The Underwriter is the person working for the bank or lender that analyzes the risk and determines whether or not the lender can make the mortgage loan.   They are evaluating the borrowers willingness and ability to repay the loan as well as determining whether the property meets the lender and government requirements for the loan.  Some […]

Some sellers will have their home listed on the market allowing only a Cash or Conventional loan buyer to make offers on it.  They don’t want a buyer that is obtaining an FHA or a VA loan.  The usual reason for this is because the appraisal done on an FHA or VA loan is a […]

Here are just a few options of where your down payment can come from when purchasing a new home. Savings/Checking Accounts – This is money that you have saved from your own income and paychecks 401K Loan/Distribution – Some 401K plans allow you to take a loan against your 401K or a distribution.  Check with  […]

The Homeowners Protection Act of 1998 gives you the right to request cancellation of the mortgage insurance (MI) premium that is added to your loan payments.  If you do not request cancellation, the law also provides rules for automatic termination of MI.  The law applies to mortgage loans on single family, primary residences originated on […]

  Something you will hear lenders and banks talk about as part of your application process is your Debt To Income Ratios.  This is a critical part of the loan application and something lenders review to see if you can afford the new loan that you are applying for.  Typically there are two different types […]

 

The way I like to put it is your escrow account is a side account that holds the funds for your future property tax and homeowners insurance bills.  Every month that  you make a monthly payment a portion of your monthly payment goes towards funds needed in your escrow account to take care of property […]

  Many people wonder whether or not they can use their overtime income to qualify for a new mortgage.  The answer is Yes but there are certain requirements in order to be able to count it.  Typically you need to have been earning overtime for the past two years in the same line of work.  […]