When getting a mortgage, there are two primary types of mortgages. One is called a conforming loan, which means that the loan amount is under the conforming loan limits. Conforming loans have the most attractive loan rates and qualification criteria because the loans are being purchased by large secondary market companies like Fannie Mae/Freddie Mac, [...]

The myth of the no-fee mortgage
Taking out a mortgage to buy a home or to refinance an existing mortgage usually comes with a variety of loan fees and closing costs. Some lenders will advertise a “no-fee loan” to entice borrowers who don’t want to pay the fees, but is it really a good deal? No-fee mortgages still have fees, but [...]

Condo Mortgages – A checklist of what to watch for
Buying a condominium using a mortgage involves a more stringent set of lending criteria than when you buy a stand-alone home. While it is not difficult to obtain a condo mortgage, it pays to understand the mortgage requirements upfront so that you don’t have any nasty surprises. It also will impact you when it comes [...]

Looking for someone to pay your mortgage?
Wouldn’t it be nice to not have to worry about your monthly mortgage payment? Well, if you are willing to have your house painted with advertising, this company is offering to pay your mortgage! Adzookie is a mobile advertising network, and it looks like they are trying a novel approach to billboards, tapping homeowners across [...]

The FHA 203(k) Rehab Loan: Is it right for you?
Many of the homes that buyers see in this market, especially homes that are distressed, come on market in tough shape, with no one on tap to make repairs – except for the future buyers. In other cases, having financial help with making updates could mean the difference between a house you like and a [...]

Where is Your Mortgage Being Processed? – Key to a Quick Closing
Getting a mortgage for a home purchase can be a daunting task to the uninitiated, but it pays to understand the process upfront and pick the right mortgage companies to work with to ensure a quick closing. When getting a mortgage, there are three key individuals in the process: the loan officer, the loan processor [...]
What is a BPO? (Broker Price Opinion)
Have you ever wondered how banks determine the fair market value of real estate? How do they determine an approved short sale price? Where does the minimum bid at a foreclosure auction come from? How do banks determine the loan-to-value ratio for a loan modification or refinance? In many cases, the answer is by ordering [...]
Loan officers and lenders should be held accountable for contract deadlines
A home purchase can be a difficult process, and often negotiations on price or property inspection are difficult. However, the most difficult aspect of a home purchase inevitably seems to be securing your home loan. Lending guidelines have tightened considerably in the housing downturn, resulting in more documentation requirements, longer underwriting timelines and lengthier closing [...]
Beware of Yield Spread Premium (YSP) on your mortgage
Mortgage pricing is complex, particularly for the average home buyer who only deals with it once every 5-7 years. One of the most complex fees when obtaining a mortgage is something called Yield Spread Premium (YSP), which is easily missed or misunderstood by a home buyer. Put simply, YSP is the amount of money that [...]

FHA or Conventional Mortgage Financing – What is the difference?
We get a lot of mortgage-related questions from our home buyers, and often those questions are best answered by a mortgage expert. Today’s post is a guest post from Rhonda Porter, a Mortgage Originator who has helped a number of findwell clients with their home loan needs. She also writes one of our favorite local [...]
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