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What Clients Ask The Most

What You Should Know


Can I purchase a home with no money down?

Yes. There are many different loan programs in the market that will allow you to purchase a primary residence home with no money down. A credit score over 620 is needed and 2 years of continual employment is a requirement.

Is an adjustable or fixed rate loan better for a first time home buyer?

An adjustable-rate mortgage (ARM), for example, can be a more suitable choice for a first-time buyer; and, for a buyer who intends to move or do a home refinance within the next 10 years. ARMs offer lower mortgage rates than a fixed-rate loan and, sometimes, the savings is substantial

Who pays the closing costs associated with the buyers mortgage?

Closing costs are paid according to the terms of the purchase contract made between the buyer and seller. Usually the buyer pays for most of the closing costs, but there are instances when the seller may have to pay some fees at closing too. All loan programs allow a "seller credit" for buyers closing costs.

Should I get a fixed rate or adjustable rate loan?

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What is a Non QM mortgage?

A Non-QM loan, or a non-qualified mortgage, is a type of mortgage loan that allows you to qualify based on alternative methods, instead of the traditional income verification required for most loans. Common examples include bank statements or using your assets as collateral

Should I refinance 10 years into a 30 year mortgage?

If your mortgage is only a couple of years old, and you can refinance to a significantly lower interest rate, lengthening your mortgage term inflicts only minimal damage.  If you are 10 years or more into a 30-year loan, consider refinancing to a shorter-term loan, say, 20, 15 or 10 years.

What is a good score to qualify for a mortgage?

While you don't need a perfect 850 credit score to get the best mortgage rates, there are general credit score requirements you will need to meet in order to take out a mortgage. Prospective home buyers should aim to have credit scores of 640 or greater to qualify for a mortgage.  And a credit score over 720 gets you the best interest rates on mortgages.

How hard is it to get a FHA mortgage?

An FHA loan requires a minimum 3.5% down payment for credit scores of 580 and higher. If you can make a 10% down payment, your credit score can be in the 500 – 579 range.

What is a VA Loan?

A VA loan is a mortgage loan in the United States guaranteed by the United States Department of Veterans Affairs (VA).  The program is for American veterans, military members currently serving in the U.S. military, reservists and select surviving spouses (provided they do not remarry) and can be used to purchase single-family homes, condominiums, multi-unit properties, manufactured homes and new construction. The VA does not originate loans, but sets the rules for who may qualify, issues minimum guidelines and requirements under which mortgages may be offered and financially guarantees loans that qualify under the program.
The basic intention of the VA home loan program is to supply home financing to eligible veterans and to help veterans purchase properties with no down payment.

Who pays realtor fees in Florida?

The seller almost always pays the realtor fees in Florida. Half of the commission goes to the listing agent for all their work marketing and selling the home; the other half is an incentive for buyer’s agents to show the home to their clients.

How do I figure out my Debt to Income (DTI) ratio?

Add up your monthly debt: $1200 (rent) + $200 (car loan) + $150 (student loan) + $85 (credit card payments) = TOTAL: $1,635.

Now, divide your debt ($1,635) by your gross monthly income ($4,000). 1,635 ÷ 4,000 = .40875. By rounding up, your DTI is 41 percent.

If you get rid of the $85 monthly credit card payment, for example, your DTI drops to 39 percent.

Who hires the Home Appraiser?

Although buyers obtaining financing will be required to have an appraisal completed. In this case, their lender will order the appraisal through a third party servicing company. This company will then assign the appraisal to an appraiser.

Can I take money out of my home equity?

There are various ways to take equity out of your home. They include home equity loans, home equity lines of credit (HELOCs) and cash-out refinances, each of which have benefits and drawbacks.

Home equity loan: This is a second mortgage for a fixed amount, at a fixed interest rate, to be repaid over a set period.

How long after bankruptcy can you refinance?

You can refinance your home after a Chapter 7 bankruptcy between 2 – 4 years after discharge.

With Chapter 13, FHA and VA loan borrowers may be able to refinance while they're still in bankruptcy, after they've made a year of on-time payments according to their repayment plan.

Can anyone buy a foreclosed home?

You can purchase the property from the bank through a real estate agent once the property has been listed.

Many auction companies sell properties from various banks and investors, holding auctions across the country either in-person or online.

Search online for foreclosure auctions in your area.

How many names can be on a mortgage?

While there is no limit to the number of names that can be on a mortgage, each applicant will need to qualify for the mortgage to be approved.

Can PMI be removed when I refinance?

The short answer: yes, private mortgage insurance (PMI) can be removed when you refinance. In most cases, PMI is cancelled automatically once the homeowner has reached 22% equity in the home – which is the same thing as “78% loan-to-value ratio (LTV).” You'll see both terms used, so don't be confused.

What Affects Home Appraisal?

The appraiser takes your home's features, age and condition, then compares it to other similar homes in the area and what they sell for. Because your home's value is based on the value of similar homes in the area, the local market will have a big impact on your appraisal.

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