The Streamline Refinance program allows FHA-approved lenders to refinance current FHA-insured loans to a lower interest rate or to a different type of mortgage (fixed- or adjustable-rate mortgage). Streamline Refinance refers only to the amount of documentation and underwriting that the lender must perform; it does not mean that there are no costs involved in […]
Many refinance loans can take 30-45 days to close but there are lots of exceptions if your finances are complex or you’re refinancing at a particularly busy time of year. There are, however, steps you can take to limit your exposure to delays. Much of the documentation that you’ll need to provide for processing can […]
Your documentation allows underwriters to verify that you’re a good fit for the loan option you’ve selected. Here is a list of some of the most common documents that your loan officer may ask for: Your lender will also need to pull your credit report as a part of the refinance process, so have your Social Security […]
In many cases, yes. As rates have dropped and home values have risen, many homeowners have an opportunity to remove their PMI while reducing their overall monthly payment. Talk to your loan officer about the specific requirements of the loan products you qualify for. Keep in mind that many loans have a ‘seasoning requirement’ that […]
In order to better understand a Non-QM, it is helpful to be familiar with the criteria of a qualified mortgage. A qualified mortgage (QM-loan) is a home loan that meets certain standards set forth by the Consumer Protection Act and the Dodd-Frank Wall Street Reform Act, signed by President Obama following the 2008 housing crisis. […]
Some Highlights: Source: https://www.keepingcurrentmatters.com/2018/06/08/the-cost-of-renting-vs-buying-infographic-2/
According to Freddie Mac’s latest Primary Mortgage Market Survey, interest rates for a 30-year fixed-rate mortgage are currently at 4.61%, which is still near record lows in comparison to recent history! The interest rate you secure when buying a home not only greatly impacts your monthly housing costs, but also impacts your purchasing power. Purchasing power, simply put, is […]
So you made an offer, it was accepted, and now your next task is to have the home inspected prior to closing. Oftentimes, agents make your offer contingent on a clean home inspection. This contingency allows you to renegotiate the price you paid for the home, ask the sellers to cover repairs, or even, in some […]
Some homeowners have recently done a “cash out” refinance and have taken a portion of their increased equity from their houses. Others have sold their homes and purchased more expensive homes with larger mortgages. At the same time, first-time buyers have become homeowners and now have mortgage payments for the first time. These developments have […]
How do you select the members of your team who are going to help make your dream of owning a home a reality? What should you be looking for? How do you know if you’ve found the right agent or lender? The most important characteristic that you should be looking for in your agent is […]
