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    Non Qualified Mortgage Rates, Guidelines, Lenders and Information

    Is 2018 the Year of Nonqualified Mortgages (Non-QMs)?

    January 31, 2018 By Justin

    Couple

    Yes, if you based it on the projections made by scores of mortgage professionals last year. They said that the volume of non-QMs is expected to grow, backed by a strong appetite among lenders. This growth may also come from people whose credit remains an issue that kept them out traditional financing, according to reports. […]

    Homeownership FAQ: The Quest for Finding the Right Mortgage Term

    January 26, 2018 By Justin

    Scrabble tiles

    With buying a home more relevant than ever in building a retirement plan, it’s largely a financial decision. And that decision is anchored on a myriad of things, including the mortgage term. In any homebuying venture, it’s essential to find the right mortgage term for you. Why? Your interest rate and monthly payment depend on […]

    In the World of Mortgages, What Does Manual Underwriting Mean?

    January 12, 2018 By Justin

    House, calculator and keys

    In particular, how does manual underwriting benefit you as a mortgage borrower? Lenders make loans to borrowers every day. They use an automated underwriting system (AUS) such as Desktop Underwriter® to approve mortgages. There are cases, however, when a loan is manually underwritten due to certain circumstances. Nonqualified mortgages, for instance, require manual underwriting where […]

    It’s a Toss-up Between 30-Year and 15-Year Fixed-Rate Mortgages

    January 10, 2018 By Justin

    Miniature house

    Both loans offer stability: they have fixed rates that don’t change throughout the life of the loan. They also have equal monthly payments arising from these unchanging rates. For this alone, 30-year and 15-year fixed-rate mortgages are staples among today’s consumers. But between the two-fixed rate mortgages, which is a better option? Should you go […]

    What’s the Difference Between Loan Forbearance and Modification?

    December 27, 2017 By Justin

    Thinking man

    Last hurricane season, the FHA, USDA, VA, Fannie Mae, and Freddie Mac each offered mortgage relief assistance to respective homeowners affected by Hurricanes Harvey, Irma, Jose, and Maria. These moratoriums on foreclosures include loan forbearance and modification, helping borrowers buy time as they focus to rebuild their lives after the disaster. To be clear, the […]

    What Does 2018 Hold for Non-Qualified Mortgages?

    December 20, 2017 By Justin

    Couple

    Ellington Financial LLC fairly recently completed a $141.2-million securitization of non-qualified mortgages. It joins lenders who want to boost their revenues by making or increasing their production of non-QM loans. What’s in store for non-qualified mortgages in 2018? How long will this strong appetite among lenders to originate non-QM loans continue? That being the trend, […]

    Cash-out Refinances, Home Equity Loans, and Texas Mortgage Laws

    December 11, 2017 By Justin

    House key

    Texas fared better than California during the Great Recession. According to a Dallas Fed study, the share of subprime mortgages that were underwater in Texas was 40 percentage points lower than the rest of the U.S. and serious delinquencies were 10 percentage points lower during the peak of the housing crisis. This is partly credited […]

    How Well Do You Know Conforming and Non-Conforming Mortgages?

    December 4, 2017 By Justin

    Couple

    All conforming loans are conventional loans, but not all conventional loans are conforming loans. Then, there’s the case of non-conforming mortgages. They are not exactly polar opposites but their features can make a difference. This is spelled out in down payments, interest rates and credit scores that affect your loan prospects. Knowing about conforming and […]

    Meet Portfolio Loans and What They Can Do for Borrowers Like You

    December 2, 2017 By Justin

    Father and daughter

    They sound complex, almost foreign because they don’t crop up as much as conventional, conforming, and government mortgages. Portfolio loans are not your typical mortgages either, making room for borrowers who are not traditional themselves. Nonqualified mortgages and other examples of portfolio loans present an alternative source of viable mortgage financing. Learn more about these […]

    First and Second Mortgages: Their Perks, Possible Things to Consider

    September 27, 2017 By Justin

    Miniature house

    The default rates on first and second mortgages went up in September from August per S&P/Experian Consumer Credit Default Indices. Still, the first mortgage default rate was one basis point lower from a year ago. This talk about first and second mortgages makes one wonder: what is a first mortgage and what is a second […]

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    Minimum credit ratings may vary according to lender and mortgage product. In the event that you do not qualify for a credit rating based on the required minimum credit rating, a lender may or may not introduce you to a credit counseling service or credit improvement company who may or may not be able to assist you with improving your credit for a fee.

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