Preparing for the mortgage process If purchasing or refinancing a home is in your plan for 2017, there are steps you can take ahead of time to make the process of obtaining a mortgage go smoothly. Mark Wells of Preferred Financial Services answers common questions about how to prepare to apply for a loan. I […]
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Lender-paid PMI. Recently, conventional lenders have adopted a “No monthly PMI” loan program, sometimes referred to as a “Lender-paid” PMI loan. Mark Wells of Preferred Financial Services discusses the pros and cons of this program. How can a lender make a loan where there is less than 20 percent down and not include a monthly PMI […]
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Second Homes Tax Filing. Owners of second homes receive tax write-offs that can offset the expense of owning the home, and additional write-offs may apply for those who rent out their second homes part-time. However, correctly reporting the information from a second home on your tax return can sometimes make the difference in your ability to […]
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Many borrowers would like to purchase a new primary residence without having to sell their present home first. Some hope to get a bargain on a new home and need to be able to act quickly, while others want to keep their present home to earn income as a rental property. Mark Wells of Preferred […]
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During the 1990’s and up through the market crash of 2007, many self-employed borrowers made use of Stated Income or No-Income-Verification (NIV) mortgage programs to purchase or refinance their homes. These programs recognized that self-employed borrowers have access to cash flow for debt service that a normal wage earner would not. These programs disappeared after […]
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South Carolina has a high percentage of manufactured homes in its housing mix, and mortgage programs for these homes have often been difficult to obtain. Mark Wells at Preferred Financial Services discusses financing options for these homes and answers common questions from purchasers. The dealership I have been talking to has ‘modular homes’ for sale. […]
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Mark Wells at Preferred Financial encounters homebuyers each day, many of whom have been putting off buying a house because they either misunderstood the qualifications that are required, or because they did not understand the process itself. Here, he answers questions that are asked most often. I heard that after the crash, lenders started requiring […]
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In the last two columns, Mark Wells of Preferred Financial Services addressed guidelines affecting mortgage financing after a foreclosure and a short sale. Here, he covers a bankruptcy event. There are two types of personal bankruptcies—Chapter 7, in which the borrower cancels all allowable debts, and Chapter 13, in which the borrower enters into a […]
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Last week, Mark Wells of Preferred Financial Services discussed guidelines affecting mortgage financing after a foreclosure. Here, he covers a short sale event. Short sales occur when borrowers are forced to sell a house for less than what they owe on it. In a short sale, the lender must agree to the sale, because they […]
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There are five categories of credit disruption that require waiting periods before a borrower is eligible for mortgage financing, regardless of income or credit scores. These are: foreclosure, a deed in lieu of foreclosure, a short sale, chapter 7 bankruptcy, and Chapter 13 bankruptcy. In this three-part series, Mark Wells of Preferred Financial Services summarizes […]
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