The Federal Reserve Act: Creation of the Federal Reserve System
The Federal Reserve System, more commonly referred to as ‘The Federal Reserve’ and ‘The Fed’ has an interesting history dating back to the early 1900’s. Read More
How much mortgage can I afford?
Before potential homeowners apply for a mortgage, they may ask themselves the all important variable, “How much home can I afford?” It’s always a good idea to ponder affordability in advance because it means you can look for houses that fall exactly within the your price range. Read More
Conventional Loan Requirements
To decide if you qualify for a conventional mortgage, various aspects of your financial history will be looked at. How does that happen? Fannie Mae provides a powerful application called “Desktop Underwriter” that helps conventional loan lenders quickly evaluate mortgage applicants. “DU” software instantly analyzes the borrower’s finances, assets, employment history, and credit profile. Freddie Mac also provides a similar program called “Loan Prospector“.
Read MoreWhat documentation is needed for a home loan application?
Once you’ve contacted your lender to apply for a mortgage, they will request certain documentation from you to verify to insure you meet the loan requirements for the program. The mortgage loan checklist for documentation is fairly consistent no matter where you apply. Read More
Pros and Cons of a Cash-Out Refinance
If you have a house, chances are that you’ve been told it’s your most valuable asset. And it’s true that your home can have a lot of value. Read More
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