Blog Archives

VA Loan

VA Loan

Mortgage Warehouse is approved to originate VA mortgage loans. A VA loan is a mortgage loan that is insured against default by the Department of Veteran’s Affairs. VA loans can only be issued by certain qualified lenders. They are available exclusively to veterans, active duty service members, national guardsmen and reservists who have served in the military. Some surviving spouses may also qualify. Mortgage Warehouse is approved directly from Veteran’s Affairs and have online access to get instant certificates of eligibility. Read the rest of this entry

Owner’s Title Insurance

Owner’s Title Insurance

When considering title insurance, it can be confusing as to what is required and what is optional.  Many times when one is beginning the mortgage process, it can become puzzling as to what certain insurances are, and what exactly they are protecting.  This can be especially true when it comes to title insurance.  There are two different types of title insurance policies; lenders and owners.  A lenders policy protects the lender in the event of title defects, while an owner’s policy protects the new homeowner from liens owed by the previous owner.  Today, I am going to discuss the owner’s policy. Read the rest of this entry

Construction & Interest Only Loans

Construction & Interest Only Loans

As our housing market continues to bounce back from the most recent economic recession, there has been a sharp increase in new construction homes again.  This has lead to the popularity by consumers who are in need of construction loans.  A construction loan does not have your typical terms that one would find in a conforming loan; rather it is structured similarly to an interest only loan.  I will briefly discuss both loans.  Read the rest of this entry

Home Equity Conversion Mortgage (HECM)

Home Equity Conversion Mortgage (HECM)

In recent economic times, exotic home loan products have become increasingly more common.  As there are shifts in the economy, certain home loan products start to become more popular.  One of these products in particular caters to a certain niche in the market and has been found throughout the state of Florida.  This would be because of who qualifies for this type of home loan.  This home loan product is called a Home Equity Conversion Mortgage. Read the rest of this entry

Interest Rates & Indexes

Interest Rates & Indexes

Last week I discussed the fully indexed rate (interest rate) on an adjustable rate mortgage (ARM).  I explained how the fully indexed rate equals the index that the note is tied to plus the margin that is determined by the lender.  Understanding the interest rate risks involved with an ARM is critical to making the right decision when it comes to choosing a mortgage product. Read the rest of this entry