The recommendation is to make sure you are studying at least 20 hours for the SAFE test. This does NOT include your 20+ hours of pre-licensing education. Is it hard to be a loan officer? Becoming a loan officer in California is not as hard as it sounds when youRead More →
Even if you are looking for a mortgage and, as a result, may be paying for a mortgage valuation report, it is still recommended that you arrange a survey by your own surveyor. … The reason for this is that the mortgage valuation report is prepared for your lender –Read More →
Why can mortgage brokers get better rates? Mortgage brokers often work closely with lenders, so they may have access to insider knowledge, deals and rates the average home buyer doesn’t. Can mortgage brokers get better deals than banks? They often have access to a range of mortgage products, allowing youRead More →
Notable deductions that were eliminated include moving expenses and alimony, while limits were placed on deductions for mortgage interest and state and local taxes. Key expenses that are no longer deductible include those related to investing, tax preparation, and hobbies. Why can’t I deduct mortgage interest in 2019? Remember, theRead More →
Reverse mortgage proceeds may not be enough to cover property taxes, homeowner insurance premiums, and home maintenance costs. Failure to stay current in any of these areas may cause lenders to call the reverse mortgage due, potentially resulting in the loss of one’s home. Why would an older adult needRead More →
Says Cormier: “If you decide to defer payments, you are not paying any principal or interest for those months. Ultimately, this move will result in higher overall costs in the long run.” “Reduced monthly payments can also lead to a longer repayment period,” adds Staysko, “which results in more interestRead More →
As a self-employed professional (especially if you’re a freelancer or independent contractor), the biggest hurdle you’ll cross during the mortgage process is validating your income. Your Mortgage Loan Originator (MLO) understands your income may fluctuate from month to month and year to year. How do mortgage loan originators get paid?Read More →
Requirements and Standards under the S.A.F.E. Act Starting August 1, 2009, any individual who, for compensation or gain, takes a residential mortgage loan application or offers or negotiates terms of a residential mortgage loan application must be licensed or registered as a Mortgage Loan Originator. What is the difference betweenRead More →
You can get a buy-to-let mortgage under the following circumstances: you want to invest in houses or flats. you can afford to take and understand the risks of investing in property. you already own your own home, whether outright or with an outstanding mortgage. Can you live in a buy-to-letRead More →
Not assumable means that the buyer cannot assume the existing mortgage from the seller. Conventional loans are non-assumable. Some mortgages have non-assumable clauses, preventing buyers from assuming mortgages from the seller. Are most new mortgages assumable? Not all mortgages are assumable in a home sale. Buyers can assume federally guaranteedRead More →