Search Results for: mortgage

The Pros and Cons of Private Mortgage Insurance (PMI)

Gene Mundt is a Chicago Mortgage Lender who is an excellent source for all things mortgage-related. Here is another gem from him: Although the term “PMI” … Private Mortgage Insurance … is seen and heard frequently, there remains a shroud of mystery surrounding it … When I first speak with potential Chicagoland – IL/WI Borrowers, they sometimes have a negative

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The Importance of Verification of Funds in Mortgage Process

One topic … one direction provided during the Mortgage Process that seems to baffle and frustrate my prospective home buyers during their Mortgage Process, surrounds the sourcing and documenting of Down Payment and Closing Cost Funds. When I touch upon this portion of the Process I often hear the comment, “it shouldn’t matter where the

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How to Dispute Credit Report Errors During Mortgage Process

Veterans of the Mortgage Industry can remember a time when clients suffering errors or inaccuracies within their Credit Report, were typically advised to “dispute”  those errors … But because of recent changes that have taken place in the Mortgage Industry’s Automated Underwriting Systems (commonly referred to as AUS), the advice given to current mortgage clients

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Are You Self-Employed and Hoping to Get a Mortgage?

From a Mortgage Lender’s perspective, the most complicated Mortgage Applicant is often the Applicant that is Self-Employed.      Why?      Full Documentation Loan Files are demanded in today’s Mortgage lending.  IRS transcripts are requested (and received) on the vast majority of Mortgage Loan Applications.  With Self-Employed Borrowers, the only way to verify income

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Will Your Mortgage Co-Signor Deliver Magic?

More and more often, the topic of co-signing on a Mortgage is being brought up both during my initial inquiries and Pre-Qualification conversations.  I’m presented with questions regarding Mortgage co-signing from both hopeful recipients of the co-signing and those actually considering becoming a co-signor. I find that there is often confusion surrounding this topic.  (Some simply have co-signingconfused with co-borrowing.    Two different things.)  And many times, recipient and co-signor alike are unsure

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