What is a rate lock? It is an arrangement between you (the borrower), and the lender. Both agree to lock the interest rate for a certain period of time (as little as 10 days, as many as 180 days, 30 days is the most popular). Example: 30 year fixed rate […]
What is soft credit score check? I will add a question. What is hard credit score check? Let’s start with the latter. A hard credit score check is when your credit report is run. To be more specific, you authorized your credit report to be run. This will result with […]
How can I ensure I’ll get approved for a mortgage? The short answer, apply for a mortgage. If approved for the loan, this should ensure your status. Interpreting your question a different way, you may be asking, what is the minimum amount of hassle (aka: borrower data collection) to qualify for […]
Who does low down payment loans in Orange County? You have landed at the right place. We offer zero down home loans as well as very small down payment loans (1.5%) for loan amounts above $484,350. Watch this short video. Contact me to get started. You do not need 20% […]
Can you assume a Fannie Mae mortgage? An assumable loan allows a buyer to assume the rate, repayment period, current principal balance and other terms of the seller’s existing mortgage rather than obtain a brand-new mortgage. Check the loan terms to see if your loan is assumable. Technically speaking, any […]
Will a personal loan risk my mortgage? How soon after a mortgage closing (not refi) can I take out a personal loan without risking the mortgage in any way? There is no waiting period. Keep in mind the loan must be closed. This means the deeds should be recorded. The […]
Do lenders pocket mortgage insurance premiums? No. Mortgage companies do not pocket the mortgage insurance premiums paid by the borrower. The individual loan file will include the details for the mortgage insurance (gov. FHA/USDA or private such as Radian). Monthly or Split Premium. If the borrower pays the mortgage insurance premium […]
Should you feel bad? Why feel bad if the reporting was inaccurate? If you are asking, should you feel bad if the derogatory credit was repaired under false pretenses? Let your conscience be your guide. Personally, it would not rest well with me. Helping someone fix their credit is fine. […]