Want to purchase an investment property without having to verify your personal income? A debt service coverage ratio (DSCR) loan might be your solution. With this financing option, lenders measure the cash flow of a property in comparison to its debt obligations. Keep reading to learn everything you need to know about DSCR loan programs, […]
If you’re interested in buying a home, you should explore what financing options will work best for you. The Federal Housing Administration (FHA) loan is a popular alternative to conventional loans. It offers an easier and more convenient way for first-time homebuyers and individuals with limited financial resources to become homeowners. The Veterans Affairs (VA) […]
Whether you are looking to increase your credit score as a personal goal, or for an upcoming loan you’d like to take out, our underwriters have created a checklist to help you improve your credit score. 1. Check Credit Report for Errors 2. Pay Bills on Time 3. Keep Balances Low 4. Utilize Existing Accounts […]
“With the war in Israel and Ukraine, along with drama and uncertainty in US House of Representatives. How have these events impacted rates?” Wars (especially wars that may expand dramatically) typically boost demand for “safe haven” investments such as bonds and mortgages. 10-year US Treasury bond yields (the most cited proxy for mortgage rates) dropped […]
Comparing Loan Disclosures from Different Loan Lenders Scenario: “We’re planning to buy a home in Michigan soon and talked to several lenders. Each of them gave us worksheets showing breakdowns of loan charges, interest rates, and payments. The rates vary, some of the worksheets show large origination fees, and the charges for insurance/taxes/title fees vary […]
As always, our goal is to provide tips for successfully navigating the mortgage process and to educate our readers on mortgage rates, the factors impacting them, and how to evaluate loan options. Please let us know if you have any questions for one of our loan experts! I’m a first-time home buyer in Michigan. It’s […]
If you’re hoping to purchase a home soon, there’s plenty of items to concentrate on. Your loan officer or realtor will probably give you a list of the documents you’ll need, and some “to do” items, like check on homeowner’s insurance and save your paystubs. Getting a mortgage, however, isn’t just about the “do’s”. Committing […]
“Your loan is like a jigsaw puzzle” is the author’s favorite analogy to explain the mortgage process to new clients. While the sometimes-puzzled borrowers may not immediately understand, by the time we’ve finished our discussion we’re all on the same page. They have a clear understanding of how loans are approved, what steps need to […]
“I’m looking at buying a vacation property in Michigan. What loan(s) should I consider?” Congratulations on your upcoming purchase! Your question is highly apt, as second home financing has changed dramatically over the past several years. Historically, Fannie Mae/Freddie Mac viewed second (aka: vacation) homes as similar to primary residences, and their interest rates were […]
If you’re eligible for a VA loan and are wondering if it is the best loan type for you, we’ve outlined some helpful scenarios below to help you understand your options and when a VA loan is best. “Hi. I am eligible for a VA loan, now living in Missouri after leaving the military. My […]