Bella Mertz In commercial real estate loans, a prepayment penalty is a fee charged to borrower if they attempt to repay their loan early. When a lender issues a loan, they typically want to lock in their profit for a certain amount of time, so the prepayment penalty is a way to compensate them for their financial … Read more
Filing for bankruptcy can be a challenging and overwhelming period in your financial journey. But while the bankruptcy process can be tough, and can result in serious financial hurdles, its also a relatively common option to choose. For example, annual bankruptcy filings totaled 452,990 in 2023, according to a report from the Administrative Office of … Read more
Saving up enough for a down payment is often one of the biggest hurdles for first-time homebuyers. The idea that you need to put 20% down to buy a house has become ingrained in many people’s minds. But what if I told you that you may only need 5% down to purchase your dream home? … Read more
Facing foreclosure can be stressful and scary. If you have bad credit, it can seem even harder to get a loan to stop the foreclosure. While it’s not impossible, your options are limited and getting approved is an uphill battle. In this comprehensive guide we’ll cover What foreclosure is and how it happens The challenges … Read more
An appraisal is a property valuation conducted by a licensed appraiser and is required as part of the USDA approval process. To be approved for a USDA loan, a property cannot have an appraised value less than the selling price. USDA-approved appraisers will consider multiple factors to determine the market value of a property and … Read more
Tiny homes have become popular in recent years because they’re less expensive, easy to maintain, and more eco-friendly than traditional housing. However, securing financing to build a tiny home can be challenging, especially if you want to use a VA mortgage loan. Below, we’ve provided some useful information for veterans and military members about buying … Read more
As a mortgage loan officer here in Charlotte, I’m always on the lookout for top lenders to partner with. One company that has caught my attention recently is Quicken Loans. Although they’re headquartered in Detroit, Quicken Loans has been making major moves to expand their presence right here in Charlotte, NC. In this article I’ll … Read more
FHA Loan Limits 2023 California is $472,030 and goes up to $1,089,300 for high-cost counties for one-unit properties.FHA Loan Limit 2023 For California for 2-unit properties is $604,400 and goes up to $1,394,775 for high-cost counties. California has some of the highest home prices in the nation, which means FHA loan limits are critical for … Read more
If you have an FHA-insured mortgage, you’re likely familiar with the monthly mortgage insurance premiums (MIP) that come along with it. While mortgage insurance provides important protection for lenders and makes FHA loans more accessible, paying the premiums for the life of the loan can get expensive. The good news is that you may have … Read more
Short sales can be a good option for buyers looking to purchase a home at a lower price. Sellers of these homes are highly motivated and are often willing to cut a deal to sell the property quickly. While it is possible to buy a short-sale home with a VA loan, certain requirements must be … Read more