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Mortgage Rates

Mortgage Rates improved again today, bringing them back to the lowest levels seen since last Thursday morning.  Starting last Wednesday, we saw a fairly fast rate spike through the end of the week followed by 3 days of relative calm so far in th

Mar 06, 2019 |

Reserves

Reserves

You need more than just your down payment and closing costs. Many mortgage lenders also require reserves to buy a home. Things to know: Reserves are savings balances that will be there after you close on your home purchase Lenders like to se

Mar 05, 2019 |

Government-backed or conventional mortgage?

Government-backed or conventional mortgage?

There are two main types of mortgages: a conventional loan guaranteed by a private lender or banking institution, or a government-backed loan. Most government-backed mortgages come in one of three forms: FHA loans, insured by the Federa

Mar 01, 2019 |

How much down payment do you need for a house?

How much down payment do you need for a house?

Down payment plus borrowed funds equal purchase price “A down payment is money you pay that isn’t financed through a mortgage,” says attorney William Walzer. “It is typically paid at closing to the home seller.” Togeth

Feb 28, 2019 |

Bank statements: 3 mishaps to avoid

Bank statements: 3 mishaps to avoid

When a mortgage lender approves a loan, it has ensured the applicant has sufficient funds for the downpayment, closing costs, and reserves — extra funds available in case of an emergency. The funds must belong to the applicant. Mortgage underwrite

Feb 27, 2019 |

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