by kramoltz@hotmail.com | Dec 26, 2018 | Mortgages + Lending
Many buyers only focus on their credit rating when they are ready to buy a home. But when deciding whether to grant you a loan, lenders evaluate four things to make sure you can make the loan payments: Capacity – your current and future ability to pay back the...
by kramoltz@hotmail.com | Oct 8, 2018 | Home Buying, Mortgages + Lending
The FHA 203(k) program is a loan product designed to help owner-occupants remodel a home. Available when purchasing or refinancing a home, it wraps the purchase/refinance and rehabilitation costs into a single mortgage. To qualify for the loan, the total value of the...
by kramoltz@hotmail.com | Jun 26, 2017 | Mortgages + Lending
A major priority should be checking the documents to make sure you are getting the deal promised to you. To do that, you need to review those that contain the loan related figures and closing charges. These are found in the Good Faith Estimate (from your lender), the...
by kramoltz@hotmail.com | Jun 5, 2017 | Home Buying, Mortgages + Lending, Selling Your Home
Educational docs/docs you may need after closing. Educational documents mainly are directed at the buyer/borrower, and most give information about the mortgage process. These contain info which may be useful and should be read. The loan related papers can generate...
by kramoltz@hotmail.com | Jun 2, 2017 | Mortgages + Lending
30 year mortgage rates fell below 4% last week to the lowest amount this year. And the 15 year rate was only 3.19%.
by kramoltz@hotmail.com | May 24, 2017 | Home Buying, Mortgages + Lending
The monthly amount necessary to acquire/own a home should be no more than around 28-30% of gross income. Include in this payment the monthly anticipated loan principle and interest, homeowners insurance, real estate taxes and association fees. To calculate that amount...
