Should I Refinance my Mortgage with Interest Rates Getting Lower?
Since interest rates have hit a low we thought we would never see again (last seen in 2016), many of my clients are asking me this. Actually, they ask if they* should refinance their mortgage, not whether I* am refinancing mine. In the past, every time rates dropped,...
Did you qualify for a better or worse loan than expected when applying for a mortgage? What was the year and what did your financial situation look like?
I remember when I bought my first home I had saved up 20% down and I was 23 years old. definitely wet behind the ears. I went to the bank to get a loan. They ran my credit and they said I had no credit. I said that’s impossible. I pulled out my wallet and put all the...
How Many Months Behind on your Mortgage Before the Banks can Start to Foreclose?
The short answer is, it depends on the type of loan that you have. Is your loan a conventional (fannie mae Freddie mac) or a government insured/guaranteed loan (FHA and VA)? This is also different for residential versus commercial, so I am sticking to residential in...
Is it Worth Refinancing my House to Build an Addition? My Loan-to-Value Ratio Will Still Be 80%.
This is a financial decision and emotional decision that many of my mortgage lender clients are facing. Mainly this question is coming up because the price of moving to a bigger house is pretty high compared to staying put and improving what they have. Even in my...