How to Protect Your Mortgage Pre-Approval

It’s smart to begin your search for a new home with a pre-approval letter. The pre-approval is more in-depth then a pre-qualification letter, which does not include a credit analysis. In order to provide a pre-approval, your lender will pull your credit, analyze your income and asset documentation, and calculate your debt-to-income ratio, resulting in a reasonably accurate estimate of your spending limitations. This will give you a good idea of what you can afford and may give you an advantage over the competition.

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What You Need to Know About Reserves and Jumbo Loans

In areas like the San Francisco Bay Area, where median home prices tend to hover around the million dollar mark, mortgage loan amounts often exceed the conforming and high balance conforming loan limits (respectively, $417,000 and $625,500, in most local metropolitan statistical areas). The ability to offer well-priced, comprehensive jumbo loan programs to meet the needs of buyers in all the regions we service is a necessity here at RPM.

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2015 Policy Changes Benefit First-Time Homebuyers

Recent policy changes from FHA, Fannie Mae and Freddie Mac are intended to make homeownership a more attainable goal for first-time homebuyers. What are the changes and what difference will they make? For those planning to enter the housing market for the first time, the right opportunity may come sooner than expected due to more favorable guidelines and lower costs.

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How Will 2014 Go Down In Your Books?

When we come to the end of any calendar year, isn’t it amazing to look back over the last 12 months and realize just how much has transpired? And, of course, the resolution season is upon us. A blank page opens before us each January 1, presenting an opportunity to make changes and write a new chapter. Before we tear that last sheet from our calendars, let’s take a closer look at how the actions we take now – at the start of 2015 – can make the home loan process easier in the year ahead.

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Credit Report Rescoring: Can It Help You Get a Mortgage?

As former Fed Chairman, Ben Bernanke, recently found out firsthand, the mortgage process can be complicated and unforgiving. But when it comes to the credit report, are there still options to correct and improve initial findings so the end result might be loan approval or a better interest rate? Absolutely. One of the ways we accomplish this re-evaluation of the credit score is through a process known as a rapid rescore.

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Should I Get a Gift or Co-Signer?

Here at RPM, we see a fair amount of high loan-to-value mortgage scenarios – meaning lower down payments with more borrowed from the lender. It’s because the real estate values in our service areas tend to be high and it can take a while for buyers to save the funds needed to purchase a home. So 10% down payments (or even less) are not uncommon and we see them across the borrowing spectrum, from the conforming range (below $417,000) all the way to homes exceeding $1 million. Some buyers also need a boost in their income to be able to meet the debt-to-income ratio requirements to qualify for a loan.

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