Q: “Our loan officer has advised we ‘lock’ the rate we have selected, but we are not clear about how that all works. What does it mean exactly, and what do you recommend?”
Karen Davis
- Posts: 11
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Q: “We are trying to get a house, first time, but my husband can’t contribute to the process because he is has no job yet. Based on my income alone (lots of school loans), I was approved for $150,000 loan, we need a bit more. My brother is willing to be co-borrower, but he gives […]
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As 2013 comes to a close, I would like to devote my usual column to say a very sincere thanks, thanks to everyone in our community and thanks to my company, The Mortgage House, for which I’ve worked for nearly 17 years. With all the changes in the economy and the lending world, I feel […]
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Homes for Heroes™ is a program that was developed to save money for our Heroes! It is a national company formed in 2002 following the September 11, 2001 tragedy. This innovative network was created by a group of real estate-related business owners, joined together by a shared admiration for the often underpaid and underappreciated “heroes” […]
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“I have my VA Benefit for home financing. Why would I use this option to buy?”
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Q: “We are way ‘upside down’ in the value of our home compared to what we owe, but we have been able to keep up our payments and want to stay in the house for at least several years. We cannot get an appraised value that will allow us to refinance, yet I keep hearing […]
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Q: “My fiancé and I got pre-approved for a mortgage and are awaiting everything to be done, ready to start moving in a month. We found out he will be getting laid off this week. He is a union worker and this happens from time to time, not knowing how long he will be laid […]
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PMI is an abbreviation for Private Mortgage Insurance. This insurance is provided by private mortgage insurers to protect lenders against loss if a borrower defaults. It was established initially in the state of California about 40 years ago to help people buy houses with less than 20% down. Now, loans traded in the secondary market […]
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• A Reverse Mortgage allows owners to tap the equity in their home.• Borrowers must be at least 62 years old and occupy the home as their principal residence.• There are no required monthly mortgage payments.• Any outstanding mortgage must be paid off with the new Reverse Mortgage.• There are no “upfront” fees to be […]
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It might be interesting to update everyone on the latest guidelines on required waiting periods after a Bankruptcy, Foreclosure or Short Sale. The rules seem to change fairly often and, of course, may vary greatly with lenders and mortgage investors.