For some, purchasing a home where no repairs are needed is a welcome relief of anticipated stress. When shopping for a home the words they want to hear are Move in Ready. What does this mean for the home buyer? Oftentimes the terms move-in ready and turn-key home are used interchangeably. But are they the …
If you’ve been speaking with a loan officer or are looking into buying a home, you may have heard the term, points, before. But what does this mean? What are points in terms of a mortgage? What are mortgage discount points? Discount points are a way to lower your interest rate by paying an upfront …
Have you ever wondered how your employment history will affect your ability to buy a home? Many factors are considered when you apply for a home loan. Employment history is a big one, here’s what you need to know Can I Get a Mortgage Without a 2-Year Work History? Generally speaking, most lenders want to …
You may be wondering if your rental history will play a factor in your approval. How does where you’ve lived and how you’ve paid your rent affect your loan approval? Let’s dive in Do Mortgage Lenders Look at Rental History? Rental history is often overlooked in the mortgage approval process. Mortgage lenders and underwriters …
What are reserves in mortgage? Are you in the process of purchasing a house or you want to purchase a house but you’ve been told you need reserves? While many first-time home buyers are aware of their need for a down payment and even closing costs, you may not be aware of reserves. You may …
How long a pre-approval is good for can vary, but generally they will last for at least 90 days before they need to be refreshed.
What Is Underwriting? Buying a home is a huge commitment’s for you and the lender. With the amount of money involved the lender has to make sure that you are able to repay the loan on time. Underwriting is the process the lender uses to determine if you can repay the loan. The mortgage underwriting process …
Underwriting is the process lenders use to determine if you can be approved for the home loan you’ve requested. When it comes to how underwriting is done, you have two different options: Automated Underwriting Manual Underwriting If you’ve had past credit issues you may need to consider using manual underwriting in order to give yourself …
If you are currently going through the mortgage process you may have heard of aus. AUS stands for Automated Underwriting System. The aus in mortgage is needed in order to determine if you are able to be approved for a home loan. AUS stands for Automated Underwriting System, and it’s a program used by mortgage …
I’ve seen many people become overwhelmed with the vast amount of mortgage documents that are often required in order to purchase a home. Since first-time homebuyers make up about 30% of all home buyers, it’s no surprise that this can be a shock. About 70% of the people we help at Bayou Mortgage are first-time …
What Mortgage Documents are Needed to Buy a Home? Read More »
The process of getting a mortgage can feel personal and frustrating. This frustration is usually at its peak when the loan officer begins to request documents from you. Why do you have to provide bank statements when getting a mortgage? Let’s find out! Why Your Loan Officer is Requesting Your Bank Statements Your loan officer …
Why Do I Have To Provide Bank Statements to Get a Mortgage? Read More »
What Is a Loan Officer? A loan officer is someone who takes loan applications and provides rates, fees, and terms regarding the loan that you are applying for. A mortgage loan officer is someone who takes mortgage loan applications, and discusses rates and terms with potential borrowers. Most MLO’s or mortgage loan officers are licensed …
I’m still amazed at how many people I speak with who believe that you need 20% down to purchase a home. Maybe you’re reading this and you have also believed that was true. The great thing about all of the home buying programs available now, is that you don’t actually need a large down payment …
What is Debt-to-Income Ratio? Debt-to-Income ratio is a percentage that tells lenders how much of your money you are spending each month versus the amount you have coming in. Your DTI is calculated using your total monthly obligations and dividing them into your total monthly gross income. This number will be a percentage known as …
Step 1: Determine How Much You Can Afford To Spend This first step in the home buying process is critical in having success when purchasing a home. You need to determine what you are comfortable spending each month on your housing payment. This won’t include figures like utility bills and maintenance although you should definitely …
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