I am often asked why there is so much paperwork involved in a mortgage loan application when buying a home today. It seems that the bank needs to know everything about you and requires three separate sources to validate each and every entry on the application form. Many buyers are being told by friends and […]Read More Buying a Home: WHY So Much Paperwork!?
Has this ever happened to you? You’re surfing around on one of the many googolplexian (the biggest number in the world…with a name) of real estate websites wishing, dreaming of that new home but thinking the homes you’re looking at online are a little out of reach. Then you’re eyes are immediately fixated on that […]Read More Why is the Mortgage Payment Higher than the Online Payment Calculator?
A better question….can you use the projected rental income on your current home if you plan to convert it to a rental property when you buy your new home? The short answer….YES! The long answer….YES…and NO! It really depends on a number of factors, let’s break them down. Here’s the scenario – you’re shopping for […]Read More Can you use projected rental income on your Primary Residence to qualify for a Home Loan?
If you’ve ever purchased or refinanced a home then it would be safe to assume that you may have been surprised….ok, SHOCKED, at the total amount of ‘closing costs’. I bookended the term ‘closing costs’ with quotes because this term is both misused (by mortgage companies) and misinterpreted (by would-be homebuyers and refinancers as well […]Read More Pre-paids and Reserves? What are these and what is the difference?
In an attempt to not paint a grim picture…..I’m compelled to paint a grim picture. As forecasted in Real Estate Agent Beware! more and more ‘refinance boomer’ mortgage companies will move towards ‘purchase’ business to survive and, well, the domino of train wrecks will commence. It is because of this, my friend, that I felt led […]Read More 6 Steps to a Successful Mortgage Closing
If you’ve ever bought a home before then I’m sure you can relate with the poor, helpless automobile owner in the old 3 Best Guys Pep Boys commercial (see below). He drops his car off at the fix-it shop and each time he checks in on it the mechanic gives him the impression they’re ‘working […]Read More What do you mean my home loan is STILL in underwriting?
Why is the ‘cash-to-close’ different from closing costs?? Ever been a victim of sticker-shock? Far too often I hear stories of unassuming folks getting to the closing table only to find that they need MORE money than they thought….like thousands of dollars more than they thought. How does this happen?? Some lenders aren’t lying; they’re […]Read More There’s “closing costs” and then there’s the “cost to close”