Qualifying for a Mortgage Loan

Do We Finance Manufactured Homes?

I choose these video topics based on the things that are coming up in conversations with clients and others in the industry. This week, the topic of manufactured homes has come up a few times – myself and another person at the…

Sick of Overlays?

Sick of overlay? If you aren’t in real estate, then you probably don’t know what that means. Overlays are in conventional, FHA, and VA loans (which make up more than 90% of the loans out there). These loans have base guidelines –…

Bridge Loans: Using Current Equity to Buy a New Home

Franklin Loan Center just rolled out an awesome product that I want to share with you today. It’s a legitimate bridge loan that can help by closing the gap when you are selling and buying at the same time. What is a…

New Homes for Christmas

With it being the day after Christmas, I wanted to brag on my team a little bit for the work that has been done to help a couple of families get new homes for Christmas. This season, we had several situations where…

Great Options for Self-Employed Home Buyers

It is common for me to talk to clients who are self-employed and want to buy a home. As I dig into their tax returns, I see that they won’t meet the qualification requirements with the traditional full documentation for a mortgage….

What is Desktop Underwriter (DU) and What Does It Mean?

Today, our topic is heavily focused on real estate: we are talking about Desktop Underwriters, also known as DU. I wanted to talk about this topic today because DU just released a new version, and the upgrades look like they will be…

Three Fatal Mortgage Mistakes to Avoid When Buying a Home

You’ve planned, you’ve saved, you’ve searched, and you’ve negotiated. Now, you’ve been approved for the loan and you’re finally in escrow on that dream home. Make sure you avoid these fatal mistakes that could cause everything to come crashing down! Mistake #1: …

5 Personal Questions Every Lender Must Ask

It can be an uncomfortable experience to apply for a mortgage, and many people feel like they are going through an interrogation process. You should expect the lender to ask some questions that might seem quite personal, but it is important that…

Why Do Lenders Ask for Your Job Title?

The mortgage application has become a myriad of information and , quite frankly, a nuisance in the eyes of many borrowers. The information that lenders require, however, tends to make sense when you take a deeper look into the reasoning behind it….

3 Hints for Getting Approved for a Mortgage

When you are excited about buying a new home, it can be a disappointing experience to run into difficulties with the mortgage approval. The only thing that is lying between you and your dream home is the financing! Don’t worry though… just…

Pros and Cons of Banks, Brokers, Credit Unions, and Online Mortgage Companies

Seems like these days there are plenty of places where you can obtain financing for a home. There are pros and cons to each so in an effort to help you keep your clients well informed, today I’ll provide full disclosure on…

How Does a New Job Affect Your Ability to Get a Mortgage?

Changing jobs is a pretty normal thing these days and for the most part, it’s usually a positive thing. Perhaps you were offered a better paying position, the opportunity to move to a more desirable location, or the chance to go from…

What NOT to Do When You’ve Applied for a Loan

So you’re ready to buy a home, you’ve found the perfect property, you’ve gotten pre-approved with a lender and the process is underway… Fantastic! Now, here’s a list of things you should NOT do while that transaction is in escrow. In fact,…

How to Know if You are Really Pre-approved

For potential home buyers, getting pre-approved for a home loan is vital. A pre-approval letter conveys to the seller that you have completed all of the required steps and you have the ability to be a home owner. So, how do you…

Why Should Home Buyers Be Pre-Approved?

Typically, the first thing someone does when they want to buy a home is go online and start looking at listings in their area. That is a reasonable start but for a serious buyer, one of the first steps needs to be…

How Does Solar Financing Affect Mortgage Financing

Attention Realtors! If you are listing a house with solar panels or working with a buyer who is considering purchasing a home with solar panels PLEASE be aware that this could impact the new mortgage. With many homeowners electing to finance their…

Pre-Qualification vs Pre-Approval

What is “Pre-Approval” for a home mortgage and how is it different from a “Pre-Qualification”? Why is a “Pre-Approval” important (if not critical) to the home buying process? Why should Realtors make sure that all of their buyers are “Pre-Approved” as soon…

New Survey Shows What Financial Institutions Want for Mortgage Qualification

Many people looking into purchasing a home know that qualifying for a mortgage can have its challenges. Many factors determine if you will be approved or rejected, including having little or no savings, having a low credit score, and having incorrect documentation…

Is Getting a Loan as Hard as People Say?

If you listen to the media reports, you’ll probably conclude that getting a mortgage loan is near impossible unless you have perfect credit and 20% or more to put down. However, nothing could be further from the truth. We have closed loans…

Getting a Mortgage After a Major Economic Event

In the past 6-7 years, many Americans have faced economic turmoil in the form of job loss, bankruptcy, and foreclosure. Luckily, rules for obtaining a new mortgage in the wake of one of these events have eased slightly and many families who…

New Information on Loans With Less Than 20% Down

There is more proof that the housing market is continuing to brighten as more home buyers are discovering that they can get conventional loans with less than a 20% down payment. According to a recent article in USA Today, the only way…

Understanding the Process of Mortgage Lending

Many people who are thinking about buying a home may not understand the importance of a lender and what a lender does. When that important time comes where you have made the decision to become a homebuyer, the first important step will…

Qualifying the Self-Employed & Small Business Owners

If you happen to be self-employed or own a small business, you probably already know that getting a mortgage is a bit more cumbersome than when you had a paycheck and a W-2. There are some valid reason for this and despite…

Increasing Your Chances of Qualifying for a Loan

While banks are definitely back into the mode of mortgage lending, there are still guidelines in effect that require home buyers to document specific portions of their financial and credit histories. Basically, banks want to make sure that people can repay the…

Mortgage Planning Tips

Now that the U.S. housing market is in a definite recovery and home sales will continue to rise throughout the rest of 2013, many people are getting back into the “house buying” mode. Some potential buyers were scared off during the housing recession while many…

News for Homeowners Who Lost Their Home During the Recession

During the terrible housing recession, many homeowners lost their home for a variety of reasons. Even though this may have negatively impacted homeowners’ opinions on homeownership, the ability to qualify for another mortgage may not be as difficult as it once was….

FHA May Waive Waiting Period

Waiting Period Waived? The FHA is contemplating new, looser mortgage guidelines that would waive its standard “waiting period” after a significant derogatory credit event. Home buyers with recent bankruptcy, foreclosure or short sale may be cleared to buy homes immediately. The Federal…

Getting a Mortgage May Be Tougher, But Still Very Realistic for Most Americans

Recently you may have heard the media say that it’s difficult or impossible to get a mortgage. I’d like to clear up any confusion or untruths. It may be more challenging to go through the mortgage process today, but banks are still…

Buying a House After a Bankruptcy

Bankruptcies have been all too frequent in the past 5-6 years, but just because you may have had one doesn’t mean that you have to wait 7 years or more to finance a new home. Lenders often look at these situations case-by-case,…

When Can You Get a Mortgage Again After a Shortsale?

People often ask me for this information so I thought I’d post it. Bookmark this page so you can refer back to it if necessary. Conventional Loan 7 years if borrower puts less than 10% down 4 years if borrower puts 10%…

Everywhere there’s signs…of potential health in the Temecula, Murrieta Housing Market

There is news every day, on every news channel about how unhealthy the housing market is. The buzz words are shadow inventory, removal of Fannie Mae and Freddie Mac, strategic foreclosure, negative equity, etc. There are many headwinds blowing in the face…

Temecula Home Loans: Qualifying for a Mortgage Loan

As a Temecula home loan specialist, I see a wide variety of customers. Through the years, I can say that qualifying for a mortgage loan has always been somewhat of a pain. I can remember my dad complaining years ago about the…

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