Marc Edelstein

Like most industries, the mortgage industry has a number of acronyms and abbreviations which mean nothing to people who are not in the industry, but are used on a regular basis by those of us in the industry. It can be confusing and difficult to understand what a mortgage specialist is talking about for home […]

The mortgage application, also known as the 1003 or the uniform residential loan application, is the primary form used to gather information to judge your ability to get a mortgage. It is 5 pages long, and can be intimidating to a lot of borrowers (especially first time home buyers). Today, I’d like to break this […]

In my post on property types, I briefly mentioned multi-family properties, but did not go into much detail. Since posting, I have had several requests for more information specifically about multi-family properties, so I figured I would post some more information, here. A multi-family property is exactly what it sounds like. It is a property, […]

I’ve recently discussed the different types of condos available, as well as what it means for a condo community to be considered warrantable. But a popular follow up question I am receiving on these topics relates to the “how” of financing – especially in relation to non-warrantable communities. Financing a unit in a warrantable community […]

In basic terms, a warrantable condo is a condo which belongs to a lower risk condo community. These units must meet specific guidelines to be approved as  warrantable, and are eligible for financing through the VA, FHA, or Fannie Mae, based upon which organization has deemed the property warrantable. If a property is not warrantable, […]

Following up on my last post talking about property types, I would now like to discuss the various types of condominiums. There are a number of different types of condominium communities, some with freestanding units which look like houses, and others which are attached, giving the homes the traditional townhouse/condo look. And while there are […]

It is fairly common knowledge that there are houses, townhouses, and condos, and while the difference between a house and a townhouse or condo is pretty self evident, the differences between condos and townhouses can get pretty muddled. And the difference between what type of property you purchase can impact the rate and terms of […]

Lender Paid Mortgage Insurance and Single Premium Mortgage Insurance are an interesting spin on mortgage insurance. They are options for home buyers to pay an upfront fee (single premium) or higher interest rate to the lender (lender paid) in exchange for the lender paying the insurance. Based upon the length of time you plan to […]

As I discussed last week, mortgage insurance is a necessary evil for many prospective home buyers, especially those who are first time home buyers. It is a tool which allows individuals to buy the home of their dreams even if their credit is less than perfect or their down payment is less than 20 percent. […]

If you are looking for a low down payment conventional mortgage or an FHA mortgage, chances are you will hear about mortgage insurance. However, this is, unfortunately, another one of those areas of the industry rife with misconceptions. I have had customers who thought mortgage insurance would literally double their payments, and other who thought […]