Mortgage matters

Credit scores

If you are thinking of buying a house or condo, your credit score matters. A low score can Cause you to be unable to get a conventional mortgage. Drive up the price of your mortgage, because you are a higher-risk borrower. Sudden changes in your credit score, after you apply, can cause your mortgage to

Portfolio Lenders and Recasting Mortgages

Portfolio vs. conventional lenders A Portfolio Bank is a bank that lends their own funds into mortgages. They keep the mortgages in the bank and service the loans, which is a real advantage to homeowners. Portfolio lenders tend to be local banks and credit unions. A portfolio lender is able to make their own rules

FHA Mortgages Getting Easier to Manage, October 2019

The Federal Housing Authority, or FHA, provides mortgage insurance for people who purchase properties with less than twenty percent down. Some borrowers can only get their low down-payment loans through FHA, because no other institutional lender will qualify them. There is a difference with FHA loans. They weigh the condition of the property more than

By Rona|2019-10-02T08:31:04-04:00October 9th, 2019|Categories: Mortgage matters|Tags: condo association problems, FHA, house hunting, loans, spot approvals|

Saving on Private Mortgage Insurance (PMI)

Recently, my car insurance nearly doubled. No, I didn’t have an accident or get a ticket. I was up for annual renewal, and the algorithm at the company changed. My heads-up insurance agent noticed the change and moved me to another company. With the change, this year’s car insurance will be about $150 less than

By Rona|2019-08-20T12:16:26-04:00August 14th, 2019|Categories: buying process, Mortgage matters|

What is PMI and why do you have to pay it?

Private mortgage insurance (PMI) is an additional fee that borrowers who don’t have a 20 percent down payment must pay. It insures the lender, not the borrower. The lender’s costs to foreclose and resell the property could be more than the amount the borrower put down, initially, unless the lender has 20 percent up front.

By Rona|2019-07-11T14:50:53-04:00July 17th, 2019|Categories: buying process, condo issues, Mortgage matters|Tags: low down payment, PMI, private mortgage insurance|

Waiving Mortgage Contingency

1. Most of the time, if you have a documented pre-approval, you will get your mortgage, so a mortgage contingency is not really necessary, right? Wrong. It is only unnecessary if: You can afford to lose 5-10 percent of your purchase price. The mortgage contingency gives you a date by which you can get that

By Rona|2018-09-16T12:53:33-04:00September 26th, 2018|Categories: Money and finance, Mortgage matters|

Better Financing as a Negotiation Tool

The trend has been for listing agents to encourage their clients to accept offers that have  better financing. Because of this, commercial investors have a strong advantage because they frequently purchase for cash or with very high down payments. Whose interests are being served by rushing offers, then choosing buyers who are going to resell

By Rona|2018-06-29T10:17:36-04:00July 18th, 2018|Categories: Mortgage matters, Negotiating|

About Pinnacle Mortgage

Looking to borrow more than the Fannie Mae limit, but not to pay a higher rate for a jumbo mortgage? Looking to borrow with less than 20 percent down? Looking to buy a condo and your lender says the condo is "unwarrantable"? Today, I share some different lending ideas for you from Paul Sammons from

Two-Income Trap

In The Two Income Trap, Ms Warren and Ms Warren Tyagi wisely advise families to prepare for emergencies ahead of time. I am thinking of copying the chapter “The Financial Fire Drill” and giving it to my clients before they start house hunting. They pose three questions: Can your family survive for six months without one

By Rona|2018-04-08T15:31:05-04:00April 18th, 2018|Categories: Money and finance, Mortgage matters|