Ten Credit Do’s and Don’ts To Bear In Mind Prior To Getting Your Mortgage Loan
April 1, 2010 by Mark Madsen · Leave a Comment
How can a fully approved loan get denied for funding after the borrower has signed loan docs? Simple, the underwriter pulls an updated credit report to verify that there hasn’t been any new activity since original approval was issued, and the new findings kill the loan. This generally won’t happen in a 30 day time-frame, […]
How Much Can I Afford?
March 31, 2010 by Mark Madsen · Leave a Comment
How much mortgage money can I qualify to borrow? This is typically the number one question mortgage professionals are asked by new clients. Of critical importance when considering mortgage financing: There is sometimes a difference between what a client ***can*** borrow and what they ***should*** borrow. In other words, what makes for a comfortable long-term […]
Understanding the FHA Mortgage Insurance Premium (MIP)
March 28, 2010 by Mark Madsen · Leave a Comment
The FHA Mortgage Insurance Premium is an important part of every FHA loan. There are actually two types of Mortgage Insurance Premiums associated with FHA loans: 1. Up Front Mortgage Insurance Premium (UFMIP) – financed into the total loan amount at the initial time of funding 2. Monthly Mortgage Insurance Premium – paid monthly along […]
Making Sure Your Cash-To-Close Comes From The Proper Source
March 28, 2010 by Mark Madsen · Leave a Comment
Providing proper asset documentation and the actual source of the funds is a critical element of the loan closing process. There’s nothing worse in a real estate purchase than making it all the way through the hoops and hurdles just to have a loan denied after the final documents have been signed due to the […]
Talk the Talk – Know the Mortgage Lingo at Closing
March 28, 2010 by Mark Madsen · Leave a Comment
What the heck are they talking about? Many borrowers go through the closing process in a haze, nodding, smiling, and signing through a bunch of noise that sounds like Greek. Even though you may have put your trust in your real estate and mortgage team, it helps to understand some of the terminology so that […]
How Do Mortgage Companies Value A Property That Has Not Been Built Yet?
March 28, 2010 by Mark Madsen · Leave a Comment
It’s obviously easier to picture the process of estimating value on an existing property in a neighborhood that has a history of home sales, but the task of determining the value on new construction projects does pose some challenges. Appraisals on homes that haven’t been built yet generally require the contractor and home buyer to […]
