Author: super_admin

If you were recently denied for a mortgage application, it doesn’t mean you can’t get approved somewhere else. There are some application issues that are fixable. The first thing you’ll want to know is why you were denied. We can take a look and shop for other loans options. Credit issues are a common reason for getting denied. The first thing to do is to examine your credit report to see if there are any errors that can be fixed. There are also other loan programs if your score doesn’t fit conventional loans. Debt to income ration or DTI that is too high is another common reason to be denied. The first thing if possible, would be to pay down debt. Another common source of debt is student loans -…

You can lock in a mortgage rate after you’ve made an offer on a house and have a signed purchase agreement. The mortgage rate lock, means that you have a specific mortgage rate “locked in” for a period of time (typically 30 or 60 days). This rate lock means you’ll get that rate even if rates move higher or lower during the time your loan is being processed. Rate locks do expire and can cost a fee (basis points) depending on the rate and period. With today’s rates near historic lows, a rate lock can be a good idea but a keen eye on closing dates is important as well. Give us a call or schedule a meeting on our site and we can review your situation and see what…

If you haven’t refinanced and maybe have been procrastinating here are five quick tips to help see if a refinance is right for you. 1. Check Your Rate – Rates are still near historic lows so even half a point can mean substantial monthly savings. 2. Check Your Equity – many home values have increased in equity in the past year so you may be eligible to refinance with cash out. 3. Check Your Debt – if you have a other high interest debt, you may consider consolidating that debt with a lower rate refi. Of course beware the revolving the debt cycle! 4. Check Your Calendar – if you want to pay of your home faster, you can refinance into a 15 year mortgage with extremely low rates. 5.…

You may not be familiar with a joint mortgage – this is where there are two or more parties on a mortgage. Commonly friends, family or a partner will combine their incomes and assets to buy a house. This is often done when one party cannot qualify or can’t afford a property on their own. Unlike a typical mortgage all parties are on the mortgage and all assume responsibility for paying it. The main benefit of a joint mortgage is being able to afford or qualify for more of home than one party is able to on their own. As you may have guessed this creates a more complicated situation where you can have co-ownership, and may be dependent on multiple parties making payments. Further you could have one party…