Many home buyers can’t afford the requisite 20% down payment in order to avoid paying private mortgage insurance (PMI). However, their credit is in good standing and all other factors point to them being a good mortgage loan candidate. This situation is precisely why the 80-10-10 (otherwise known as a Continue Reading →
When you are buying a home or getting set to refinance your current home loan, you may be faced with different mortgage loan decisions. One could be whether to get a fixed-rate mortgage or an adjustable-rate mortgage (ARM). The Differences First, you should understand the differences. A fixed-rate mortgage will Continue Reading →
HAVE YOU EXPERIENCED A DEROGATORY CREDIT EVENT, BUT ARE READY TO BUY A HOME AGAIN? HERE ARE THE GUIDELINES YOU NEED TO KNOW. If you are ready to buy a home again, but are concerned about your past credit issues, there are some things that you need to know about. Continue Reading →
Earlier this year, the Federal National Mortgage Association (aka Fannie Mae) released an updated version of its Selling Guide (SEL 2017-06) that mortgage loan underwriters use to determine loan approvals. There were numerous changes reported, including raising the maximum debt-to-income ratio (DTI) from 45% to 50%. You can read about Continue Reading →
At Transparent Mortgage, we’re always looking for ways to help clients raise their credit scores. As a mortgage broker, I understand the importance of having a good credit score when it comes to applying for mortgage loans. It will impact the interest rate and terms—not to mention whether or not Continue Reading →
