The term “Non-Qualifying Mortgage” or Non-QM can sound intimidating. At its most basic level, a Non-QM loan is a loan that does not meet the standards set forth in regulatory reform imposed after the 2008 housing crisis. Below we take a closer look at what this really means in terms of risks and benefits for both consumers and lenders.
Lenders rely on credit reports as part of the process to qualify you for a loan. Negative information on a credit report or a low credit score could suggest that you are less likely to pay back debt as agreed. The tips below will help you “clean up” your credit so that you can put your best foot forward when applying for a loan.
Read More “Tips for Doing Your Own Credit Repair”
As the summer months approach, more and more of us will be spending time outdoors. The warmer temperatures and extra daylight are the ideal time to extend your home’s living space and enjoy your outdoor areas. Whatever the size of your yard, patio, or deck there are simple ways to make it as appealing and as livable as the inside of your home. Here are some ideas to get your outdoor space ready for relaxed summer living – without emptying your wallet! Read More “Create an Outdoor Living Space on a Budget”
Private Mortgage Insurance (PMI) is often thought of as a “necessary evil.” It protects the lender and helps you purchase your home, but, it’s an added monthly expense that you will likely be anxious to get rid of as soon as possible. So, how do you eliminate monthly mortgage insurance? Below are some options to consider.
So far the Fed has increased its benchmark rate three times since the financial crisis as they track economic improvement and attempt to maximize employment and stabilize inflation. If the economy continues to improve, and economic data remains positive, another increase could come as soon as May or June. While consumers with credit card debt may see an immediate increase in interest rates as a result of the Fed’s rate increases, the effect on longer term mortgage loans will be less direct, but still impactful. As RPM’s Julian Hebron explains in an article on Zillow “Even though mortgage bonds represent longer-term rates, these Fed hikes still fuel selling of mortgage bonds, pushing mortgage rates higher.”