Archive of posts tagged Mortgage

Here’s How Much Americans Owe On Mortgages In Every State

According to a recent publication by Business Insider, a mortgage is considered “good debt,” meaning it’s a debt that could be considered an investment in yourself. By paying this debt, you’re securing a place to live. That’s not to say that a mortgage isn’t serious. According to credit bureau Experian, the average amount of money […]

Top 10 Secrets For Buying A Home – Part Two

Buying Secret #5: Avoid Hidden Costs The difference between renting and home ownership is the sleeper costs. Most people just focus on their mortgage payment, but they also need to be aware of the other expenses such as property taxes, utilities and homeowner-association dues. New homeowners also need to be prepared to pay for repairs, […]

Top 10 Secrets For Buying A Home – Part One

Buying Secret #10: Keep Your Money Where It Is Don’t make any huge purchases or move your money around three to six months before buying a new home. You don’t want to take any big chances with your credit profile. Lenders need to see that you’re reliable and they want a complete paper trail so […]

How Long Does My Preapproval Letter Last?

Does your preapproval letter expire? What happens if you don’t find a home in a few months? Preapproval letters should include two dates: when the letter was prepared and when the preapproval expires. It should just take providing a couple documents to your loan officer so they can quickly look over your application and provide […]

Should I Get Prequalified?

It’s never too early to start! The better prepared you are as a buyer, the better your chances of obtaining that home of your dreams! There are actually three levels of qualifications that a potential home buyer may have after contacting a lender. Please keep in mind that not all lenders may have the same […]

Do different banks need different underwriting documents?

The simple answer is YES! Different banks and lenders may have different underwriting guidelines. This is often referred to as an underwriting “overlay”. Fannie Mae, Freddie Mac, FHA, VA and USDA all have their own underwriting guidelines that need to be followed when a lender is originating a mortgage for any of these programs. In […]

Dear Santa And Mrs Claus

Millennium Mortgage is taking this opportunity to write to you and the MRS……..We are not asking for anything but rather offering for your consideration the benefits of a REVERSE MORTGAGE. Sometimes a little extra tax-free income each month is the best present any senior can receive. Reverse mortgages can be a financial tool for seniors […]

What Is Securities Based Lending

Securities Based Lending has been around for decades but rates have rarely been lower that they are right now. While different risks come into play with these types of loans, they can make a lot of sense for certain borrowers. What’s the difference between a tradtional MORTGAGE and SECURITIES BASED LENDING A mortgage is backed […]