Mortgage Industry News and Events

Myths and Misconceptions about Reverse Mortgage Loans

The Reverse Mortgage Program is perhaps the most misunderstood mortgage program. While the program is not for everyone, many seniors realize the benefits once the program is properly explained. Hopefully this following will dispel some of the myths surrounding this program. Myth #1: The lender will take ownership of your home. False - You and your family or your estate continue to retain ownership of your home after obtaining a reverse mortgage. The lender does not take control of the title. The lender's interest is limited to the outstanding loan balance. Myth #2: The reverse [...]

Today’s Reverse Mortgages Build in Protections

This year marks the 31st anniversary of the creation of the reverse mortgage. Although today’s reverse mortgage bears little resemblance to the original, it still carries an unfair negative stigma from its earlier days. The biggest myth about reverse mortgages is that the bank or lender will own your home. This is simply not true! You will retain ownership and equity in your home just the same as if it had a traditional “forward” mortgage or no mortgage at all. Your heirs will also retain the equity if they inherit the home. Why the recent surge in [...]

Home Loan Solutions for Self-Employed Borrowers

If you are self-employed *, qualifying for a traditional residential home loan can be a challenge. Sometimes it is difficult to document your income in the way a traditional loan requires. Did you know that there is a home loan option designed for you and with your situation in mind? If you: Have been self-employed for at least 2 years Maximize your tax deductions to minimize tax liability Have excellent cash flow You may qualify for a Bank Statement Loan! A bank statement loan may be referred to as Alt Doc (alternative document), EZ Doc, Low Doc, or [...]

Should You Save for a Down Payment or Pay Off Your Debt?

When you begin shopping for a home and a mortgage, many questions will arise. One of the biggest questions you ask yourself is: Should I save for a down payment or should I pay off all of my debt? Having a substantial down payment opens up many options for you as a home buyer. It improves your chances of being approved, qualifying for a larger loan amount, and possibly even getting a lower interest rate. But what do you do if, in addition to a large down payment, you also have a large amount of debt? Should [...]

Are You a First Time Home Buyer Struggling to Save a 20% Down Payment?

Do you dream of owning your own home, but find the task of saving a 20% down payment daunting? Well, good news—you don’t need 20% down! While having a 20% down payment will open up many more options for you, there is actually an array of home loan programs available to first-time home buyers that do not require such a large down payment. There are options available whether you are looking for a house or a condominium. Are you a Vet? You may qualify for: Discounted interest rates 0% down No cash due at closing [...]

The Don’ts of the Home Loan Process

Buying a home can be very exciting, but it can also be stressful. Perhaps the biggest hurdle to buying a home is navigating your way through the home loan or mortgage process. While much of the loan process is outside of your control, there are many things that you can control—but, doing any of the things below could ruin your chances of closing your loan! DO NOT transfer funds from one bank or institution to another. Before moving funds around between bank accounts, making any large deposits, or if you are receiving gift funds, speak with your [...]