When applying for a Kansas City home loan or insurance, your application is carefully researched and considered by an underwriter hired by the mortgage company. The underwriter has a very important job in making sure you are a good candidate and that all information presented is correct and complete before you can be approved for […]
Buying a home isn’t a decision to be made lightly. The process is complex and can quickly become overwhelming if you don’t have the information you need. The lack of information combined with ever-changing rules and regulations shows how important it is to get educated so you can protect yourself from fraud and make informed […]
When you put in an offer for a home you’d like to buy and have signed your real estate contract, you will have entered your due diligence period. The length of this period varies from contract to contract, depending on your needs and what has been negotiated with the seller.
You’ve foreclosed on your home after being unable to make your monthly mortgage payments. Your lender has then sued you for the deficiency and won the case, resulting in a deficiency judgement against you that the lender will collect. There are two ways deficiency judgments can be collected:
You’ve found the house you’ve decided you’re committed to buying. To show the seller that you are serious about your offer, you decide to put down an earnest money deposit. How do you know how much you should put down and what determines the rate? There is no “right” answer, as it depends on a […]
As a loan officer, you will come across tranches when a borrower comes to you for help moving the risk of CMO prepayment penalties. However before you do, you need to know how they work and how they can affect you and your borrower.
Using tranches is a good way to move the risk of investments and prepayment penalties, but should you rely on them? The simple answer is no, you shouldn’t rely on them entirely. However, that doesn’t mean that you should shy away from them altogether. By knowing the risk of tranches, you can smartly invest and […]
You have decided to get down payment assistance in the form of a grant. But how do you get a grant and what are the qualifications? It’s easier than you’d think, but has some stipulations. Talk to Your Lender It seems like a straightforward piece of advice, but many people don’t talk to their lender […]
Simply put, a re-performing loan is a loan that was previously considered non-performing and you began making payments on it again. Re-performing loans are also called “scratch and dent” loans because it has a performing issue or is defective. Even if you have not repaid the missed payments your loan will still become re-performing—just remember […]
When you are helping a homebuyer purchase a home, you will come across what is known as a due diligence period in your client’s real estate contract. Also called a study period, this essential part of the real estate contract is designed to protect the interests of both the buyer and the seller. The due […]