Income qualifying guidelines for mortgage financing “Not all incomes are equal” certainly applies in the mortgage world. There are substantially different ways of determining your qualifying income when applying for a mortgage. Here, Mark Wells of Preferred Financial Services covers the various scenarios that apply to income guidelines for borrowers who are not self-employed. I […]
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When is a broker the best choice for a mortgage? There has long been debate about whether a mortgage broker or a direct lender is the best source for a purchase or refinance loan. Advertisements for each platform claim the higher ground, but what is best for you? Mark Wells at Preferred Financial addresses why […]
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USDA mortgage financing The USDA mortgage program continues to be available to many borrowers in the Upstate, and can be an excellent choice, providing the borrowers and the property meet the requirements and guidelines for the loan. Here, Mark Wells of Preferred Financial Services discusses the various aspects of the program. I have heard of […]
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Credit scores and mortgage rates Since the mortgage meltdown of 2008, all loan programs are subject to risk-based pricing. Your credit score is one of the biggest factors in determining the level of risk assigned to your mortgage. Mark Wells at Preferred Financial Services answers questions about interest-rate pricing, and how your credit scores can […]
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Refinancing with a home equity line With interest rates still low, many homeowners are refinancing. In cases where they have both a first mortgage and a home-equity line, questions come up about how to best structure their refinance. Mark Wells of Preferred Financial Services answers commonly asked questions: The rate on my equity line is […]
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New appraisal guidelines may make borrowing easier Prior to the crash of 2007-2008, Fannie Mae and Freddie Mac had instituted a national value-tracking system in which all appraisals across the country were stored in a giant database that could be accessed by any lender to cross-check the valuation given by an appraiser. After a number […]
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Financing renovations and repairs There are several ways to approach financing for renovations and repairs, each with its own advantages and disadvantages. Mark Wells of Preferred Financial Services provides answers to often-asked questions about how mortgage financing can be put to work for those projects. I have some general repairs that will cost a little […]
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Fannie Mae relaxes debt-to-income guidelines In an announcement last week, Fannie Mae indicated that it will incorporate higher debt-to-income ratios in its underwriting guidelines. Mark Wells at Preferred Financial Services discusses the impact this will have on borrowers buying or refinancing a home. How significant is this change in the overall picture of mortgage underwriting? […]
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Co-Signers, co-borrowers, and the mortgage process Mark Wells of Preferred Financial discusses which loan programs do and do not allow for co-signers, and when a co-signer can make a difference in getting loan approval. What is the difference between a co-signer and a co-borrower? A co-signer is someone who signs onto a mortgage loan […]
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Financing options for second homes and vacation homes Second home (vacation home) financing has its own special underwriting guidelines and product offerings. Here, Mark Wells at Preferred Financial Services answers common questions he receives from customers looking to buy or refinance a second home. How do lenders define a second home? Very specifically—a second home […]
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