The Lender that Could – I Knew I Could
The mortgage business can be a confusing industry to understand. There are different types of loans, different types of lenders and different paths for loans after closing. All of these…
Don’t have a lot of money for down payment?
(All stories shared on Lending A Hand contain fictitious names with changes to insignificant details. The privacy and trust of our customers is our top priority.) I received a call…
The Bank of Mom and Dad
We received a couple of calls in the past few days for potential home buyers looking to get qualified for a mortgage and both of them had questions about how Mom and Dad could help them qualify. Here are their situations:
Mortgage Brokers vs Mortgage Bankers
Not all lenders are created equal. Knowing the difference between the different types of lenders and how those differences impact you could save you money and provide you with more…
Good Faith Estimate Explained
The Good Faith Estimate, also known as a GFE, shows the interest rate, term, loan amount, and all settlement costs on a particular loan. The Good Faith Estimate is divided…
Home Valuation Code of Conduct – Conventional Mortgages
Modifications to the way in which lenders and appraisers work together go into effect today, May 1, 2009. According to the Federal Housing Finance Agency (FHFA) the changes to the…
What is APR or Annual Percentage Rate?
One of the most common incorrectly explained and misunderstood topics within the mortgage business is the definition of APR. I will do my best to unravel the mystery and explain…
Pre-Qualification versus Pre-Approval
Several years ago most people didn't really care about the difference between a pre-qualification and a pre-approval because there were so many qualified buyers in the home buying market place…
What is a Good Credit Score?
You just want to know what a good credit score is. Probably because you are looking into obtaining a mortgage, or maybe an auto loan. Did you know credit scores…
Mortgage Refinance – Does it Make Sense?
Refinancing is a serious decision that will be based on emotion, money and both short and long term impacts. Deciding whether or not now is the right time can be…