Millennials and Money – Cheap Rates under Higher Income

Did you know, young buyers are more qualified today than their parents were, and here's what to know! Money is half the cost for Millennials than it was for their parents.  A $50,000 loan then is the same cost per month as a $100,000 loan now (simple math on lower rates).  Also, the percentage of [...]

Integrated Disclosure Rule: TILA & RESPA Updates

The Truth in Lending Act (TILA) and Real Estate Settlement Procedures Act (RESPA) promise to change how banks present disclosure materials on August 1, 2015. Prepare your loan officers and bankers with the following sample forms, FAQ sheets, webinars and other resources designed specifically to help bank officials meet compliancy by the August 1 deadline. [...]

What Are Par Rate Mortgages?

What it means to be pitched Par Rate. The definition of 'Par Rate' when dealing with a residential mortgage is the base interest rate you qualify for relative to all of the following factors: fico credit rating, down payment percentage amount, type of home (single family, condo, townhouse, etc.), type of mortgage product (fixed vs. [...]

The Qualified Mortgage: What Is It?

If you’ve been thinking about refinancing your mortgage or are preparing to buy a home, you may or may not have heard about the new mortgage rules that took effect January 10 of this year. In 2010, as a response to the housing crisis of the last decade, Congress wrote the Dodd-Frank Wall Street Reform [...]

2013 Mortgage Rate Predictions

  Just in time for buying and selling season to settle down slightly, we predict mortgage rates to be (drum roll, please)…about the same as they are now. Yes, mortgage rates in general will be on a steady pace for the next couple months and they will appear to be stuck in this range for [...]

The Golden Oldies: Interest Rates

You remember that nice couple just a few years ago that wanted to buy home but their lender declined them? Did they tell you the lender said they just didn’t yet make enough money to qualify for the type of home they wanted and decided to wait until they earned more? Sure you do, everyone [...]

The Clear Path

Everyone likes to know what the future will bring. There’s a certain comfort in predictability. Sure, an adventure of any sort can get be exciting but certain things shouldn’t be left to chance. For example, if you want to take a trip somewhere that you’ve never been, don’t you want a map/plan? At least directions [...]

Now and Later

Some loan officers, rookie ones, will take any and all loan applications they can, package them up and ship it off to their underwriter to essentially see if there’s any possible chance the loan can be approved. This really happens. When a potential borrower applies for a mortgage loan, a loan officer can smile, take [...]