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Company spotlight loanDepot loanDepot prides itself on its technology platform, which combines robust lead-delivery systems and predictive data in order to better streamline the mortgage lending process. When it comes to the most important facets of mortgage loans – rates, reliability, and research,... Read Profile
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If you're in the process of purchasing a home loan, you probably know how difficult it is to qualify for a zero-down loan. Most people don't - money must be brought to the closing table for down payment, which can range from 3 to as high as 20 percent. It must also be clear that you as the borrower have enough assets for your down payment and closing costs - and unfortunately, a mortgage lender needs more than your word. They'll require proof of funds, which they must confirm are sourced and seasoned, but what exactly does that mean? 1. Funds for mortgage-related expenses must be sourced. When you apply for a home loan, the lender needs to know the source of funds used for mortgage-related expenses. From your standpoint, the source of funds may not matter. As long as you have cash available, a lender should willingly approve your loan, right? Unfortunately, it's not that simple. For home purchases, lenders do not allow applicants to borrow funds for their down payment and closing costs. The money must come from their own funds or as a… Read more

If you're a first-time homebuyer applying for a mortgage, you might think the bank approving your loan will be in your life for the next 30 years. But oftentimes, this isn’t the case. After getting a loan, a mortgage company or bank will service your loan. This includes sending statements, collecting your payments and managing your escrow account. What you may not realize, however, is that another lender may take over servicing your loan at some point in the future.  It's not unusual for mortgage lenders to sell home loans after closing. For some lenders, selling mortgages is absolutely necessary for creating capital to originate additional loans. But while this is common practice, you may have questions about the process. Here's what you need to know. 1. When your lender sells your mortgage before the first payment is due  When you meet with a mortgage loan officer to complete your application and review the Loan Estimate, the loan officer will answer questions, plus provide information about the lending process. You’ll hear a lot of information in this meeting, so pay… Read more

You can’t get a mortgage until you can afford the home loan payment. But the amount of your paycheck isn't the only thing banks consider. Underwriting also looks at the stability of your income.  Not everyone applying for a mortgage is approved. And sadly, some people are rejected for home loans because they don’t fully understand a lender’s income requirements. You don't need perfect circumstances to qualify for a mortgage loan. But you must prove that your income is stable and consistent. 1. No gaps in employment  When applying for a home loan, the lender also looks at your employment history. The bank checks for any significant or recent gaps in employment. Of course, mortgage lenders realize that some situations are beyond your control. So if you have gaps in employment within the past two years, you might still qualify for a loan if you can provide a reasonable explanation.  Maybe you were laid off, but found work within a couple of weeks or months in the same field. But if you’re just now returning to the workforce after a… Read more

FHA home loans (which are insured by the Federal Housing Administration) are marketed as one of the best loan products for first-time homebuyers. Because these loans only require a low down payment of 3.5%, qualifying for an FHA home loan means you can purchase a property with less money out-of-pocket. These loans also allow a credit score as low as 500 to 580. But while these mortgages are attractive, they aren't perfect. Before you apply for an FHA mortgage, here’s what you should know about this program. 1. Upfront mortgage insurance premium You’re probably aware that some mortgage programs require borrowers to pay mortgage insurance if they don’t have at least a 20% down payment. Mortgage insurance protects the bank in case of default. What you may not realize, however, is that when you apply for an FHA home loan, you’re required to pay an upfront mortgage insurance premium. This extra premium increases your total loan balance. As of 2016, the upfront mortgage insurance premium is 1.75% of the loan balance. You don't pay this premium out-of-pocket at closing, rather… Read more

There's a plethora of mortgage options available to homebuyers, such as FHA loans, conventional loans, VA loans and USDA loans. But even if you qualify for a particular program, you might have difficulty saving up enough cash for a down payment and closing costs. Fortunately, some programs make it easier for first-time homebuyers to qualify for a mortgage and complete a home purchase. First-time homebuyer loans are unique and typically feature lower down payments or grant money to assist buyers with mortgage-related expenses. Additionally, some programs have subsidized interest rates which can help first-time buyers qualify for the lowest rate possible and enjoy a cheap mortgage payment. These loans have helped millions of families, but there are a few things you should know about first-time homebuyer loans. 1. You can qualify even if you're not a first-time homebuyer When you think about first-time homebuyer loans, you might assume these loans are only available to borrowers who have never purchased a property. The interesting thing about these particular loans is that you can qualify even if you're technically “not” a first-time… Read more