Marc Edelstein

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 […]

On Tuesday, I discussed mortgage recasting. I explained that it is a reevaluation of your current mortgage which can be used to lower monthly mortgage payments based upon any large principal reductions made to the mortgage. In the post, I mentioned that many of my clients have used this strategy to buy a new house […]

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 […]

A common reason people rent is they cannot afford to put a down payment on a house. They know that their monthly payments will go down when they buy, they understand the benefits of equity over time, and they know the pride associated with home ownership, but coming up with the down payment is too […]

We are into February already, if you can believe it, which means it is time to start bracing yourself for tax filings. As we get further into tax season, more information and paperwork is going to continue to fly in, leaving the documentation you already have in an often precarious position in your filing cabinet. […]

This is another one of those questions which many of my clients, especially first time home buyers, ask during an initial conversation. There are many reasons why clients ask this, but it usually has to do with either limited funds to put down or a desire to attract the best mortgage terms. And any time […]

When buying your first house, it is important not to get overwhelmed by the questions which will be asked and the information which will be thrown your way. In order to help prepare yourself, you should consider a few key things – by doing so, you will save yourself a lot of time and grief […]

  A rate lock, or lock in, is a guarantee of a rate by a lender for a set period of time. This protects you during the loan process from interest rates going up, which could ultimately cost you more money at closing, cost you more money monthly in the monthly payment, or in a […]

After my post last week on letters of explanation, which I explained are a common stipulation for a mortgage, I was surprised by the feedback from some readers of my blog who asked, “What is a stipulation?” And while I explain the mortgage process in detail to my clients, I realized that if you are […]

As you move through the mortgage process, you will eventually reach a point where the underwriter begins to ask you for supporting documentation to clarify something which is not 100% clear. These requests, known as stipulations, or “stips,” allow the underwriter to make a final decision on whether or not to approve the file. These […]