A mortgage for a second home or vacation home is fairly similar to getting a mortgage for your primary residence. One of the biggest similarities is the rate. It is the same as the rate you would get for your primary residence. An investment property mortgage is much more expensive because it has an add […]
MyCommunityMortgage Highlights
December 10, 2014 by
MyCommunityMortgage is a first mortgage product from Fannie Mae. There are restrictions on income and can only be used for a purchase or limited cash out refinance. A limited cash out is when the closing costs can be rolled into the loan but you do not take any cash out. My Community Mortgage Underwriting Guidelines […]
Appraisal Complaints
December 9, 2014 by
Appraisal complaints are pretty common these days since it can make or break your mortgage approval, refinance, or purchase. I outlined some of the biggest complaints I heard from our former clients and readers over the years and tried to shed a little light on each of them. However, if you suspect there was laws […]
Interest Only Loans
December 3, 2014 by
Interest only mortgages are just as they sound. You only pay the interest and none of your mortgage payment goes to pay down the principal or balance. If you start out with a $150,000 interest only mortgage and you make all your payments, you will end up still owing $150,000 at the end of the […]
Using Social Security or Disability Income for a Mortgage
November 20, 2014 by
Social security and disability income can be used to buy a home or refinance. Many people mistakenly believe a job is required to get a mortgage but both these sources of income are acceptable. How Social Security and Disability Income is Used for a Mortgage Think about it like this. If you had a business […]
Divorce Mortgage Mistakes
November 4, 2014 by
In the beginning stages of a divorce, many couples make mistakes with regards to their mortgage that can ruin their ability to get another mortgage during or after the divorce. If you have decided a divorce or separation is happening, these are the things you need to do right away. Mortgage Payments and Divorce Who […]
USDA Rural Development Guaranteed Housing Loans
September 11, 2014 by
The USDA Rural Development Guaranteed Housing Loan does not require a down payment, does require an upfront fee like an FHA loan, and just recently changed the guidelines to include monthly mortgage insurance which previously it did not. USDA Features This mortgage is one of the only ways left to get a no down payment […]
Mortgage After Bankruptcy
September 11, 2014 by
A mortgage after bankruptcy is possible. Even in these days, with the tightening of underwriting guidelines. The recession hit people hard and some harder than others. If you were one of those people who lost their job and couldn’t find another one right away, you may have had to file bankruptcy. Or, maybe you had […]
Stated Income Mortgage Traps
August 16, 2014 by
The stated income mortgage is all but gone these days. Stated income mortgage lenders were burned and burned badly during the mortgage meltdown so they pulled all of the stated products off the market. Rob and I have been preaching to people for years about the dangers of the stated income loan. You cannot make […]
