A mortgage credit score can be different than scores you get from other places. This is important since your credit score will determine what you pay. You can get an idea of your scores from other sources but until a mortgage company pulls your credit, you will not know for certain. And one point can [...]

Today’s mortgage rates are hard to report since every borrower and their situation is different and every lender is different. There are even state differences. With all the variables, people can be disappointed or surprised when they actually get a real rate quote after a loan officer or broker has looked at their situation. Mortgage [...]

Here is the question: Ken asks, “Does YSP apply to government mortgages as well creating higher than necessary FHA and VA mortgage rates?” “I have a friend who swears that FHA rates are FHA rates because of the assistance aspect- no more, no less. I am fairly confident that it does not matter and those [...]

Automated underwriting is performed on every mortgage these days whether you know it or not. It can be done upfront when you take the application or later when the mortgage is submitted to underwriting. Obviously, it is much better to know upfront instead of wondering if you are approved farther into the process. Automated Underwriting [...]

A conventional mortgage refers to the underwriting and insuring of a mortgage. A mortgage can be underwritten by Fannie Mae, Freddie Mac, or the government. Conventional Mortgage Definition A conventional mortgage is a mortgage that follows the loan limit, pricing, and underwriting guidelines of Fannie Mae and Freddie Mac and are insured by one of [...]

Down payment assistance programs like The American Dream Down Payment Assistance are all but outlawed for use with any government insured loan programs. It’s about damn time! I can hear you now, “What’s wrong with charities helping home buyers by giving down payment assistance?” In a word, it’s a scam…that’s why! In more than a [...]