In this blog, we will cover and discuss qualifying for FHA loans Colorado with bad credit and credit scores down to 500 FICO. The Colorado housing market is booming. Home prices are skyrocketing with no sign of a correction. There are more homebuyers than an inventory of homes. It is no doubt a seller’s market…
In general, borrowers buy down mortgage rates to get a lower rate on their home loans. However, there are instances where borrowers need to buy down rates due to loan level pricing adjustments due to lower credit scores
This blog will cover and discuss HUD Cash-Out Mortgage Guidelines on FHA loans for 2024. Home values are rising across the country, and many homeowners who purchased their properties a few years ago are experiencing significant appreciation, with increases in home value by 20% to 30% or more. The conventional loan limits 2024 have been…
This blog will explore and discuss the Colorado mortgage loan limits for FHA and Conventional Loans. Similar to trends nationwide, Colorado has seen an increase in loan limits for 2022. After thorough analysis, the Federal Housing Finance Agency (FHFA) has raised the conforming loan limits nationwide in response to the significant rise in home prices….
In this blog, we will discuss and cover duplex mortgage loans down payment guidelines. A duplex is a two-unit multi-unit residential housing unit. HUD, the parent of FHA, allows homebuyers to qualify for a 3.5% home purchase FHA loan on an owner-occupant one to four-unit home. The owner needs to occupy one of the units…
What To Do If Homeowners Cannot Afford Property Taxes: Every homeowner has to pay property taxes. Homeowners who own home free and clear, property taxes must be paid. Homeowners insurance is optional for homeowners who own their property free and clear However, all lenders will require borrowers to have homeowners insurance All property taxes will…
There are certain debts that can be exempt from debt to income ratio calculations on conventional loans.
In this blog, we will cover and discuss Chicago First Responders Homes For Heroes Mortgage Program. We have can help Chicago police officers and Chicago firefighters who are seeking a home loan with bad credit. Many decorated Chicago Police Officers and Firefighters have been affected by the 2008 Great Recession And Real Estate Market Crash….
This blog will discuss the HUD and Fannie Mae Guidelines on credit disputes during the mortgage process. We will outline the key points from the most recent updates to the HUD and Fannie Mae guidelines on credit disputes. Credit disputes occur when a consumer finds errors on their credit report that shouldn’t be there. The…
This guide covers choosing the right mortgage company for loan officers. Choosing the right mortgage company for loan officers is one of the most important decisions a mortgage loan originator needs to make. John Strange, a senior loan officer at Gustan Cho Associates, explains choosing the right mortgage company for loan officers to start their…
BREAKING NEWS: Refinancing During Coronavirus Pandemic Mortgage Crisis Hurdles with Refinancing During Coronavirus Pandemic Mortgage Crisis: With all the global news surrounding the COVID-19 coronavirus outbreak, there is a strong surge of refinance mortgage transactions. In this blog, we will give a quick update on the coronavirus affecting mortgages and how to complete a refinance…
This ARTICLE Is About Buying House During Chapter 13 Repayment Plan Mortgage Guidelines Buying House During Chapter 13 Repayment Plan is allowed only with FHA and VA loans. Borrowers can qualify for FHA and VA loans without the Chapter 13 Bankruptcy is discharged. FHA and VA are the only two mortgage loan programs that allow…
In this article, we will cover and discuss the steps to selling a house with a realtor fast for top dollar. We interviewed John Hartnett, a veteran licensed Illinois real estate agent who is an expert in representing both home sellers and buyers in the Chicagoland area. Do you want your home to look like…
It is no secret that mortgage interest rates are at historic lows. The COVID-19 pandemic has affected every global market, including the United States mortgage market. While historic lows are currently experienced in interest rates, all signs indicate an imminent increase. If you have been following the news, you know that the Federal Reserve announced…
This guide compares FHA versus conforming mortgages, the two most popular mortgage loan programs for homebuyers in the United States. Which program should homebuyers choose? Both have pros and cons. Sometimes, borrowers may qualify for FHA loans instead of conforming mortgages. Conversely, some borrowers who qualify for conventional loans may not qualify for FHA loans….
Florida, the most southern state in the United States, has a strong economy fueled by manufacturing, building, global finance, healthcare services, medical research, education, and aerospace and defense. However, Florida’s main source of income is tourism. Travelers love to explore local attractions and the white sandy beaches, often opting for car rentals, including“Miami car rentals…
Tennessee Home Prices Continue to Rise in 2024 Tennessee boasts a healthy state government with a surplus, which is excellent news for the state’s financial health. Many residents from financially struggling states like Illinois are moving to Tennessee. The state attracts numerous residents from high-tax states such as Illinois, Wisconsin, California, New York, New Jersey,…
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