When shopping for a purchase loan you should work with your Realtor to push for seller credits.  If the purchase price is $300,000 and you want 3% for closing costs, many real estate agents suggest offering $309k for the house.  This way it is win win.  The buyer gets the asking price and you don’t [...]

In my opinion 30 year fixed interest rates have nowhere to go but up.  Once the housing mark stabilizes and the economy picks up, rates have to increase to counter inflation.  I also believe that home prices will continue to fall even as interest rates increase.  It will be a great time to buy a [...]

One interesting program allowing you to obtain a 30 year fixed mortgage on a property that is in less than perfect shape is the FHA 203K Rehab loan.  This program was designed as an alternative to construction loans that carry higher interest rates and extremely short amortization periods.  For example.  Let’s say you find a [...]

Interest rates are very important don’t get me wrong.  Sometimes, however people will get to focused on them when there are many other important benefits to the loan.  Things such as cash out, outgoing monthly expense savings, investment opportunities, etc, hold far greater value than simply the interest rate.
Kris Morgan
Whitmanmet Direct
916.380.3733
Kmorgan@whitmanmet.com

Getting pre-approved early is a must when shopping for a house.  I have had multiple clients that had no intention of finding a house and then came the late night frantic emails of needing an approval letter to submit an offer.  Do not settle for a pre-qualification letter and most Realtors will not accept these [...]

        30 year fixed mortgages are the safest loan in my opinion.  However, it does not mean that you must stick to the payment schedule for 30 years.  When searching for a home I would recommend calculating a payment that is extremely affordable.  This will leave room to make additional payments, allowing for the house to be paid [...]

Sure it makes sense to shop around to find the best deal.  You have to be careful though.  So many mortgage professionals are so desperate for money right now you might end up getting what you pay for as far as service.  Do research when shopping for a 30 year fixed mortgage.  Brokers make a [...]

During my experience in the mortgage industry I have run into the following problems time and time again.  the new lender will ask for a copy of the current note and previous settlement statement (HUD-1) 90% of the time these documents have been misplaced or thrown out.  These are the meat and potatoes of your [...]

Many people overlook this especially if you are a first time home buyer.  I would recommend searching for quotes on Home Owners Insurance when the time comes to apply for a mortgage loan.  Most loan agents and real estate agents will have referrals for this but in my opinion its always good to get an [...]

Nobody likes delays.  When the time comes to seek financing for a home loan you must be prepared.  This makes life easier on you as well as everyone else involved in the transaction.  Round up those W-2’s, paystubs, bank statements, retirement accounts, etc.  Put everything in a folder ready to go for your loan agent.  [...]