FICO recently announced changes to how they will determine your credit score. These changes will help many borrowers on the cusp of eligibility, as they will now exclude  medical bills in collection and paid or satisfied collections when determining your score. What this means is that tens of millions of Americans will see their credit […]

Last week, I discussed the most common mortgage programs, including conventional, FHA, and VA. I also discussed rehabilitation, or construction, loans. On Tuesday, I discussed the two most common financing options: fixed rate and adjustable rate mortgages (ARM). Today, I am going to put these two concepts together to discuss the most common types of […]

Last week, I discussed some of the most common types of mortgage programs. This included conventional, FHA, and VA, and I touched on construction, or rehabilitation, loans. These are definitely the most common ways people finance a house, and each targets a specific part of the housing market. Today, I will discuss the most common […]

This is a loaded topic, because mortgage “types” can mean a lot of things to different people. But when I speak to people I meet and tell them I am a mortgage professional, the question of what is the “best” or what is the “most common” type of mortgage usually comes up within five minutes. […]

Everyone who buys a house does so with the intention of eventually owning a house – even if it is not the one they just purchased – free and clear. And while the most common mortgage is the 30 year fixed, it takes most people far longer than 30 year to ever own a house […]

On Tuesday, I discussed Home Equity Lines of Credit (HELOCs), which are lines of credit that allow you to access the equity in your home. Today, I will discuss another variation of the home equity product line, the Home Equity Loan (HELOAN). These loans function similarly to the HELOC in many ways: they sit in […]

A Home Equity Line of Credit (or HELOC, for short) is a line of credit which is secured against the equity in your house. Different banking institutions offer different rates and terms based upon the percentage of equity you have available in your home. These lines of credit sit behind your mortgage, allowing you to […]

On Tuesday, I discussed buying new construction homes, and the things to consider in relation to them. Today, I would like to look at the other end of the spectrum; “fixer uppers.” Fixer uppers are those houses that have great potential to be the home of your dreams, but need some love to get there. […]

Many loan programs come with the option for home buyers to buy down an interest rate. What this means is the borrower can pay a certain amount in closing costs to have their interest rate reduced. The upfront cost is usually measured in points, where 1 point is 1% of the overall loan amount, and […]

I know there are dozens of these lists available online, but I think it is important to discuss some of the most common problems I have seen first time home buyers run into, so that you can try to avoid them. There is nothing worse than getting a week to closing and having to drop […]