Student Loan Guidelines…

A growing number of people are currently dealing with student loans.  Some are making the maximum required payments, and others may be paying as part of an income based repayment plan. Others may have their loan in forbearance, or deferment. If you are not currently...

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“But My Free Credit APP said…..”

I had a conversation yesterday with a client about credit.  I had reviewed their credit and was going over their report and scores with them.  And then, the common reply came, the one I hear from so many clients - "But my free credit APP on my phone said my score was...

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2017 FHA Loan Limits

We are now halfway through 2017 and I wanted to post this update regarding FHA loan limits. FHA changed their loan limits for each county not too long ago and I felt it was important to share this information on our blog page, as some buyers are looking at homes in...

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An 80-10-10, what??

Several of my clients are buying new construction homes.  This sometimes put them in a unique situation because typically the builder wants to see a mortgage approval prior to starting to build their home.  Some of my clients simply cannot afford to own two homes.  So...

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Dreaming of a Vacation Home?

Have you always dreamed of owning a vacation home?  It's not a decision to be taken lightly, but if it is something you've always wanted, the means for making that dream come true are not as difficult as you might think. Here's some things you should know:...

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Qualifying Debt to Income Ratios

A  major factor in qualifying for a mortgage is the borrower's debt to income ratio (DTI). When calculating your debt to income ratio, you first add up all of your monthly minimum debt payments and then divide that by your gross monthly income.  Your potential future...

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For the second time buyers…

Some of my conversations with second time home buyers start off with uncertainty of where they should begin.  Particularly the ones who currently still own their first home.  While some buyers know their plan and just want my assistance making it happen, others want...

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Converting Your Current Home into a Rental Property

I have many potential home buyers looking to convert their current home into a rental property so they can buy a new home.  The first thing a lender will ask is "why are your looking to do this?" Typically,  there are 2 reasons: Not enough equity in your current home...

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The BIG Decision….Rate Locks

It's all about risk.  Between the times you start your application and the time you close your  loan, interest rates will do what they always do - change.  At times, the rate of change is exceptionally volatile, even from one minute to the next.  "Locking in" your...

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Mortgage Guideline Tip – Refi Process

Searching for information regarding refinancing? I have put together a quick summary of the process from application to closing below. The Application After we determine that a refinance will be beneficial for you, we start the application.  Much like your original...

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Mortgage Guideline Tip – Pre-Qualification vs. Pre-Approval

We often have conversations with our clients regarding the difference between a pre-qualification and a pre-approval.  Some clients believe that these are the same thing.  It is important to know that just because you are pre-qualified does not mean that you are...

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Mortgage Guideline Tip – Waiting period for derogatory credit

Several of our clients come to us after some sort of mishap with their credit or previous mortgage.  Whether it was a foreclosure, short sale, or bankruptcy, they all ask the same thing.  When can I purchase again? It is an important question for the borrower to know...

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Mortgage Guideline Tip – Mortgage Payment and Cash to Close

When it comes down to it, as consumers, we all want to know the bottom line, the numbers.  It is important to understand what you are paying for something and why. Two things that we spend a lot of time discussing with our clients is their monthly mortgage payment and...

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Mortgage Guideline Tip – Big New Changes in the Industry

The mortgage industry is going through a lot of dramatic changes that affect the mortgage process. The government has created stricter rules regarding documentation.  As a buyer, it is important that you are educated about these changes and know what to expect.  If...

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Choosing an Adjustable Rate Mortgage (ARM)

Adjustable rate mortgages (ARM) can be intimidating for a borrower to think about when they are going through the mortgage process.  An ARM has its benefits and risks.  I always tell my clients, if you don't like gambling, don't go with the ARM. ARMs have changed over...

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