Mortgage Tips
What Is Escrow On A Residential Mortgage?
For this blog update, we will be discussing the mortgage term “escrow,” and what it means for the first time home buyer’s mortgage lending process. Escrow in the mortgage lending process is essentially an account that is created during the lending process that holds items ...
Fannie Mae Homepath Properties (REO) Real Estate Owned
Fannie Mae’s HomePath REO Program: An Introduction For this blog post, we will be talking about the Fannie Mae’s HomePath REO program in the eyes of the first time home buyer. Fannie Mae’s HomePath program is essentially for the selling of newly foreclosed properties that ...
The What, When and Why’s of a Foundation Inspection Certification
Introduction In the process of obtaining a mortgage, your lender may request a Foundation Inspection or a Foundation Certification. A Foundation Inspection Certification may be requested for several reasons, such as being requested by the appraiser due to his or her inspection, or the home ...
Asset Documentation For First-Time Home Buyers
One of the biggest sources of anxiety for the first time home buyer is the asset documentation needed for submission and for the final approval. First time home buyers can easily feel overwhelmed with the amount of documentation that is needed, especially when it comes ...
Mortgage Tips When Buying First Home: First-Time Buyer Advice
Understanding Your Budget For the first-time home-buyer, choosing the first home can be a daunting, intimidating process. There seems to be a lot of rules and regulations, many different loan programs to choose from, and a lot of fancy mortgage jargon that can leave a ...
What Is A 1004d Appraisal Form? The Completion Report
For the first time home-buyer, a completion report may bring confusion, anxiety and uncertainty. However, I’m here to tell you that these completion reports should bring ease and comfort to the first time home-buyer. These reports are requested by lenders when the original home appraisal ...
Who Are Fannie Mae And Freddie Mac? What’s The Difference?
The Skinny on Fannie Mae and Freddie Mac You may have heard the Names “Fannie Mae and Freddie Mac” while dabbing into the mortgage world and have asked yourself, “Who are they?” In short, Fannie-Mae and Freddie-Mac are not people, but entities. Fannie Mae and ...
Mortgage Closing Process: What To Expect?
When your loan processor submits all of the documents required by the conditional approval and your file passes through all of the last checks with the underwriters, you will be ready for closing. This stage is usually called “Clear to close.” Clear to Close and ...
What is the Debt to Income Ratio and How To Calculate It?
How Does My Annual Income Affect My Rate? Your annual income will not affect the rate of your loan, but it will affect the amount the lender will be comfortable giving you. A mortgage lender will be more apprehensive lending out a loan that they ...