How the Loan Officer Compensation Rule Ends the Rate Debate
Posted in: Industry News, Loan Process, Purchase, Truth in Lending
All loan originators are all working on a fixed compensation plan now, so you should always be offered the best rate you qualify for. But that’s just the tip of what you should be concerned with.
What Do Appraisers Look For When Determining A Property’s Value?
There is a formula for how an appraiser determines the market value of a house, and it has nothing to do with the tax assessment.
Understanding the Funding Fee
Posted in: FHA, Purchase, Refinance, USDA/RD, VA Tags: Rural Development/USDA
“Why is my mortgage larger than my loan amount?” Government loans exchange part or all of the monthly mortgage insurance premium for a Funding Fee – a one time, paid at closing, usually financed, insurance premium. There’s a good reason for this.
Understanding Source of Funds
Posted in: First Time Homebuyer, Loan Process, Purchase
Banks require that all funds used for a purchase transaction be both sourced and seasoned. Knowing what’s allowed and what’s not early on can prevent surprises at the closing table.
How do I know if it’s a Condo?
Getting a mortgage for a condo in New Hampshire is a VERY different process than it was a few years ago. Many of the “streamline” options for condo project approval have been eliminated, which means extra guidelines to meet, documents to collect and pitfalls to avoid.