mortgage

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

Higher interest rates

Do you know what it will cost you to borrow at a higher interest rate? If your rate changed from 3.5 percent to 3.75 percent, the cost would be an additional $14 per month, per $100,000 of principal. This increases slowly to $15 per month, per $100,000 when the interest rate changes from 4.5 to

Mortgages. The paper trail you will follow.

If you have a new year’s resolution to buy a house in 2015, here are some things you can do to smooth the path to getting a mortgage. The paperwork does not have to be overwhelming, if you are prepared. Avoid – unless absolutely necessary • Don’t transfer funds between accounts within 30 days of

Applying for a mortgage? What matters?

There are things about you and your finances that are going to be studied, legitimately, before a lender will give you a mortgage. That makes sense; they are lending you a large sum of money. But, there are some things that are none of their business, literally! Who you are – in terms of race,

By Rona|2016-12-28T14:01:09-05:00October 1st, 2014|Categories: Mortgage matters|Tags: debt, Fair Housing, lender, mortgage, protected class, real estate|

Can I be on the Deed, but not on the mortgage?

Sometimes a couple will qualify for a mortgage with one partner’s income, but won’t qualify with their combined income and debt. Think new lawyer with $200,000 in student loans. Think recently divorced and remarried person still carrying the bad credit from his/her ex. You would think that lenders wouldn’t allow only one person to be

By Rona|2016-12-28T14:01:11-05:00September 3rd, 2014|Categories: House Hunting, Legal questions, Money and finance, Mortgage matters|Tags: deed, mortgage|