One of several significant financial instruments available for seniors today is a Reverse Mortgage. No matter what you may have heard, Reverse Mortgage can be used for either purchase or refinance of a property. What is a Reverse Mortgage? A Reverse Mortgage … [Read more...]
Archives for January 2014
Do You Need Help Buying a Home?
Many buyers need help buying a home because they don’t have enough information about how banks evaluate the borrower’s income. Here are some little known facts that will help you with your purchase: -If you are a W2 employee, Fannie Mae criteria … [Read more...]
Condominium Financing
In certain parts of the country, especially in bigger cities, condominiums are extremely common. In the past several years condo financing has became a lot more complicated since, unlike a house (where a lender is only concerned with a clean title), condominiums must meet … [Read more...]
203K Loan
In a different article we described a common scenario: when an FHA appraiser finds potential safety hazards and, for the bank to approve the loan, the seller must carry out the repairs necessary to address the problems. If the seller refuses the only option for the buyer - … [Read more...]
FHA Loans
During the boom of sub-prime lending, when anyone and their mother qualified for a mortgage, FHA lending was almost non-existent. Conversely, during the past several years anyone who does not have a 20% down payment or who has sub-par credit turns to FHA as the only … [Read more...]
How Banks Make Money
Did you ever think about how banks make money? Their main source of income (other than charging us a myriad of different fees) is lending money and collecting interest on loans. Banks will only lend money when they feel that the loan will be repaid. Makes sense, right? You … [Read more...]
Refinancing
Refinancing is the process during which you can replace your current mortgage with a mortgage under new terms, either with the same or new lender. Since there needs to be a closing for every refinance, there are closing costs associated with this process. There are a variety … [Read more...]
Cooperative Mortgages
Due to the nature of this subject, we will use a little more technical jargon than we have in most other articles. We will try to keep it clear. If you have never come across a coop property before you probably live in an area of the country where these types of properties … [Read more...]