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Changes to loan guidelines

Guidelines for getting approval on a home loan can seem like a moving target – they always seem to be changing. While that isn’t true, technically, what is true is this… there are so many guidelines in terms of a buyer’s qualifications (assets, credit, income, etc.) that small changes do tend to happen often. 446 more words

The Mortgage Blog

Can I qualify for an FHA loan?

What is an FHA Loan?

An FHA loan is a mortgage that’s insured by the Federal Housing Administration (FHA). They are popular especially among first time home buyers  994 more words

Prime minus 1.09%... Yes, this is a record-low Variable Rate!

Quoting rates isn’t straightforward anymore. Your final rate is based on your credit score, purchase price or home value (homes over $1 million purchased after Oct 17, 2016 have higher rates), the loan to value (mortgages under 65% LTV and above 80% LTV get best rates), location, job type and income confirmation documents. 271 more words

Mortgage News

Ability to Repay!

The ability to Repay is a requirement for most lenders.  This helps with the decision-making process when approving a borrower for a mortgage loan.  Within this process is a request for income, assets, employment, credit history, and monthly expenses.  134 more words

Mortgage Penalties: You could pay thousands to break your mortgage depending on your lender!

I originally posted a breakdown of how mortgage penalties are calculated by different lenders on January 4, 2011.

This remains relevant today and, since this has been my most popular article to date, it’s worth a repost! 1,038 more words

Mortgage News

Government urged to postpone ‘second mortgage’ scheme

The government has been urged to stall controversial benefit changes which came into effect in the new tax year, amid claims they unfairly penalise the most vulnerable in society. 113 more words

Mortgage News

Hackers are trying to steal mortgage funds

Banks, credit unions, mortgage lenders, loan originators, title insurers, title, real estate agents, and consumers in the state of New Jersey need to be on the lookout for hackers that are trying to steal mortgage funds during the transaction. 188 more words

Mortgage News