Do I Need To Sell My Home Before I Can Qualify For A New Mortgage On Another Property?
Although every situation is unique, it is not uncommon for homebuyers to qualify for a mortgage on a new home while still living in their primary residence. Perhaps you are outgrowing your current house, or have been forced to relocate due to a job transfer? Regardless of the motivation for keeping one property while purchasing another, let’s address this question with the mortgage approval in mind: So, Do I Have To Sell? Yes. No. Maybe. It depends. Welcome to the wonderful world of mortgage lending. Only in this industry can one simple question elicit four answers…and all of them may...
Read MoreSeven Things Your Agent Should Know About Your Georgia Mortgage Approval
While many experienced real estate agents have a general understanding of the mortgage approval process, there are a few important details that frequently get overlooked which may cause a purchase to be delayed or denied. New regulation, updated disclosures, appraisal guidelines, mortgage rate pricing premiums, credit score, secondary approval layering, rescission deadlines, property type, HOA insurance requirements, title and property flip rules are just a few of the daily changes that can have a serious impact on a borrower’s home loan financing. With today’s volatile lending...
Read MoreWhen Is Bankruptcy the Answer?
Filing for bankruptcy becomes a viable option when an individual’s cash flow is “upside down” with no reversal in sight. But before proceeding, it’s important to first look at the structure of one’s assets and liabilities. For many homeowners, an experienced and qualified mortgage professional may be able to help them restructure debt and avoid bankruptcy altogether. If this isn’t possible, then it’s critical not to let negative cash flow go on for too long. Instead, quickly seek references for a reputable bankruptcy attorney and a credit counselor. One of the...
Read MoreUrban Legends & Internet Scams
Sorting Fact from Fiction Urban legends have been a part of popular culture for years. We’ve all heard suspicious stories that supposedly happened to a “friend of a friend” but which couldn’t be verified. Remember the story about Mikey, the Life® cereal spokes child, whose stomach allegedly exploded from mixing Pop Rocks and soda?* The Internet has added a new twist to the urban legend phenomenon by making these stories easy to spread to a large audience over a short amount of time. What’s worse, these stories are often distributed in the form of a plea for help...
Read MoreWhat is Negative Amortization?
A negative amortization loan is an adjustable rate mortgage that allows the consumer to tap into home “equity” by offering several monthly payment options. Up to an additional 25% of the original loan amount is available to the borrower. This flexibility works well for consumers who have seasonal income or want more control over their cash flow.However, the borrower must have some degree of financial discipline. Each month, the borrower will choose to make a fully amortized payment, an interest-only payment, or a low introductory rate payment. A fully amortized payment is larger, and...
Read MoreTrapped in Telephone Purgatory?
Use These Short Cuts & Break Free Does this scenario sound familiar? Your latest credit card statement comes in the mail, and there’s an error. You know that it needs to be dealt with, but for some reason you keep putting it off. Then it hits you. The reason for your procrastination is that you just cannot bear the thought of calling “customer service”. Just the idea of facing a telephone maze of pressing buttons and repeating personal information over and over again is so daunting, so loathsome, you actually consider just paying the charge. The good news is your days of...
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