Home Loans

Know Your Expense to Income Ratio Before Applying For a Home Loan

As you search for your dream home, one of the most important numbers to keep in mind won’t appear on a real estate listing or your paycheck – it’s your expense to income ratio, and it could make or break your ability to get a mortgage loan. In short, the expense to income ratio the amount you the buyer plan to spend monthly for ... More

Getting Mortgage Approval: Your 5-Year Plan

If a home purchase isn’t in your immediate future, you may not be thinking about what it takes to get approved for a mortgage. However, if you know you’d like to become a homeowner in the future, the following tips will help you avoid bumps in the road when the time comes. Address errors in your credit report This is important even ... More

Private Lenders Offer A Second Chance For Mortgage Applicants Rejected By Banks

Since the 2007 financial crisis, many traditional mortgage lenders have revised their mortgage applicant acceptance policies in an effort to retreat from financing borrowers who appear risky, due to poor credit scores, a troubling debt-to-credit ratio or less than a 20 percent down payment. As this new “hole” in the mortgage market has ... More

Everything You Need To Know About the Classic Reverse Mortgage

If you find yourself confused by the concept of a "reverse” mortgage, you’re not alone. This loan product, which is reserved for seniors aged 62 or older, allows a qualifying homeowner to borrow against their existing home equity. Reverse mortgagees are not required to make monthly payments on the loan as long as the property remains ... More

Be Savvy When Purchasing Your First Home

Making the decision to purchase your first home is, at once, exciting and daunting. To help you through the process, the below steps provide a guide to first-time buyer success by providing a useful framework for where to begin, as well as an ideal path to follow in the search for your dream home. Calculate your monthly budget – before ... More

Is An Investment Property In Your Future?

Under the right circumstances, an investment property can be a great opportunity to earn rental income, especially since property values have been rising steadily since 2007 and are expected to continue to be a solid investment. If you’re considering this type of investment, however, you’ll want to consider the following: Excellent ... More

Home Equity Conversion Mortgage Allows Senior Citizens to Purchase a Home

Whether you’re a senior looking to purchase your first home, downsize to a smaller property or purchase an additional home, a little-known reverse mortgage tool called the Home Equity Conversion Mortgage for Purchase, or HECM, may be just the ticket. Generally, reverse mortgages are known as a vehicle for senior citizen homeowners to ... More

ARM Loans 101

Adjustable Rate Mortgage loans, commonly called ARM loans, are one mortgage loan option available to prospective homebuyers. By definition, these are loans linked to an economic index, meaning the interest rate will fluctuate over time. Despite the uncertainty in rate, ARM loans can be very attractive because they typically feature a very low ... More

Can I Get A Home Loan Without Putting 20 Percent Down?

Research consistently shows that the number one thing holding renters back from buying is an inability to save for the required down payment. This is due, in part, to a long-held belief that the only good down payment is one of 20 percent or more. Unfortunately, with the average home in the United States selling for $311,400 these days, ... More

Is a Cash-Out Refinance Right For You?

Homeowners looking to refinance their mortgage loans are generally hoping for one of two benefits: a lower interest rate and lower monthly payments, or a large sum of cash in-hand. If an influx of spendable dollars is what you most need, a cash-out refinance may be the optimal tool for you. In essence, a cash-out refi allows you to tap ... More