When you apply for a mortgage, one of the first documents your loan officer will ask for is your bank statements. The main purpose of checking and reviewing all these document is make sure that you actually have the funds and means to pay your house payment without defaulting.
Understanding Community Property Law
Community property is property jointly owned by a husband and wife. This typically includes all money earned, debts incurred and property procured during the marriage. There are eight community property states:
Why Mortgage Companies Should be Veteran Friendly
Is your mortgage company veteran friendly? Veterans have unique needs and requirements than civilians, so your mortgage company needs to be able accommodate them respectfully and efficiently. Here’s why you company should be veteran friendly: Veterans Have Different Needs Unlike civilian home buyers, veterans tend to have different and more unique needs. For example, the […]
Can Your Lender Sue You for Deficiency?
When a lender forecloses on a mortgage, the total debt owed by the borrowers to the lender frequently surpasses the foreclosure sale price. The difference between the sale price and the total debt is called a deficiency.
Should You Put Your Trust into Tranches?
Using tranches is a good way to move the risk of investments and prepayment penalties, but should you rely on them? The simple answer is no, you shouldn’t rely on them entirely. However, that doesn’t mean that you should shy away from them altogether. By knowing the risk of tranches, you can smartly invest and […]
What Lenders Need to Know Before They Restructure a Loan
As a loan officer, you will have clients come to you for advice about restructuring their loan. Also known as loan modifications, restructuring a loan makes the current loan more affordable for the borrower and they can possibly avoid foreclosure. Restructuring verses Refinancing First, you must understand that restructuring a loan is not the same […]
