No, I’m not turning into a country western singer. Just got a search for “no closing costs no points loan cheapest rates loan”. The visit (to this article) lasted less than a full second. The obvious implication was that it wasn’t what that person was looking for. As I have said before on many occasions, …
Continue reading “Looking For Loans In All The Wrong Places”
Minorities get higher rates. They add that the fact minorities are more likely to borrow from institutions specializing in high-priced loans could mean they are being steered to such lenders or that some lenders are unwilling or unable to serve minority neighborhoods. What they describe is called redlining. It is illegal. HUD really gets their …
Continue reading “The Consequences of Not Shopping Multiple Lenders”
The question that inspired this was can a mortgage company use the flood insurance claim money towards homeowners mortgage loans? This is equally applicable to every other form of insurance on your home – earthquake, regular homeowner’s insurance, and any others that you may have or require. The short answer is yes. The reason that …
Hello, I’ve been reading your website for awhile now, and have found it very helpful as I’m learning to navigate this crazy loan process! I had a question I was wondering if you could write about/answer. We currently have a mortgage and a secondary line of credit on our condo (we didn’t have a down …
One of the things I’m seeing a lot of these days is blanket advice on bridge loans. A bridge loan is a loan that you take out with the explicit intention of having it be short term. The most common situation is a loan against property A, which you own but plan to sell, so …
Thanks again for the terrific posts. I’ve learned more about mortgages in the past two months than I ever dreamed I might. I am looking to buy my first home soon, and have myself in a good credit position to do so. My credit score is over 800 and I have no back-end debt – …
“We have several rental properties that we own (more than 10). When we were younger, before we got married, we both moved around a lot and bought houses, moved, stayed a year or so and did it again. I of course don’t have to mention why we did this (no money down, low fixed rates, …
Read your article on negative arm loans, and for the person who only owns a residence and most real estate investors it will not work. I own several properties, and the parcel to be refinanced is ocean front…so is going up in value more than the negative arm would be when refinanced after prepay penalty …
Continue reading “Negative Amortization Loan Issues on Investment Property”
Many folks have no idea how qualified they are as borrowers. There are two ratios that, together with credit score, tell how qualified you are for a loan. The more important of these two ratios is Debt-to-Income ratio, usually abbreviated DTI. The article on that ratio is here. The less important, but still critical, ratio …
Continue reading “Loan Qualification Standards – Loan to Value Ratio”
Many people have no clue how qualified they are as buyers, or borrowers. There are two ratios that, together with the credit score, determine how qualified someone is for a loan. The first, and by far the more important, is debt to income ratio, usually abbreviated DTI. This is a measurement of how easy it …
Continue reading “Loan Qualification Standards – Debt to Income Ratio”
