Whether you are a Real Estate Agent or a Mortgage Lender, WE ARE REAL ESTATE PROFESSIONALS and it is our duty to responsibly help our Clients navigate through life transitions. Some of these transitions can be viewed as positive and happy, such as helping them buy their first homes, up-size due t
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03/19/2019
Although the main role of an Appraiser is to render an opinion of value for the "subject property" being appraised, the Appraiser will always "call out" the following 2 items if they are in violation of safety codes. These 2 items are as follows: Carbon Monoxide Smoke Detector - a minimum of 1
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02/26/2019
An often overlooked mortgage underwriting guideline is Cash Reserves (aka Post-Closing Liquidity). While not all loan programs require Cash Reserves, it is important to know what assets are eligible (and at what percentage). A good way to visualize Cash Reserves is to determine what is left on
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02/08/2019
What is the difference between a Home Equity Line of Credit (HELOC) and a Home Equity Loan (HEL) and why does it matter? In short, both mortgage loan programs are designed to be Junior Liens (to go into 2nd Lien position behind a 1st mortgage). Home Equity Line of Credit (HELOC) - is a revolving
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02/02/2019
What is the difference between Loan-to-Value (LTV) and Combined Loan-to-Value (CLTV) and why does it matter? To understand these terms and their relevance, I offer the following example related to a home purchase: Example: Purchase Price - $100,000 1st Mortgage - $80,000 2nd Mortgage - $10,000
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02/02/2019
As Real Estate Professionals, we are typically asked to help our clients through life transitions. While many transitions are considered "positive" (such as first time homebuyers, move-up buyers, family growth, job promotions, investment properties, dream homes, etc.), we are often asked to help
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01/29/2019
With so much noise on the airwaves, it is difficult for a potential Borrower (and/or a Professional who assists potential Borrowers) to know what is really going on with Mortgage Rates. Let's face it, Mortgage Companies have a vested "interest" in motivating Borrowers to act now before Mortgage
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01/28/2019
When determining whether to refinance multiple loans, a "Blended Average" (aka "Weighted Average") between interest rates is a great place to start. Oftentimes, Homeowners fall in love with their 1st Mortgage, but turn a blind eye to the interest rate on their 2nd mortgage and/or credit cards w
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01/25/2019
We have now reached that awkward time of the calendar year...that time of year when Borrowers have received their W2 & 1099's for 2018, but have not yet filed their 2018 Federal Tax Returns. While this awkward time occurs each year, many Real Estate & Mortgage Professionals remain ill-prepared f
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01/25/2019
UPDATE: Owner Occupied Cash Out Refinances with DTI above 45% will now require 6 months Cash Reserves As mortgage rates trickle higher, Fannie Mae has taken a step to tighten their Underwriting (UW) guidelines yet again. The latest revision is focusing on Cash-Out (C/O) Refinances with high Deb
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11/02/2018
