The Importance of FHA Loans
After this last downturn in the housing market it’s been a very crazy time in relation to mortgages. If you doubt the need for government involvement in the loan process you may be surprised to know that nearly 90% of all the home loans in the US this year were either funded or guaranteed by [...]
Proving Hardship for a Mortgage Modification
I get asked a lot of questions about modifying current loans and one of the things many companies want you to do is prove hardship. What does that mean since once would think if you are calling them you have hardship? Simply, you have to show that you are having trouble paying your bills or [...]
Finding a Second Loan
Needless to say, if you have been shopping for a purchase second, they are hard to find. Just a couple of years ago banks and mortgage companies were competing like it was the Olympics for second mortgage business. Now you can’t hardly find anyone that will do a second over 80% and no one over [...]
Qualifying for More than One Home
In the good old days, about two years ago, investors, people who wanted to purchase a second home and those moving from one location to another who could wait to sell their current home could do all sorts of things to help them qualify for the loan. All of which were within the regulations of [...]
What is “Forced Insurance”
When you purchase your home you are required to keep home owners insurance on the property until the mortgage is paid in full. This is a part of the mortgage note you sign at closing. However, the mortgage company is not responsible for finding you insurance; that is your responsibility and a part of the [...]