In this article, we will cover things to avoid during mortgage process for homebuyers and close on time. We will discuss tips on things to avoid during mortgage process to avoid a last-minute mortgage loan denial. Alex Carlucci of Gustan Cho Associates said the following: It is human nature for a home buyer to get…
In this article, we will discuss and cover Qualifying For Home Loan After Bankruptcy And Housing Event. The journey to homeownership can be challenging, especially after experiencing a financial setback like bankruptcy or a significant housing event such as foreclosure or a short sale. However, it is important to know that all is not lost….
In this blog, we will cover and discuss how to calculate debt-to-income ratio on mortgage loans. There are two types of debt-to-income ratios when it comes to debt to ratio requirements. The first is front-end debt-to-income ratios and the second is back-end debt-to-income ratios. Front-End and Back-End Debt-To-Income Ratio The front-end debt-to-income ratio is also…
In this article, we will discuss and cover the upfront fees during mortgage application process. The mortgage application process starts when pre-approved borrowers get a real estate purchase contract. Or if borrowers are homeowners, they give the mortgage loan originator the heads up to start the refinance mortgage process. The mortgage loan originator will send out…
This Article Is About Verifications Required By Lenders During The Mortgage Process There are multiple verifications required by lenders during the mortgage application and approval process. With all the mortgage guidelines put in place after the real estate crash of 2008, mortgage lenders must complete numerous verifications to approve a borrower for a mortgage loan….
In this blog, we will cover and discuss the difference between government versus conventional mortgage guidelines. Many homebuyers often get confused when shopping for a mortgage about the difference between government versus conventional loans. Government loans are for owner-occupant primary homes. You cannot finance second homes or investment properties with government mortgages. What Are Conventional…
This article delves into how mortgage underwriters view bank overdrafts and their implications for mortgage approval. Every financial aspect of a borrower’s life is scrutinized meticulously in mortgage lending. From credit scores to debt-to-income ratios, lenders aim to the risk associated with approving a mortgage loan. Bank overdrafts are often overlooked but significant aspects of…
In this article, we will cover credit scores increased during underwriting process. If credit scores increased during underwriting process, the borrowers could lock the loan with the higher credit score. One of the frequently asked questions at Gustan Cho Associates is will I get a lower rate if credit scores increased during underwriting process? Credit…
In this guide on how the mortgage process work, we will cover the steps of the mortgage from the mortgage loan application to closing on traditional and non-QM loans. The overall non-QM mortgage process on non-prime loans is similar to traditional conforming mortgages. The mortgage process can be different among the various wholesale lenders. However,…
This Article Is About Steps On How To Avoid Mortgage Denial During The Loan Process There is no reason for a borrower to get a mortgage denial after they have been pre-approved. We are going to cover steps to avoid a mortgage denial. A mortgage denial can be an incredibly costly process, financially and emotionally….
This GUIDE covers the reasons why homeowners refinance their mortgage loans. In today’s falling interest rate environment, we have seen a flood in refinance transactions. Despite the coronavirus economic recession in the nation, the housing market is booming. With historically high mortgage rates, many homeowners can take advantage of the various refinance loan programs available….
Apply Now In this guide, we will cover bank statements in the mortgage process. We will discuss how mortgage underwriters analyze bank statements of mortgage loan applicants. The underwriter will thoroughly scrutinize bank statements during the mortgage process. Lenders want two months’ worth of bank statements. Any irregular deposits outside payroll check deposits must be…
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