Corey Chase's (idmtg76) Blog

There are "pre-qualified" and "pre-approved" buyers. Pre-qualified means that the buyer has spent a few minutes on the phone with a mortgage consultant and based on the information provided by the buyer, has been given the go ahead on a tentative mortgage amount. There is no verification of the p...

Loan-Related Closing CostsLoan Origination Fee /ProcessingThis covers the administrative expenses in setting-up and processing the loan. The loan origination fee may be a percentage of the mortgage amount.Points (optional)An option for the home buyer is to pay points to lower the interest rate at...

A bankruptcy filing delivers a devastating blow to your credit and FICO score, but it doesn't mean you have to wait 10 years before you can qualify for a mortgage. Many consumers who have filed for bankruptcy have been able to obtain a mortgage, although it is often at a higher rate than someone ...

   You probably found your self in front of that great looking house before, and called name on the sign. Why not? That is agent who knows everything about that house.   That might be truth, but your buyer's agent can know just as much if he/she gets chance to work for you. When ready to buy get ...

Debt-to-Income Ratio, also known as CapacityLenders will calculate with information you provide, your "Debt-to Income" (DTI) ratio. This means your financial capacity to repay your loan. Can you repay your loan plus your regular monthly debts such as credit cards, car loans, student loans etc. an...

Credit RatingYou will need to have a credit check when applying to buy a home in order to obtain your mortgage. Your credit rating does not have to be perfect for you to be able to qualify for a mortgage. However, credit is an essential first step in your buying process. You should be honest with...

House Buying Steps A borrower will usually spend weeks or even months looking first for a neighborhood that suits them before spending a great deal of time searching for homes for sale in that neighborhood. Perhaps many weekend afternoons are used to visit open houses to get a better idea of what...

Types of Mortgages A fixed term (for example 15 to 30 years) and a fixed interest rate constitute a fixed rate mortgage. The interest rate and the term are fixed at the start of the mortgage. The monthly amount for the principal and interest will not change during the term of the mortgage giving ...

With a normal home loan you pay a monthly amount (principal and interest). With each month, the amount that you owe goes down and the equity in your home goes up. A reverse mortgage works just the opposite. With a reverse mortgage you can turn the equity in your home into cash. You do not have to...