Advantages of Non-QM, Bank Statement and Debt Service Coverage (DSCR) Ratio Loans

Most everyone who has gotten or currently have a mortgage, are familiar with the standard documentation process as it relates to the applicant. Lenders want to make sure the potential borrowers can comfortably afford the new mortgage payment (including taxes, insurance and mortgage insurance when needed). They primarily do so to calculate debt-to-income ratios. If […]

Cash-Out, Streamline and Rate and Term Refinances

When borrowers think about refinancing, it’s usually because news has come across that interest rates have dropped or that the Federal Reserve lowered the Fed Funds rate. When the Fed acts, it makes the news and typically sparks consumer queries. In reality, when the Fed does make such a move, mortgage lenders have already anticipated […]

Sources for Down Payment and Closing Cost Funds

Perhaps one of the biggest challenges buyers face, especially first time buyers, is coming up with enough funds for a down payment, closing costs and cash reserves. The most common source of funds is a checking or savings account. Lenders will verify the source of these funds to make sure they’re yours and coming from […]