Insurance and Mortgages

Buying or refinancing a house includes costs for different types of insurance.  Some are required and some are optional.  Here, I’ll answer questions about the different types of insurance products encountered when transacting a mortgage. I see “Homeowner’s Insurance” on my Good Faith Estimate.  What is that?  Homeowner’s insurance is sometimes called...

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Adjustable Rate Mortgages

With rates rising somewhat over the past few months, many borrowers have inquired about Adjustable Rate Mortgages, which offer lower rates than the 30 year fixed products .  Here, I’ll discuss the advantages and pitfalls of ARM’s.   What are the advantages of an ARM compared to a fixed rate?   The single advantage of an ARM is that the rate is lower than...

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Retirement Assets and Mortgage Lending

Many borrowers have questions about how retirement assets are counted in the mortgage process – do they count as income?  As reserves?   Knowing how they are used can help you as you are preparing to qualify for a purchase or a refinance mortgage.   Here, I’ll answer questions about retirement assets. I have a substantial 401-K account, and my loan officer...

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Title Vesting and Mortgage Financing

Quite often, borrowers want to hold title differently than the way they applied for their mortgage.  Here,I’ll. answers questions regarding how title vesting and mortgage responsibility can be separated, to gain the flexibility needed for different purposes. My wife and I are buying a home.  I don’t mind being on the Note and Mortgage, because we need my income...

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USDA Financing

The USDA mortgage program continues to be available to many borrowers in the upstate, and can be an excellent choice of loan programs providing the borrowers and the property meet the requirements and guidelines for the loan.  Here, I’ll discusses the various aspects of the program.   I have heard of RDA loans, but not USDA loans.  What is the difference?  ...

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First Time Home Buyer Questions

Low interest rates and good housing prices have combined to offer many young adults the opportunity to purchase a home, for about what they are paying for rent.  If part of your new year’s planning includes home ownership, preparing beforehand is essential.  Below are some questions from potential first time home buyers and offers advice on how to prepare to be a home...

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