In this blog, we will cover and discuss manufactured homes lending guidelines on purchases. Not too many lenders offer Manufactured Homes Lending. As time pass, manufactured home builders are coming up with creating great looking, and functional manufactured homes. You cannot tell the difference between a stick-built home and modern manufactured homes. Double Wide Manufactured…
This article is about Getting Pre-Approved For Mortgage Is First Step Of Home Buying Process In Illinois The mortgage process should not be difficult nor stressful as most first time home buyers believe. As long as you get a proper mortgage pre-approval, the overall mortgage application and underwriting process should not be difficult There is no…
This Article Is About The Mortgage Market Outlook On Mortgage Rates And Regulations 2018 was a great year for the housing and mortgage markets where it is clear and obvious that the housing market has made a major comeback. With the election of President Donald J. Trump, the economy and all economic news went viral…
This Article Is About 15 Year Versus 30 Year Fixed Rate Mortgage Loans Mortgage borrowers have a choice between 15-year and 30 year fixed rate mortgage loans. All mortgage loan programs have the option of 15 Year and/or 30 Year Fixed Rate Mortgage Loans 15 year home loans mean higher monthly housing payments due to…
This Article Is About Understanding Your Credit Report To Qualify For Mortgage Understanding your credit report is extremely important for not borrowers but for all consumers. A person’s credit report provides information to existing and potential creditors on the credit applicants payment history and patterns. An applicant’s past payment performance and history is a good indicator…
This blog will cover the real estate purchase contract and purchase agreement. A real estate purchase contract and purchase agreement is a binding contract for both the home buyer and the home seller. Once a buyer decides to enter into a real estate purchase contract and purchase agreement, homebuyers with their real estate attorneys should…
This ARTICLE Is About Home Inspection During The Home Buying And Mortgage Process A Home Inspection During The Home Buying And Mortgage Process is not required. An appraisal is mandatory for all homebuyers who plan on getting a mortgage. A home inspection is highly recommended. There are countless homebuyers wanting to save $200 to $500…
This Article Is About Importance Solid Pre-Approval Letter On Home Purchase The Importance Of A Solid Pre-Approval Letter By The Loan Officer: The pre-approval phase of the mortgage process is the most important step. The number one reason for a last-minute mortgage loan denial or stress during the mortgage process is that the loan officer…
This article is about Conventional Loan Waiting Period After Housing Event And Bankruptcy Conventional Loan Waiting Period Explained There are Conventional Loan Waiting Period requirements after bankruptcy, foreclosure, deed in lieu of foreclosure, and short sale. Fannie Mae and Freddie Mac are the two mortgage giants that make up the conventional mortgage lending guidelines Fannie…
This Article Is About Buying A Single-Family Home Versus Other Types Of Homes For First-Time Homebuyers Buying A Single-Family Home versus condos and/or townhomes are more popular among first-time homebuyers. Most home buyers want to have privacy as homeowners. Buying a single-family home offers a private yard and a distance between neighbors. Other homebuyers want…
In this blog, we will cover and discuss origination fees and discount points on mortgage loans. In the following paragraphs, we will discuss and cover understanding origination fees and discount points on mortgage loans. Gustan Cho Associates offer highly competitive mortgage options without LENDER OVERLAYS. We have no additional guidelines on our Conventional, FHA and…
In this blog, we will cover and discuss how long does pre-approval take from lenders. The Pre-Approval stage is the most important stage in the mortgage loan application and mortgage loan approval process. An experienced and diligent mortgage loan officer should carefully analyze the mortgage loan applicant’s income, credit, credit history, income, and assets before…
Credit Guidelines in Mortgage Underwriting Process: Your 2024 Guide to Mortgage Approval Purchasing or refinancing a home is one of the biggest financial steps you’ll take. Whether you’re a first-time homebuyer or looking to refinance, understanding how credit guidelines impact the mortgage underwriting process can help you prepare. This guide includes everything you need about…
If you’ve had a timeshare foreclosure, don’t worry—you can still buy a home without a long waiting period. Most people think a timeshare foreclosure is just like a mortgage foreclosure, but that’s not true. In this post, we’ll explain how a timeshare foreclosure differs and why you may not need to wait years to get…
Whether buying a new home or refinancing your current one, a home appraisal is a critical step in the mortgage process. But the appraisal process can feel confusing and even a little intimidating if you’re like most homebuyers or homeowners. Don’t worry—we’ve got you covered! In this guide, we’ll break down everything you need to…