Before you embark on the journey of applying for a mortgage, there is one crucial number you must know: your debt-to-income ratio, or DTI. This single...
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Your credit score is far more than just a number; it is the cornerstone of your financial profile and a critical factor in the mortgage application pr...
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The arrival of a notice in the mail announcing that your mortgage servicing rights have been transferred to a new company can be an unsettling experie...
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The down payment stands as one of the most significant initial hurdles in the journey to homeownership. While the allure of a 20% down payment is ofte...
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When you apply for a mortgage, lenders are fundamentally trying to answer one question: How likely are you to repay this large loan? While your credit...
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Choosing a mortgage lender is one of the most significant financial decisions a person will make. While interest rates and loan terms are crucial quan...
Read MoreIn a normal, upward-sloping yield curve environment, shorter terms have lower rates. However, during certain economic conditions (like when the Federal Reserve is aggressively raising rates to combat inflation), the yield curve can “invert.“ This means short-term borrowing costs become higher than long-term costs. While this phenomenon is more common in bonds, it can occasionally trickle into mortgage pricing, making short-term loans like 5/1 ARMs more expensive than 30-year fixed rates.
Loan Officer (LO) Comp: This refers to the commission paid directly to the individual loan officer for the loans they originate.
Branch/Business Producing Manager (BIC) Comp: This is the compensation for the “Branch Manager in Charge” or a producing manager, which typically includes their own personal loan production commissions PLUS an override (a smaller percentage) on the volume closed by the other loan officers they manage.
It can be. While you may get a lower interest rate, you are shifting unsecured debt (like credit cards) to secured debt tied to your home. You risk your home if you cannot pay. There is also a behavioral risk: if you run up credit card debt again after consolidating, you’ll be in a far worse financial position.
The first step is to contact a mortgage lender or your current loan servicer. They will review your financial situation, including your credit score, income, debt-to-income ratio, and the amount of equity you have. They can then pre-qualify you and explain the best options for your specific goals and financial profile.
Yes, in many transactions, the seller can agree to pay for some or all of the buyer’s closing costs. This is known as “seller concessions” and is often negotiated as part of the purchase agreement.
