Wells Fargo entangled in a wide-ranging investigation

Wells Fargo, one of the largest players in the U.S. mortgage industry, found itself entangled in a wide-ranging investigation last year. The probe centered around the use of loan discounts by mortgage bankers, known as pricing exceptions, to secure deals in competitive markets. These pricing excep

What's a Loan Assumption?

Loan assumption is a process where a borrower transfers their existing loan to another individual or entity. Let's discuss the pros, cons, benefits, advice, and loan types associated with loan assumptions below. Pros Lower interest rates: If the existing loan has a higher interest rate than the cu

Frequently Used Mortgage Terms

  We have compiled a comprehensive glossary of mortgage terms that are essential for both prospective homebuyers and existing homeowners to be well-versed in. Certain definitions within this glossary include supplementary details, exemplifications, and solutions to frequently asked questions.  Adjus

Reverse Mortgage

  A reverse mortgage is a loan available to homeowners aged 62 or older that allows them to convert a portion of their home equity into cash. Here are some key details to consider. Eligibility: You must be at least 62 years old and have substantial equity in your home. Loan Repayment: Unlike a trad

FHA vs. Conventional Loan: Which Mortgage Is Right for You?

  Deciding between an FHA and a Conventional Loan is an important choice when it comes to buying a house. While conventional loans are the popular choice for most homebuyers, it's interesting to note that around 40% end up with FHA loans, which are backed by the Federal Housing Administration. To h

What is Porting a Mortgage?

  The current housing market presents a major challenge for buyers in the form of high-interest rates. Those who have purchased homes recently are well aware that interest rates have skyrocketed since 2020, more than doubling. If you opt for a 30-year fixed-rate mortgage, you can expect an average i

Down Payment Assistance (DPA)

  Down Payment money is out there. Let's find it. Down Payment Assistance is a program designed to help homebuyers with limited funds by providing them with financial assistance to cover a portion or all of their down payment and/or closing costs. This assistance can come in the form of grants, loan

Mortgage Broker

  A mortgage broker is a licensed professional who helps individuals and businesses find and secure mortgage loans from a variety of lenders. Mortgage brokers act as intermediaries between borrowers and lenders, helping borrowers navigate the complex process of obtaining a mortgage loan. Mortgage br

The Mortgage Process

  Purchasing a home can be one of the most significant investments you'll make in your lifetime. With so much money involved, it's important to get familiar with the mortgage process. Here's a detailed guide on what to expect when applying for a mortgage, as well as tips and commonly asked questions