Reader Question: Do underwriting guidelines vary between lenders?
I recently received this email from a Mortgage Porter subscriber: Do different banks need different underwriting documents? I am...
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Reader Question: Should I Wait to Refi?
One of my returning clients is considering a refinance, however, they’re not sure if they should wait or not. Their...
read moreAre First Time Home Buyers Missing Out?
A recent survey shows that those buying their first home are making up a smaller percentage of home buyers. From US News: The...
read moreBen Bernanke says mortgage underwriting standards are too tight
In his speech at Operation HOPE Financial Dignity Summit yesterday on the challenges of the housing market and mortgage lending, FOMC...
read moreQuick mortgage tip for self-employed and commissioned paid individuals
Earlier today I was having a conversation with a self-employed woman who just filed her 2011 taxes prior to the October extension...
read moreFannie Mae and Freddie Mac improve HARP 2.0 Underwriting Guidelines
On Friday, Fannie Mae and Freddie Mac announced much needed updates to underwriting guidelines for HARP 2.0. The Home Affordable...
read moreChanging jobs during the mortgage process
Sometimes an employment opportunity may become available while you’re in the process of buying a home or refinancing. Lenders...
read moreWhy getting a mortgage is more challenging today
Typically when I hear media say that it’s difficult or impossible to get a mortgage, my hair stands up on the back of my neck....
read moreFHA Streamlined Refinance: Credit vs Non-Credit Qualifying
With an FHA streamlined refi, most folks have the misconception due to the program name “streamlined” that the refinances...
read moreHow to Prepare for the Final Phase of the Mortgage Process: Underwriting
You’ve completed a loan application and have provided your mortgage originator with your income and asset documents....
read moreFHA Streamlined Refi Revamped and Revisited
There is a lot of interest in the FHA streamlined refinance since HUD has greatly reduced the mortgage insurance premiums for some...
read moreHow co-signing impacts qualifying for a mortgage
As a Licensed Mortgage Originator, I often see credit reports where the borrower has cosigned on a debt for a family member or friend....
read moreHARP 2.0 Questions to ask your Mortgage Originator
HARP 2.0 (Home Affordable Refi Program) was revamped late last year to remove loan to value restrictions allowing more underwater home...
read moreHow often will I have to supply documentation for a mortgage?
I've often thought that the loan process for a borrower is similar to peeling an onion. At the very beginning stages, when a...
read moreWhat Do You Need for a Preapproval?
If you’re considering buying a home, many real estate agents and/or sellers will require a preapproval letter. A preapproval...
read moreExplaining the “Letter of Explanation”
It’s not unusual these days to have a lender request a “letter of explanation” from a home buyer or someone who is...
read moreHow Disputes on Your Credit Report May Impact Obtaining a Mortgage
Reviewing your credit report and disputing information that is being wrongly reported about you is your right under the Fair Credit...
read more5 Ways to Derail Your Loan Approval
You’re getting ready to buy a home or refinance your home with your closing day around the corner when your mortgage originator...
read moreThe Mortgage Process: Contemplating Buying a Home to Getting Preapproved
For a while now, I’ve had this idea floating around in my head that with four years of articles at Mortgage Porter, I really...
read moreDo I Really Have to Provide All Pages of My Bank Statements?
When assets are being used for down payment of a new home, towards closing costs on a refinance or even to document that the...
read moreThe Wild Cards of Refinancing
In years past, refinancing was a fairly simple task. Homeowners would contact me wanting to restructure their mortgage to...
read moreForm 4506: Not Just for Stated Income Loans Anymore
I like to check out how my readers found me via the terms that were entered into a search engine (such as Google or Yahoo). ...
read moreDebt to Income Ratios (aka DTI)
This is a follow up to the email I received asking several excellent questions. I addressed what is required for a full doc loan...
read moreWhat is required of income documentation for a “full doc” loan
Last night, someone contacted me with excellent questions regarding buying a home priced over 1,000,000. His questions are...
read moreHow Strong Are Your Legs?
A borrower in a mortgage transaction is kind of viewed like a chair with four legs. The legs on the chair provide strength...
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