Category: News

You may not be familiar with a joint mortgage – this is where there are two or more parties on a mortgage. Commonly friends, family or a partner will combine their incomes and assets to buy a house. This is often done when one party cannot qualify or can’t afford a property on their own. Unlike a typical mortgage all parties are on the mortgage and all assume responsibility for paying it. The main benefit of a joint mortgage is being able to afford or qualify for more of home than one party is able to on their own. As you may have guessed this creates a more complicated situation where you can have co-ownership, and may be dependent on multiple parties making payments. Further you could have one party…

If you were recently denied for a mortgage application, it doesn’t mean you can’t get approved somewhere else. There are some application issues that are fixable. The first thing you’ll want to know is why you were denied. We can take a look and shop for other loans options. Credit issues are a common reason for getting denied. The first thing to do is to examine your credit report to see if there are any errors that can be fixed. There are also other loan programs if your score doesn’t fit conventional loans. Debt to income ration or DTI that is too high is another common reason to be denied. The first thing if possible, would be to pay down debt. Another common source of debt is student loans -…

If you’re in the market for a new house, you’ve probably heard that you want to get pre… qualified or pre-approved? What’s the difference anyways? There’s actually a big difference. Pre-qualified is more of a preliminary step. It gives you a general idea of much home you can afford. We will examine your credit, income, assets, and debts and you’ll have a general idea of the price range you’re looking for. You may also see that you need to increase your savings or lower debts before you buy. While pre-qualifying is an initial step, pre-approval is a deeper dive and being pre-approved carries more weight with sellers. To get pre-approved we will verify you income, assets, etc. and you will be more official (of course you still have to apply…

September 23, 2022     At the close of business Wednesday, there was hope.  Well, to be fair, there's still hope, but it's much less immediate, and it certainly isn't the first thing that comes to mind today.   Wednesday's hope stemmed from a combination of factors.  Rates had risen at a break-neck pace since the beginning of August, accelerating to the most troubling pace in the week following the most recent Consumer Price Index (CPI) release–a key inflation report that guides decisions of the Fed.   CPI had extra oomph due to the proximity of the next Fed meeting (the one we just lived through Wednesday).  Market participants expected the Fed to signal an even firmer commitment to its rate hike outlook as a result.  Not only did that happen, but…

September 27, 2022    The most recent historical high-water market for mortgage rates was "14 years."  It was broken so many times in September that it almost become boring last Tuesday.  Now, less than a week later, 14-year highs would be more exciting than boring.  As of mid-day yesterday, we're officially at 20 year highs. What's remarkable is that in less than a year, the payment on a new $400k mortgage is up at least $1000/month.  Many lenders are now quoting top tier 30yr fixed rates over 7%.   Why have rates spiked so quickly?  One might assume is has something to do with last week's Fed rate hike.  After all, the Fed hiked rates and then mortgage rates went higher, but that's actually not the issue at the moment.  The issue stems from…

Today we are going to discuss two common mortgage loan products, and the pros and cons of both: FHA versus Conventional Loans. Many people are familiar with the 20% down, good credit 30 year fixed conventional loan scenario. FHA loans are designed for people who have difficulty qualifying for a conventional loan to buy a house. FHA Loans offer down payments as low as 3.5% and are more lenient on credit scores and past financial issues. Borrowers can qualify for FHA loans with as low as 580 credit scores. One of the downsides of FHA loans are mortgage insurance requirements, if you put down less than 10% you will be required to pay monthly insurance for the duration of the loan, as well paying Upfront Mortgage Insurance Premium. The best…