Do a search online for “mortage underwriter” and many of the images you will find are of sharp looking, well dressed individuals that seemingly do not have a care in the world. For example, here is one right off the…

Posted in Buying a Home, Mortgage 101, Mortgages, Refinance No Comments »

Recently during a conversation with a local Realtor, we discussed common questions and misconceptions. One question that I had never heard was in regards to closing costs.

The Realtor’s buyer had asked the Realtor what “Settlement charges” were and if they…

Posted in Buying a Home, Mortgage 101, Mortgages No Comments »

Documenting Assets is Important

Mortgage lenders have tightened up on underwriting criteria since the subprime fallout. One area that is increasingly looked at is the documentation of assets.

Asstes play a key role in qualifying for a mortgage loan. In many cases having assets may…

Posted in Buying a Home, Mortgage 101, Mortgages, Refinance No Comments »

According to the HUD Mortgagee Letter 2008-11, HUD has created two groups of references that can be used as alternative credit for FHA mortgage loans. These are used when the borrower’s credit file does not have enough information to create a credit score, or when the credit file produces a score with very limited credit. HUD stressed that these are not to be considered as an alternative to “poor credit.”

Posted in Buying a Home, Credit Tips, Mortgage 101, Mortgages, Refinance No Comments »

What is a Pre-Approval?

The term “pre-approval” has taken on many different meanings depending on who you talk to. Too many people confuse a pre-qualification with a pre-approval, but they are not the same. A pre-qualification is a very general and…

Posted in Mortgage 101, Mortgages No Comments »