You’re thinking of buying a house and a lot of terms are being thrown around and your lender assumes you know what they all mean. Well one of the terms that is often confusing is “Mortgage Insurance” which is often referred to as “PMI” (private mortgage insurance). In the lender’s world, Mortgage Insurance is abbreviated […]
Title Insurance is purchased at closing; it is a one-time charge. There are no annual premiums. You pay once, at closing, and never have to pay again. The lender will require you to have title insurance on their loan. You will have the option to insure your interest too. Because you are insuring the difference between what […]
Many first time buyers (and move up buyers too) negotiate for the seller to pay some or all of their closing costs. This is a great strategy to reduce the total amount of cash needed to purchase a home. All loan programs allow the seller to pay some or all of a buyer’s closing costs (and […]
We’re ALL (Amazing Loan Ladies) about simplifying the complicated and taking care of the details! TRID stands for TILA/RESPA Integrated Disclosure Rule TILA = Truth in Lending Act RESPA = Real Estate Settlement Procedure Act TRID is CFPB’s requirement to simplify all of this. CFPB = the Consumer Finance Protection Bureau, the new agency overseeing […]
Most loan types require the originator to run the file through an automated underwriting system (or two). Two of the most common are Desktop Underwriter (DU) and Loan Prospector (LP). Some lenders use both automated systems and some use only one. For lenders who use both, like Bookend LendingMortgage Company, if the file is not […]
Many people wonder what the best program is for a first time buyer? The answer is dependent on the buyer’s credit score and credit profile, the buyer’s income and the amount of cash the buyer has to spend on down payment and closing costs. The combination of these items gives a loan officer clues to […]
The Dodd Frank – Consumer Protection Act was adopted in July 2010 and created the CFPB (Consumer Finance Protection Bureau). Check out their site at www.consumerfinance.gov Starting in January 2014, the CFPB (Consumer Finance Protection Bureau) says mortgage lenders must implement new rules regarding “Qualified Mortgages) and the “Ability to Repay”. These rules are meant to protect […]