We’ve had a ton of questions from folks, looking for information about their Student Loans, and how the payments on the deferred student loans, and IBR Student Loan payments will be looked at when they are applying for a mortgage. Unfortunately, these questions are pretty difficult to answer in any “broad” way… because every mortgage […]
First Time Home Buyer Programs NC
I’ve been asked recently about the difference between Student Loans that are Deferred, and Student Loans in Forbearance and Mortgage the Approval process. Both student loan deferments and student loan “forbearance’s” give you a break from monthly payments for a set period of time. There are situations where you might need a Forbearance, because you’ve […]
Fannie Mae is one of the “Big Dawgs” when it comes to Conventional Mortgage Loan Underwriting Guidelines. If they say something will work, most lenders / banks will follow that lead and approve loans based upon the Fannie Mae Guidelines. Deferred Student Loans Conventional Mortgage Approval requirements recently changed… for the GOOD! Fannie Mae changed […]
The Appraisal Report is given to everyone who is applying for a mortgage loan, but the type of report can vary based upon the type of mortgage you are applying for. The Standard “full blown” appraisal report contains tons of important information on the front page – but most folks simply flip to the 2nd […]
We talk to “Fence Sitters” everyday. That’s part of the Mortgage and Real Estate Business – talking folks off that fence, assuming it makes sense for them to do so. In many ways, you need to be part Authoritative Consultant, part Motivator, and part Coach to be successful at our job. We are actually […]
For instance the “Free Credit Score.com” jingle that folks listen to, and then PAY for doesn’t have a matrix that is anywhere close to the “Mortgage” matrix we must use to score you! We’ve seen many people who thought their credit score was “up” to 640 – when we pulled it and found that the score was actually 618, the customer thought we were crazy! We weren’t… there’s just a difference between a Mortgage Report Score, A Medical Credit Score, and a Retail Credit Score.
We talked to a buyer recently who was trying to compare currently rental payments to a house payment. As the conversation progressed we realized that this first time home buyer didn’t really have all of the information about rent versus buying. In fact, to make a fair comparison about rent versus buying, there are some […]