Are you looking to buy a house? Then chances are you need to get pre-approved for a mortgage. Realtors often don’t even want to show you houses unless they know you’ve talked to a lender who has made sure you qualify. What’s the difference between being pre-approved vs. pre-qualified? Pre-qualified means a lender has asked…
What is Debt Service Coverage Ratio? Debt Service Coverage Ratio or DSCR is a ratio underwriters use for mortgages on investment property to determine if the property can carry the mortgage debt and other expenses associated with owning and operating the property. Why is DSCR important? Lenders often determine whether or not to lend money…
Definition of a Cash Out Refinance You want to renovate your home. You sit down with your lender and he says “you need to do a cash out refinance.” Why? How does that work? And what are your options? Let’s say you own your own home. You owe $300,000 on your mortgage. Your house is…
Effective Jan 1 2019, the Federal Housing Finance Agency announced new loan limits for almost every part of the country for both conventional and FHA loans. These new loan limits save you money on your mortgage! Are you thinking about buying a house in 2019? Or are you considering refinancing your mortgage, either to save…