What mortgage can I get approved for? Fannie Mae found most Americans overestimate the credit score and down payment necessary to qualify for a mortgage. Credit scores and lending requirements are confusing - even to those of us who work in the credit industry or those that are tangentially related, like mortgage origination or banking. [...]
Can you change your mortgage loan servicer? The short answer is no, but a few calls can help you smooth out the problems you’re facing. Q: Is it possible to change my loan servicer? My refinance was done by a national mortgage lender. They immediately transferred it to a well-known loan servicer. However, my monthly [...]
What happens when the co-owner of your home dies with debt? This reader is concerned they’ll get stuck with the bill or worse, that they’ll lose the home. Q: My mother and I currently share ownership of my home. We own the home equally. I've been reading some of your posts on ThinkGlink.com and it [...]
What happens to your taxes when you co-sign a mortgage for your child? It all depends on how you decide to hold title on the home. Q: If I co-sign a mortgage so my son can buy a house, how will that affect my taxes for the profit when it is sold? He will make [...]
With an underwater mortgage, this senior homeowner is desperate for help. Thanks to the Great Recession, this older homeowner is struggling with selling at a loss or staying in their home. Q: My mother is 90 and needs to soon move from her condo to an assisted living facility. She bought her condo at the [...]
Mortgage delinquency rates are down, credit delinquencies are up. CoreLogic reports 30-day-plus delinquency is the lowest it’s been in over a decade. It’s a good news, not-so-good news situation. First, the good news: More people are paying their mortgages on time. Unfortunately, credit delinquencies are up as more people are having trouble getting their [...]
How do I pay my first mortgage payment? After closing the sale on buying a home it’s time to start sending payments to your mortgage servicer. Buying a home is the most stressful event of modern life. Now that it’s done, you can breathe a sigh of relief, settle into homeownership and pay your first [...]
What is a deed of trust? This document often confuses homeowners, especially after they pay off their mortgage. Here’s what you need to know. Q: Thank you for your recent article about transferring ownership of a home among family owners. My question is simpler. I recently paid off my mortgage and received a Certificate of [...]
What happens to real estate when the government is shut down? Fannie Mae released temporary guidelines for loan processors to assist federal workers and contractors during the government shutdown. Homebuyers, lenders and real estate agents might experience closing delays as the U.S. partial government shutdown continues. And, there’s nothing that increases personal and financial stress [...]
Real estate challenges and opportunities in the New Year. Whether you’re buying a home, selling a home, or investing in real estate here’s what you need to know about the housing market in 2019. As we start 2019, there are some important changes that you need to know about, starting with the increased loan limits [...]
