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What Is A Non-QM Loan? A Non-Qualified mortgage loan (Non-QM) is a loan that falls outside of the QM (Qualified Mortgage) loan parameters, which provide legal protection to lenders and have stricter guidelines to help prevent against default. Non-QM loans fill a void for people with fluctuating income that may come in lump sums. Most often they used by people who are self-employed (like a small business owner, entrepreneur, contractor, nurses, etc.) and don’t tick the boxes for a traditional mortgage with requirements for their tax statements, pay stubs and W-2s. They are also used by borrowers that may certain credit issues in their past that rule out a QM loan. Non-QM loans do not have the traditional guarantees backed by those of Freddie, Fannie, FHA and VA loans. If…

Whether you are looking to sell and make your kitchen more presentable, you just moved in to a new place or you built equity and want to upgrade your current kitchen, here are 7 keys to consider before starting. And we'll throw in one more before we start - ask are you a big kitchen person or do you order out for eggs and bacon? Consider if you are going to use it all day, every day or just as a place to keep beverages cold and to warm food up. 1. Budget - Before getting started set a budget! (Can’t you say this before starting every project? :) 2. Lighting - Gone are the days of dark cramped kitchens, make sure there’s plenty of light and consider a mix…

For many people buying a home is part of the American dream but saving for the down payment might not be. So whether you are trying to buy your first home or size up for your growing family here are some tips to save for your down-payment. 1. Eliminate waste and daily splurges – if you have a smart thermostat make sure you don’t have the heat on in the winter or ac in the summer when no one is home. Consider replacing daily coffee stops with brewing at home, subscribe to services you don’t really use – eliminate some of them. 2. Budget – make a monthly budget of your spending – see where you can cut back and see how much you can save monthly. 3. Tax Return…

There are a lot of mortgage terms that we have heard a lot, but we don't always 100% know what they mean. Today we'll explain what home equity really is and how you could use it. To put it simply home equity is the amount of your house that you own. So for example if you have a mortgage loan balance of $100,000 and your home's value is $300,000 then you have $200,000 in home equity. You calculate home equity by subtracting your mortgage balance from the appraised value of the home. Your home equity is an asset and you can use it for things like cash-out refinancing, home equity lines of credit (HELOC) perhaps if you have paid your mortgage off you can also get a reverse mortgage. If…

If you are considering refinancing before rates go up to pay off other debts like credit cards, here is a quick overview. The average American has nearly $40,000 in debt not including home loans so today we ask if you consider a cash-out refinance to pay off other debts like credit card debt. Credit card interest rates are normally much higher than mortgage interest rates and if you are carrying high credit card debt while making minimum payments, there is an opportunity to save a lot in monthly credit card payments that are primarily going to pay high interest rates on the debt. First you will need enough equity in your home to get a cash-out refinance. With real estate values rising many people have seen their home value rise…

If you’re looking for a new house, many realtors want a pre-approval in advance. Plus its good for you to know how much you can afford and if there are any issues, you will know in advanced instead of an unexpected last minute surprise! 1. Proof of Income This is usually W-2 statements but also includes any other sources of income like bonuses or alimony. 2. Proof of Assets This will include bank and investment account statements. If you are receiving a money from a relative or friend you may also need a gift letter from them. 3. Credit Score Your credit score will be an important factor on the down payment and interest rate on the loan. 4. Employment Verification Lenders may call your employer to verify employment, or…

In today's market of rising home prices, many people are considering buying a fixer-upper. We’ve all seen the home make-over shows with amazing before and afters but should you do it? Here are a few things to consider: 1. Know Your Limits How much of the work can you do. How much time do you have to put into renovations. Are you prepared to live in a work zone for a while 2. Work Out Costs In Advance Have a contractor walk through the inspection with you and get a written estimate for work he would do. If you are doing the work yourself price the costs of supplies, either way add 15% to the costs because surprises are likely. 3. Check Permitting Costs and Procedures Check with local officials…

Many first-time home buyers are looking for ways to get into a house - here are ten programs that can help! 1. FHA Loan - This is most common assistance loan and you may already be familiar with FHA loans, these are widespread and help buyers with lower credit scores and less money saved for a down payment. 2. USDA Loan - are for lower-income borrowers in rural areas (but check with us you may not realize you are in a rural area :) 3. VA Loan - this is a great option for those who have service in the military and their families as it allows no down payment! 4. Fannie Mae/Freddie Mac Loan - these are conventional loans that are a good option for those with good credit…

As we enter a new year our mortgage outlook sees pressure on rates to increase. The Mortgage Bankers Association expects an increase from records lows but rates should still remain historically lower. The fed is likely to raise rates as it faces inflationary pressure for the first time in decades. Of course things are extremely fluid and subject to change. For those looking to refinance, we recommend acting now to lock in low rates. Cash-out refinances will still be attractive for some with moderate rises in interest rates as many have seen a large rise in equity. Purchase loans will likely be an increasing portion of mortgages overall. Check with us to see how all this affects you and we will recommend the best course of action based on your…

Happy New Year 2022! 🎉 We wish you and your family a peaceful, prosperous, and healthy new year! A New Year and New Beginnings!