Last week, I explained how to calculate your personal income from an LLC and a sole proprietorship, at least from a mortgage underwriting perspective. This week, I will tackle the two corporate entities: the S-Corp and the C-Corp. The C-Corp is the standard “corporation,” and is what most people think of when they think of […]

Many small (and no-so-small) business owners have difficulty understanding what their income is for the purposes of buying a house. There was a time when business owners could simply state their income and banks would accept that, understanding that “actual” income is not always what they show on paper. Unfortunately, those days are long gone […]

There are a number of ways to lower your monthly payments on your mortgage. The most popular is certainly refinancing, because you can lower your rate, extend your mortgage back out another 30 years, or eliminate mortgage insurance. But refinancing often carries fees and can be an intensive process. Another common way people lower their […]

Another year is coming to a close. It has been an incredible one for me and my parent company, Ross Mortgage. As the next week closes out, I look forward to sharing your Pay it Forward results. I feel truly blessed to work with the incredible staff and clients with whom I work, and want […]

After discussing different options for the type of mortgage a client might want, the conversation will often come back to this question: am I better off with an adjustable rate mortgage or a fixed rate mortgage? And while I would love to be able to definitively answer that question for my customers, the truth is, […]

Last week, I explained what an adjustable rate mortgage is, and when it could be an appropriate product. Today, I plan on explaining what a fixed rate mortgage is, and how fixed rate mortgages work. Fixed rate mortgages have a set interest rate which will not change for the life of the loan. Prevailing interest […]

For the last 5 years, there has been a lot of talk about interest rates. Every three months, it has felt like, there has been a new low set in regard to mortgage rates. Then about six months ago, rates suddenly jumped back up, based on perceived economic strength. Now, they are still at unprecedented […]

When it comes time to calculate a mortgage payment, most of my clients simply ask me what the payment will be, and decide if they are ready to move forward or not. Occasionally, I have clients who want to know the interest rate, term, and loan amount I am basing my figures on so that […]

Most mortgages financed in the last 10 years include something called escrow. And all that escrow is, is a monthly payment to cover the taxes and insurance on your home. Instead of paying your insurance twice a year when the payments are due, or having to worry about a large tax bill at the end […]

Ultimately, the most important factor in getting any mortgage closed is the applicant. And by this, I don’t mean the credit worthiness, income, or anything else; I mean the willingness to collect documents, the willingness to provide information, and the openness at the beginning of the process. When I submit an application and it is […]