The Washingtonian magazine compiled a list of the most referred lenders in the Washington DC metro area. These names were referred by local realtors and Washingtonian subscribers. Below is the article and list of the most referred lenders in the entire Washington DC area.
When is an approval really an approval? When is an approval only a conditional approval? Below are the different levels of “loan approval” you can get for a mortgage:
This is done before you make an offer on a home. This is only a loan officer analysis, and supporting financial documents are not required. This is a review of the applicant’s income and debts using standard methods of determining housing and debt ratios to indicate the maximum loan amount for which an applicant would qualify, subject to the satisfactory appraisal, further verifications of income, employment and credit history. This is the lowest form of analysis you can have done.
The 10 Year Treasury Bond is at 2.73% so far today. This is slightly higher than the last time I posted 10 Year Treasury Bond data in early January.
On 01-03-2019 the 10 Year Treasury Bond was 2.55%.
The direction of the 10 Year Treasury Bond is a good gauge on Continue reading Bond Market Report
A home inspection protects the buyer. It’s meant to uncover potentially serious issues with the home so that you understand what you’re buying.
In a competitive market, some buyers walk through the home with an inspector before making an offer on the home. This gives them the confidence to formally waive the inspection contingency when they make their offer, possibly putting their offer in a stronger position to be accepted. However, a home inspection may identify the need for major repairs or builder oversights and minimize unpleasant surprises or unexpected difficulties. Continue reading Why get a home inspection and who pays for it?
I am going to post numbers on the 10 Year Treasury Bond on a regular basis. The 10 Year Treasury Bond is not a direct correlation to mortgage rates, but it is a good number to know.
As of 01-03-2019 the 10 Year Treasury Bond was 2.55%.
Below are some interesting numbers*:
In 2018 the average yield of the 10 Year Treasury Bond was 2.91%.
In 2017 the average yield of the 10 Year Treasury Bond was 2.33%. Continue reading Bond Market Report
Conditional Approval Mortgage
So you’re applying for a mortgage, you think you have everything lined up right, you get pre-approved. Great! And then you get… conditional loan approval? What is that? What are the conditions? Continue reading What does conditional loan approval mean?
When you’re buying a home or thinking of buying one, you’ll need to factor in many costs other than the home loan. If you’re not making a 20 percent down payment, and most people don’t, private mortgage insurance, or PMI, is at the top of the list of costs to consider. Continue reading Private Mortgage Insurance (PMI) Costs
When you divvy up your monthly budget pie, housing is very likely the biggest slice, especially after you add in utilities, maintenance and of course, your mortgage.
For most people, your ability to get approved for a mortgage, and the terms you’re offered, depends on your credit report and your history of managing debt responsibly.
Under some circumstances, your credit score can be affected by loans you’re not even responsible for paying. Continue reading How Being an Authorized User on a Credit Card can Help or Hurt You
If I had one dollar for every person that said, “Please tell me what I can qualify for but do not pull my credit because I know it hurts my credit score,” I would have enough money to make a large down payment on almost any house I wanted. Continue reading MORTGAGE MYTH ALERT: Having A Mortgage Company Pull Your Credit Report Does NOT Hurt Your Credit Score!