January of 2014 saw the Consumer Financial Protection Bureau (CFPB for short) introduce a host new rules and guidelines for real estate mortgages. For the most part, these ‘new’ rules and guidelines have already been around for awhile. The financial industry suffered a crushing blow from the 2008 Financial Crisis and has been extensively regulated every since. Read More
What are Mortgage Points?
When it comes to mortgages, a point is a very simple calculation. It is precisely 1% of the value of the amount mortgaged. Read More
Fixed-rates mortgages are considered to be the “gold standard” of today’s mortgage products in America. It’s no surprise they are the most popular mortgage product used today for both purchases and refinances. Read More
The Federal Housing Administration recently announced that it will soon be easier for borrowers with bankruptcy, foreclosure or a short sale in their past to qualify for an FHA loan. On August 15th, HUD released a mortgagee letter outlining new requirements for applicants who have experienced an “economic event” in their past that they have since recovered from. Read More
Before a prospective home buyer sets out to find that perfect home, it’s important for them to know how much they can afford and what other financing limitations may be. That’s when obtaining a Mortgage Prequalification is most beneficial. In fact, for many home buyers a Mortgage Prequalification or “PreQual” is the first step into the finance process.