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New Loan Estimate Form and Closing Disclosure - I Dig It!

The new Loan Estimate form and Closing Disclosure will replace the existing Good Faith Estimate and HUD-1 closing statement starting August 1st 2015. I think it looks like a real positive change and I like what they did. Here is what the Consumer Finance Protection Bureau (CFPB) has to say about the new forms. “Mortgages […]

Debt-To-Income Ratio

A debt-to-income ratio is a very important part of the approval process. Not only for the mortgage lender who is making the decision on whether or not to give you a loan, but for you. Making a decision on how much you can afford to pay takes some soul searching…and sticking to your guns. Debt-to-income […]

Mortgage Ratios and Your Approval

Mortgage ratios are many times the deciding factor in whether or not a mortgage is approved. If the ratios do not fit, the mortgage does not get approved. You are not alone if answering countless questions about finances makes you a little cranky…sometimes really cranky. But the loan officer or online questionnaire is just trying […]

What Does a Loan Officer Make?

I think loan officers get a little bit of a bad rap out there for being lazy or disinterested and then getting paid for basically doing nothing. Oh come on, that’s what everyone thinks right? And those are the good ones. Of course there are the bad apples…the liars, the scammers, etc. But everyone knows […]

Using Child Support or Alimony to Qualify for a Mortgage

When you are getting a divorce, there are so many things changing. One of them is your living arrangements. So, if you are receiving alimony and/or child support, can you use this income to buy another house? The answer is yes…but here are the rules. Using Alimony and Child Support to Qualify for a Mortgage […]

Loan Modification Scams - 5 Steps To Protect Yourself

Loan modification scams or what are more accurately called mortgage modification scams, are still out there ripping off 1,000’s of American home owners. The Loan Modification Scam Prevention Network (LMSPN) tracked 28,000 scam victims from March 2010-November 2012 which cost them over $66 million. Loan Modification Attorney Involvement Amilda Dymi reported on loan modification attorneys […]

What Mortgage Can I Afford?

What mortgage can I afford?  I bet many of you out there are asking yourself that question.  When I put myself in your position and I remember back before I was in the mortgage business, everything sounds confusing. I visit many mortgage companies, banks, and credit union websites and think to myself, why are they […]

Using Part-Time Income for a Mortgage

Part-time income can be used when applying for a mortgage. But, just like everything in the mortgage underwriting world, there are rules. Many people have taken part-time jobs, second jobs, and seasonal work just to make ends meet during the recession but using it for mortgage qualification is different than using full-time income. Part-Time Income […]

Piggyback Mortgage Loan Basics

Piggyback mortgage loans are defined as second mortgages closed simultaneously with first mortgages effectively riding behind or piggy backing on the first mortgage. There is one basic reason to used this form of mortgage financing and we will discuss all of the pros and cons in this article. Piggyback Mortgage Pros & Cons Let’s discuss […]