This BLOG On Mortgage Underwriters Role During Mortgage Process Was UPDATED On May 2nd, 2019 The mortgage underwriter is the most important person in the mortgage application and approval process. The most important person in the mortgage application and approval process, the underwriter, is the person borrowers will never talk to nor meet The mortgage…
This guide covers how multiple credit inquiries affect the mortgage process for borrowers. The potential creditor will pull credit whenever consumers apply for credit, such as a credit card, auto loan, installment loan, payday loan, or mortgage loan. The result is that consumers will have credit inquiries on their credit reports. Consumers should at all…
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…
There are many reasons to refinance your mortgage loan. Refinancing from an FHA mortgage into a conventional loan is a very common practice This is a great opportunity to stop paying mortgage insurance and lower your monthly mortgage obligation This time will go down in history with some of the lowest interest rates ever seen…
This ARTICLE Is About Wealthy Illinoisans Fleeing State To Lower Taxed States Wealthy Illinoisans Fleeing State To Lower Taxed States than any other states in the nation: High Illinois taxes are forcing Wealthy Illinoisans Fleeing State To Lower Taxed States than any other state in the nation Illinois Governor J.B. Pritzker’s proposed progressive tax is…
This Article Is About Special Mortgage Loan Programs After Loan Denial By Lender There are times where borrowers go through stress during the mortgage process or get a last-minute loan denial. What do you do? Look for another lender? Give up? There are solutions for quick mortgage approval and fast closing. There are lenders who…
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…
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…
When buying a home, getting pre-approved for a mortgage is one of the first steps. But did you know you can get a TBD property mortgage approval without even considering a specific home? In this guide, we’ll walk you through everything you need to know about getting a TBD property mortgage approval in 2024, how…
This guide covers credit score to qualify for mortgage lending guidelines. It is not the end of the world for consumers with bad credit. Millions of Americans had a point in their lives where they lost their jobs, had unexpected medical emergencies. Others went through a divorce where their credit suffered. Unfortunately, credit can suffer…
This guide covers the mortgage process leading to clear-to-close and closing on time. The basic steps in the mortgage process leading to clear-to-close and closing on time. The mortgage loan and approval process starts when the mortgage processor is assigned to the borrower’s file. The loan officer will be alerted once the applicant completes and…
All mortgage lenders require borrowers to start shopping for homeowners insurance premiums. You choose your hazard and fire insurance company. You are responsible for comparing premiums and selecting coverage. Dale Elenteny, a senior mortgage loan officer at Gustan Cho Associates, says the following about shopping for homeowners insurance premiums: Shopping for homeowners insurance premiums can…
This guide covers changing lenders during the mortgage process. Is changing lenders during the mortgage process a good idea? You want to avoid changing lenders during the mortgage process if at all possible. Changing lenders during the mortgage process will cause delays in closing on your home loan. Our mission at Gustan Cho Associates is…
This blog will discuss how lenders price mortgage rates by credit score. We will compare mortgage rates for Maine homebuyers with bad credit and the difference between higher credit score borrowers with lower rates. Lenders base risk levels on the credit score of borrowers. We will compare the various loan programs’ best mortgage rate options…
How auto loans affect home loans for borrowers with a high debt-to-income ratio is a frequently asked question at Gustan Cho Associates. This article covers how auto loans affect home loans. Debt-to-income ratiosare one of the most important factors when it comes to mortgage qualification. Debt-to-income ratios are what determine how much home buyers can…