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What Can We Learn From the Last Recession?What Can We Learn From the Last Recession?What Can We Learn From the Last Recession? Housing sales nationally are at near record highs. Some of the biggest gains are in California. According to Experian, a real estate information firm that tracks home values, San Francisco home markets were up 19.8 percent from the last quarter of 1997 through the first of 1998. San Diego was up.. |
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What Factors Can Make Qualifying For a Mortgage Difficult?What Factors Can Make Qualifying For a Mortgage Difficult?What Factors Can Make Qualifying For a Mortgage Difficult? Qualifying for a mortgage is a pretty straightforward process. You complete a loan application, provide the lender with verification of your income, and proof of your assets and debts. The lender reviews your debt-to-income ratios and your employment and credit history. If they're. |
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What Information Will a Lender Need to Approve My Mortgage?What Information Will a Lender Need to Approve My Mortgage?What Information Will a Lender Need to Approve My Mortgage? Before you start seriously looking at homes to buy, it's a good idea to get pre-qualified for a mortgage. Then you'll know how much you can afford. After that, if you decide that you're really serious about buying a home, you should get pre-approved for the mortgage you'll need to. |
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What is 80-10-10 Financing?What is 80-10-10 Financing?What is 80-10-10 Financing? Buyers who are short of cash like 80-10-10 financing because it allows them to finance 90 percent of the purchase price without paying private mortgage insurance. PMI is insurance that protects lenders from a buyer default. PMI is often required when the mortgage amount is more than 80 percent of the purchase... |
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What is a Conforming Loan?What is a Conforming Loan?What is a Conforming Loan? You may have noticed when you last shopped for mortgage rates that most lenders make a distinction between conforming and jumbo loans. The interest rate quoted on a conforming loan is usually 1/4 to 1/2 percent less than it is on a jumbo mortgage from the same lender. A conforming mortgage is one that is packaged... |
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What is a Conforming Loan? - Part 2What is a Conforming Loan? - Part 2What is a Conforming Loan? Many lenders create home mortgages that are later sold to other investors. These loans are usually sold on the secondary money market to Fannie Mae (Federal National Mortgage Association) or Freddie Mac (Federal Home Loan Mortgage Corporation), two organizations that purchase home loans at a discount to resell to... |
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What is a Hybrid Mortgage?What is a Hybrid Mortgage?What is a Hybrid Mortgage? The recent hike in mortgage rates comes at an inopportune time for many homebuyers. Rising home prices around the country were already challenging buyers to either come up with larger cash down payments or stretch to qualify for larger mortgages. Higher interest rates makes qualifying for a mortgage even more... |
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What is a Loan-to-Value Ratio?What is a Loan-to-Value Ratio?What is a Loan-to-Value Ratio? One of the factors lenders consider before they approve a mortgage is the loan-to-value ratio (LTV). The LTV is the loan amount expressed as a percent of either the purchase price or the appraised value of the property. So, if you make a 20 percent cash down payment on a property you're buying, the LTV is 80... |
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