A common question that people have is what is my rate going to be? Beyond the things that you might think about like credit score, loan type, loan amount, down payment, and property type. There are a lot of other different factors that go into how the rate is generated. Mortgage backed securities are basically a collection of mortgages that are packaged together as a security, which is a bond, and then bought and sold daily. Then that's what keeps the flow of money going around in the mortgage i
A common question that people have is what is my rate going to be? Beyond the things that you might think about like credit score, loan type, loan amount, down payment, and property type. There are a lot of other different factors that go into how the rate is generated. Mortgage backed securities are basically a collection of mortgages that are packaged together as a security, which is a bond, and then bought and sold daily. Then that's what keeps the flow of money going around in the mortgage i
Homeownership is exciting. You have decided it is the right time to buy your first home. You are going to enter the realm of being a first-time homebuyer. Now it is time to go about getting your first home mortgage. The first thing you should do before even looking at houses is to take a look at the money involved in buying your first home. It is time to sit down with a mortgage officer and review your finances and discuss what first bank mortgage options you have. The mortgage process is one of the more complicated and frustrating pieces
Hi, I'm Rebecca Richardson, a senior mortgage consultant, with Wyndham capital here in Charlotte. I wanted to just share a couple of details of how going through a separation or divorce can impact either buying or refinancing a home.I've been a lender for over 17 years, and I've worked with hundreds of buyers that have gone through a similar situation. There are three main categories that can be affected. One is how income gets calculated. If you're going to be receiving child support and alimon
Tips to get the best deal on your mortgage rate and learn about the important lender documents to track your closing costs.
Applying for a mortgage loan is an extremely interactive process. It’s very important that you and we stay closely in touch. Here are 9 “do’s” for you: • Do keep the process moving by responding as soon as possible to our requests for tax returns and other documents. • Do get back to us with any decisions we need from you as soon as is reasonably possible. • Do let us know about any questions or concerns you have as soon as they come up. • Do continue to make all your current rent or mortgage p
Discover if the conventional home loan is the right fit for you. Everything a homebuyer needs to know about conventional home loans.
What would life be like to be mortgage free? Here are the benefits of paying extra on your mortgage each month so you can live mortgage-free.
If you’ve gotten a mortgage before, or this is your first time buying a house, you may have heard that you can start with one lender and wind up actually choosing a different one.But what does it mean to change lenders and why does it matter?It’s important to understand that when it comes to mortgages, there are two ways you can work with a lender.There’s the origination side which means that the lender is responsible for collecting your information, structuring your loan, and getting that loan
Lenders use the FICO Score to help set the terms, conditions, and amount of your mortgage loan. FICO calculates a credit score from 5 categories of data, with these average weightings: 1. Payment History—35%. How you’ve handled credit cards, retail accounts, installment loans, finance company accounts, mortgages, etc. For delinquent payments, FICO looks at how much, how many, and how long ago. 2. Amounts Owed—30%. What you owe on how many and what type of accounts, plus the percentage of your cr
When getting a mortgage, we all know that the interest rate matters. As a reminder, the interest rate is basically the cost of borrowing money. It’s an added amount, in the form of a percentage, that you pay based on the amount you’re borrowing.And in this post, we’re going to go over the differences between how a rate feels, as far as changes in the actual rate, versus how it translates into the payment.The two main factors that impact your payment are your loan amount and interest rate.Keep in
“What’s the maximum a seller can pay to buyer’s closing costs?” This is a question I’m often asked and the answer – as with many mortgage questions – is “it depends.”Allowable seller concessions can cover quite a bit. Typically they are used to pay some or all of the following charges associated with obtaining a mortgage:– origination fees, discount points, commitment fees– appraisal costs, flood certifications, credit reports, tax service fees– transfer taxes, stamps, attorneys’ fees, survey
News You Can UseIf you’re considering a home purchase you’ve likely heard suggestions on steps to take prior to purchasing a home. With an average application to closing timeline of 30 days, life and finances still go on. However it’s easy to make a move that could jeopardize your mortgage approval.Suggestions on what not to do when applying for a mortgage:– Don’t open new credit accountsWhen purchasing a new home it can be tempting to finance new appliances, furniture, etc. This isn’t advisa
When you start your loan application, you may be overwhelmed by how much documentation is required during the process. And you may start feeling worried about whether or not you can get it all right and qualify for the loan you want. So in today’s article, I’m going to break down the loan application process and examples so you can start preparing and avoid the stress and overwhelm. One of the first steps when getting your loan approved is having the processor review your documentation. After th
Unlocking Mortgage Pre-qualification and Pre-approval: Understand the steps of the loan process and how to buy a home, from credit checks to income assessment, in your loan application journey. Discover how lenders tailor the best mortgage strategy for your homeownership goals. Get insights into the pre-qualification and pre-approval process.
What is an escrow account? And why is it a part of my mortgage? an escrow account is basically a savings account that is attached to your mortgage. You have to have it for some loan types because the lender wants to make sure that the property taxes and homeowners insurance gets paid on the property. How does it work? What happens is every month, in addition to the principal and interest payment that you make to pay off your loan to pay off your mortgage, you will have 12 of your homeowners insu
Finding the perfect home can be an exciting adventure for new and veteran homebuyers alike. But before you start scrolling through options online, it’s important to figure out what a realistic budget is so you can shop smarter and make strong offers.Part of this process is being pre-approved for a loan - this means determining how much money you can borrow from a financial institution (ie: a bank). Your lender asks you for a variety of information to determine what you can be approved for, how
Your relationship with your lender is one of the most important parts of your home buying process.That means it’s crucial to have a great working relationship with them if you want the process to be smooth and fruitful.One of the best ways to ensure you and your lender are a great fit is to interview them before agreeing to work together.Asking about rates and fees is important, but it’s also key to go deeper and ensure they understand where you’re coming from and your goals.Yes, rates and fees
Your relationship with your lender is one of the most important parts of your home buying process.That means it’s crucial to have a great working relationship with them if you want the process to be smooth and fruitful.One of the best ways to ensure you and your lender are a great fit is to interview them before agreeing to work together.Asking about rates and fees is important, but it’s also key to go deeper and ensure they understand where you’re coming from and your goals.Yes, rates and fees
When getting a mortgage, we all know that the interest rate matters. As a reminder, the interest rate is basically the cost of borrowing money. It’s an added amount, in the form of a percentage, that you pay based on the amount you’re borrowing.And in this post, we’re going to go over the differences between how a rate feels, as far as changes in the actual rate, versus how it translates into the payment.The two main factors that impact your payment are your loan amount and interest rate.Keep in
Credit is a big component of getting a mortgage. So, let’s talk about some common questions that people have when it comes to this part of the loan process. When a lender pulls credit, they’re pulling three credit scores: one each from TransUnion, Experian, and equifax. And what lenders will do is use the average of those scores as the basis of your loan. If there are two or more borrowers, lenders will use the lower middle score between the borrowers to establish things like rate and, if needed
When you’re shopping for your mortgage, it might be intimidating to figure out which lender you should work with.How do you decide which is the best offer?As a lender myself, I know that many of my clients compare options and lenders because when you’re buying a home, you want to know you’re working with someone who will be a part of your team and support you along the way.One of the things that helps in this regard is that all lenders are required to use the same form when we’re disclosing the
Discover the best mortgage lender with great rates and expert guidance for homebuyers needing help. Join Rebecca Richardson on your homeownership journey and make confident decisions about your dream home.
If you're thinking about buying a home, you might wonder how long the process takes. The first step in buying a home is going to be pre-qualification:This is where you'll complete an application that's going to ask you questions about income assets and credit, I will then get that application and give you feedback on loan type down payment options, rate, payment, all of those kinds of things. Typically, I'm able to turn around a pre-qualification in about 24 business hours.The next step is pre-a
News You Can UseIf you’re considering a home purchase you’ve likely heard suggestions on steps to take prior to purchasing a home. With an average application to closing timeline of 30 days, life and finances still go on. However it’s easy to make a move that could jeopardize your mortgage approval.Suggestions on what not to do when applying for a mortgage:– Don’t open new credit accountsWhen purchasing a new home it can be tempting to finance new appliances, furniture, etc. This isn’t advisa
News You Can UseIf you’re considering a home purchase you’ve likely heard suggestions on steps to take prior to purchasing a home. With an average application to closing timeline of 30 days, life and finances still go on. However it’s easy to make a move that could jeopardize your mortgage approval.Suggestions on what not to do when applying for a mortgage:– Don’t open new credit accountsWhen purchasing a new home it can be tempting to finance new appliances, furniture, etc. This isn’t advisa
Your relationship with your lender is one of the most important parts of your home buying process.That means it’s crucial to have a great working relationship with them if you want the process to be smooth and fruitful.One of the best ways to ensure you and your lender are a great fit is to interview them before agreeing to work together.Asking about rates and fees is important, but it’s also key to go deeper and ensure they understand where you’re coming from and your goals.Yes, rates and fees
Discover if the conventional home loan is the right fit for you. Everything a homebuyer needs to know about conventional home loans.
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When getting a mortgage, we all know that the interest rate matters. As a reminder, the interest rate is basically the cost of borrowing money. It’s an added amount, in the form of a percentage, that you pay based on the amount you’re borrowing.And in this post, we’re going to go over the differences between how a rate feels, as far as changes in the actual rate, versus how it translates into the payment.The two main factors that impact your payment are your loan amount and interest rate.Keep in
“What’s the maximum a seller can pay to buyer’s closing costs?” This is a question I’m often asked and the answer – as with many mortgage questions – is “it depends.”Allowable seller concessions can cover quite a bit. Typically they are used to pay some or all of the following charges associated with obtaining a mortgage:– origination fees, discount points, commitment fees– appraisal costs, flood certifications, credit reports, tax service fees– transfer taxes, stamps, attorneys’ fees, survey
Many find getting a mortgage as a self-employed applicant far more difficult than it needs to be! Self-employed mortgage lenders will cater for sole-traders,
Top 10 Mortgage Mistakes Do you want a successful, timely closing? Once you apply for a Mortgage, there are
If you are shopping for mortgage rates, It's good to know what to expect (or not) from dealing with mortgage brokers or going directly to the big banks.
How to find the best home loan for your purchase. Learn how to compare FHA, VA< USDA and Conventional home loan options!
Want to find out more about a mortgage qualification? Learn exactly what you need to do to prequalify for a mortgage to buy your first home.
Read our five tips on how to pay off your mortgage early. Save money by refinancing, letting your home become a rental property, and more.
Updated for 2021. Discover more about Mortgage Insurance, determine whether it's required, as well as the
If you’ve gotten a mortgage before, or this is your first time buying a house, you may have heard that you can start with one lender and wind up actually choosing a different one.But what does it mean to change lenders and why does it matter?It’s important to understand that when it comes to mortgages, there are two ways you can work with a lender.There’s the origination side which means that the lender is responsible for collecting your information, structuring your loan, and getting that loan
Are you're ready to buy a house? what's the first step that you do?The best first step that you do is that you get pre approved.What pre approved means is that you will speak with a mortgage lender, like myself. And we will go over income, assets, credit and all those things that ultimately we'll be looking at when it comes to your loan approval. Being pre approved means that we will actually go ahead and get some of the documentation to support that information, and helps get you further down t
The last two years have seen Canadian real estate prices go through the roof (pun intended), with price increases of 20% to 40% in many of the top markets. As a result of this overheating,
