Interest vs Principal

by RussOctober 22, 2009 Mortgage Products

Very rarely do borrowers ever ask or even understand how their mortgage payment breaks down each month.  People intuitively know that some portion is principal and another is interest.  However, they usually don’t know how much is going to principal and how much is going to interest.
The first thing you should know is that interest [...]

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Gifts As Down Payments

by RussOctober 21, 2009 Underwriting Guidelines

One of the biggest challenges home buyers face is saving up enough money for a down payment, especially in today’s market when low down payment options are no longer as plentiful.  It is not uncommon for buyers to get gifts for use as a down payment.  However, it is important to know that there are [...]

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First Time Homebuyer Tax Credit Coming to an End

by RussOctober 19, 2009 Industry News

Today is October 19th.  If you are in the market to buy a home, you have 42 days to find a home , get it under contract, and ultimately to the closing table if you want to ensure you can take advantage of the first time home buyer tax credit.  The tax credit is essentially [...]

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Understanding Debt Ratios

by RussOctober 19, 2009 Underwriting Guidelines

The question that I am asked most by potential homebuyers is “How much can we afford?”   This is a loaded question.  The first thing I tell my clients is I cannot tell you how much you can “afford”, but I can tell you how much you will qualify to borrow.  There is a distinct difference [...]

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You Are Your Spouse’s Credit

by RussAugust 11, 2009 Credit

One of the situations I see often is when a person has great credit but their spouse does not.   With FICO scores taking and even more important role in qualifying for a mortgage today than even just six months ago, this can be a very big issue for potential home buyers and folks looking to [...]

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