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”
You’ve worked hard to protect your credit score, you’ve been diligent with your savings, and you’ve maintained a stable income. Why is your lender bringing up your debt-to-income ratio? What IS your debt-to-income ratio and how does it affect your qualifying power? First, let’s establish what the debt-to-income ratio is, and then we’ll cover its […]Read More Good credit, down payment AND my debt-to-income ratio??