If you have applied for a mortgage in the past year, you know that documentation standards have gotten more and more stringent. Even the most credit-worthy borrowers with assets and equity in their home or high down payment are being scrutinized. Gone are the days of reduced documentation or "stated" income.
All borrowers must now provide a myriad of paperwork in order to qualify for a mortgage. Here is a summary of some of the ...
Once again, adjustable mortgages or ARMs are becoming a viable option for the right homeowner. For the same points and fees as a comparable fixed rate mortgage, a homeowner can obtain a rate that is over 1% lower than a 30 year fixed rate mortgage!
That means on a $200,000 mortgage, the homeowner can save $120/ month or $7200 over 5 years! ARMs can come in many forms and if structured properly, are not ...
The Home Affordable Loan Program went into effect recently and is offering opportunities for many homeowners who have seen their home values decline.
The program allows for homeowners to borrower up to 105% of the value of their home, and if their original mortgage did not have mortgage insurance, the new mortgage will also be free of mortgage insurance! If you have a second mortgage, your total loan-to-value ratio is unlimited!
Jumbo mortgage rates including Colorado Jumbo Rates are showing signs of life and are starting ease down. A jumbo mortgage is any mortgage that is above the conforming loan limit of $417,000, higher in some high-cost areas. There are more and more signs that credit is easing.
The problem over the past 18 months is that jumbo mortgages, not backed by Fannie Mae or Freddie Mac, were liabilities that banks had to hold ...
