Submitted to Underwriting: What Does That Mean?

The loan approval process goes through various stages as you get closer to your settlement date. From initial application to final funding, lenders assign these different stages different names. Your loan will initial be an application then soon thereafter submitted to processing and after that submitted to underwriting. Of course, all stages are important and…

How Conforming Loan Limits Are Set Each Year

Here in just a couple of weeks, some important economic data will be reviewed by the Federal Housing Finance Agency, or FHFA. This new data will then impact the new conforming loan limits for 2019. Mortgages are considered either a “conforming” or “jumbo” based upon the amount borrowed. Conforming loans that are underwritten to Fannie…

How to Finance a Mixed-Use Property

There are essentially two types of real estate- residential and commercial. Residential is self-evident in that people occupy the property as their primary dwelling or rent the property from the owner. Commercial real estate is income producing whether it be for an office building or a doctor’s office or a beauty salon, for instance. But…

Private Lending: Why It’s So Important

Have you heard of private lending? Not so much as an owner-financed home but loans made by a certain type of lender using its own internal guidelines without having to follow third party regulations? Private money, or so-called “hard money,” is a valuable asset in the world of real estate and without it many existing…

Construction and Permanent Loans Explained

There are different types of home loans available that fall into various categories. There are fixed rate loans and adjustable rate loans. Loans for owner occupied properties and loans for rentals. There are loans for a purchase and loans for a refinance. The list is really quite extensive. Two others are construction and permanent loans.…

The VA Streamline

VA loans, for those eligible, are the ideal option when coming to the closing table with as little as possible is a primary goal. VA loans don’t require a down payment whatsoever and one of the few zero-down options in today’s mortgage marketplace. The VA loan program also carries with it an inherent guarantee to…

What Kinds Of Mortgages Are Available?

Once you have signed a contract for the purchase of your new home (or condominium or cooperative apartment), and assuming you do not have all of the cash in your bank account, you will need to obtain a mortgage loan. There are many different loans on the market – and many different loan programs from…

What to Expect When Getting Pre-Approved

Getting “pre-qualified” today when preparing to buy a home is so 80’s. Getting pre-qualified then meant talking to a loan officer over the phone or in an office and having a conversation about various aspects of your financial life. The loan officer asks about your job, how long you’ve worked there and how much money…

Mortgage Broker Q&A

1. What does a mortgage broker do? A professional mortgage broker originates, negotiates, and processes residential mortgage loans on behalf of their clients. 2. What are the benefits of using a mortgage broker? A mortgage broker represents your interests rather than the interests of a lending institution. They act not only as your loan officer,…