Industry Terminology: Loan Modification
What is Loan Modification? Simply put, loan modification refers to any change or alteration that a lender makes to a loan. A loan modification could include a reduction in the interest rate, an increa...
Requirements for a VA Jumbo Loan VA jumbo loans require standard property and appraisal requirements. Additionally, the home must be a primary residence and it must pass basic inspections including fo...
The Benefits of Using a Loan Officer for Your Mortgage
What is a Loan Officer? As James Taylor famously reminds us in his hit song written by Carole King, “Now, ain’t it good to know that you got a friend?” If you have ever experienced a complex financial...
15 Mortgage Terms You Need to Know
1. AmortizationAmortization describes the shrinking of your mortgage as you pay it off. With each mortgage payment you make, part of the repayment is applied towards reducing the principal, while a se...
Varied Loans Suit All Potential Needs
There are loan types to cover every need. Conventional or jumbo home loans can help you move into the house of your dreams. Special loans designed for purchasing special kinds of properties, such as c...
Maximize Your Veteran Benefits by Exploring VA Loans
If you're eligible for veteran's benefits, you have access to a specialized class of home loan that may help your dreams of homeownership come true. The Department of Veterans Affairs backs loans offe...
Can You Qualify for a Jumbo Loan With Damaged Credit? Consider Newrez’s SmartEdge
What is a Non-Qualified Mortgage (Non-QM Mortgage)? Non-qualified mortgages = non-traditional borrower options. Non-traditional means that the qualifying guidelines and loan terms are less restrictiv...
Bad Credit: Common Misconceptions Regarding Mortgage Loans
What is the connection between a person's FICO credit score and his or her ability to get a mortgage? This is a common question for any prospective homeowner to ask, no matter what level of credit tha...
The 5 Most Important Reasons to Refinance Your Mortgage Loan
While each homeowner has their own reasons for refinancing, the ultimate goal is to keep money in your pocket. So, if you find yourself weighing your options, here are five key reasons to refinance yo...