Applying for a Loan as “Married” or “Married Filing Separately” – Not Just a Tax Question
“I’m considering applying for a conventional loan. I have excellent credit, but my husband does not. Can I apply for the loan on my own?” This question comes up quite a lot, especially with newly married couples that come into their marriage with different...Appealing or Rebutting Your Appraisal
If you are purchasing or refinancing, one of the biggest components to getting approved for your loan is the appraisal. For some, equity is a non-issue, but for others, the appraisal can make or break the deal. When the home’s appraised value comes in lower than...Get Ready for Fall with Home Maintenance Now! by Guest Blogger Kathy Sturr
This blog post is a contribution by my friend and interior-designer extraordinaire Kathy Sturr. Check out her website Inside-Out Designs and subscribe to her blog. She has amazing insight and tips! Here’s what Kathy has to say about preparing for Fall with...Your Property Tax Basis – Paying Supplemental Taxes or Asking for a Refund
In California, your property taxes are based on 1.25% of the purchase price at which you bought your home. For example, if you buy a $500,000 home, your annual taxes will be $6250, or $520.83 monthly. They can and will increase based on certain limits instituted by...More Big Changes to FHA Loan Premiums
It was only a few months ago that HUD increased FHA’s Upfront Mortgage Insurance Premium (UFMIP) from 1.75% to 2.25%. HUD will now decrease the UFMIP down to 1.0%, but will increase the monthly mortgage insurance amount from .55% to .90%. Let’s see how this truly pans...Excellent Financing Program for Fannie-Mae Owned Homes
For those of you in the market to purchase a home, you should definitely check out www.homepath.com This program is for the purchase of Fannie Mae-owned homes. Some of the program’s main highlights are: Low down payment (as little as 5% down on conforming loans or...Making Extra Payments on Your Mortgage
Most people do not comment on the reality of a 30 Year Fixed mortgage. But every once in a while, someone will really think about it, or their eyes may widen when they see on their Promissory Note, “Last payment due August 1, 2040.” And think about it: where you will...New “Loan Quality Initiative” Guidelines Are Being Implemented by FannieMae
I just heard about these coming into play on all loans, and have already seen them implemented on some. FannieMae’s ultimate goal is to do whatever it can to reduce or eliminate mortgage fraud. Two things that are now expected on every loan are: 1. Confirm...Happy 4th of July!
Have a happy and safe 4th of July! The markets will be closed on Monday, July 5th, as will Granite Financial. Celebrate well and safely. Share this: Share on Facebook (Opens in new window) Facebook Share on X (Opens in new window) X Share on LinkedIn (Opens in new...Loan Calculator
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