-
The Debt Service Coverage Ratio (DSCR) loan provides money to real estate investors to buy investment property that is more based on the property rental income rather than the borrower’s personal income. Credit scores are considered as part of the DSCR loan application. DSCR loans can have similar lengths as traditional mortgages do but the…
-
The Veteran’s Administration mortgage or VA mortgage for short is a great loan for those currently serving in the military or those who have separated and are now considered Veterans. With the VA mortgage, home buyers can get a great mortgage to buy a home or to refinance a mortgage on their existing home. For home buyers…
-
When it comes to applying for a mortgage or refinancing a mortgage there are some common mistakes that can not only result in outright denial of an application but also can lead to increased costs for a loan that add up overtime. Spending extra money where one does not have too, especially if they do a…
-
The difference between a great credit score and an okay credit score can mean a huge difference in the amount of money one will spend over the term of their mortgage (as well as on other credit related debts). Home buyers with higher credit scores can get better interest rates on their mortgage which adds up…
-
The United States Department of Agriculture (USDA) mortgage is a mortgage available for certain properties located in rural areas. It allows home buyers to buy a home with zero downpayment provided they do not exceed the income limits. The credit score requirements for the USDA mortgage will depend on the loan type but usually are less strict…
-
The Department of Veteran’s Affairs (VA) Mortgage, VA mortgage for short, is a great mortgage loan available for current serving US military, reservists, Veteran’s and surviving spouses. With the VA mortgage a borrower can buy a home with no money down, no Private Mortgage Insurance (PMI), and competitive interest rates. VA mortgages are available for both first…
-
When it comes to the mortgage industry there are many terms that can leave borrowers scratching their heads. As with any industry, there are several words and phrases that are used mainly by the people working in that industry. For those looking to apply for a mortgage when buying a home or those wanting to refinance their…
-
If you invest in real estate and have a property that is cash flowing, then the DSCR loan may be right for you. DSCR stands for Debt Service Coverage Ratio and is basically a loan that is provided more based on the income of the property that is being bought (or refinanced) versus the income of…
-
Whether you bought a home with a higher mortgage rate or have noticed interest rates are lower after already refinancing it may make sense to refinance that mortgage. Just the fact that one can get a lower mortgage interest rate should not be the only consideration when thinking about refinancing. There are additional costs associated with taking…
-
Getting a mortgage pre-approval is the first step a home buyer should take before getting setup for a home search. While a home buyer can start the conversation with a real estate agent to get a few lender names to talk to, having a home search setup before pre-approval can result in disappointment since they may…