All Home Loan Guides

Loan Program tips

VA funding fee explained

VA home loans offer some of the best financing benefits available to eligible Veterans, active-duty service members, and qualifying surviving spouses. They can provide zero-down financing, competitive mortgage rates, and no monthly mortgage insurance.

Read the guide →Loan Program tips

FHA Loans Explained: Benefits, Requirements & How They Work

FHA loans have helped millions of Americans become homeowners because they offer low down payments, flexible credit guidelines, and more forgiving qualification requirements than many conventional mortgage programs. Although FHA loans are especially popular with first-time home buyers, you do not have to be a first-time buyer to qualify.

Read the guide →Loan Qualifying

Qualifying debt to income ratio explained

Debt-to-Income Ratio (DTI) Explained: How It Affects Your Home Loan approval and even loan type When you're qualifying for a home loan, your credit score gets a lot of attention. B

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Zero down USDA Loan

If you're buying a home in an eligible rural or suburban area, a USDA home loan can be one of the best low-down-payment mortgage options available — because qualified buyers can finance up to 100% of the home's purchase price.

Read the guide →Rate Tips

Truth About Online Rate Quotes

When shopping for a home loan, it’s easy to feel overwhelmed. Ads are literally everywhere — so how do you cut to the chase and find the best rate for your situation?

Read the guide →Rate Tips

Why is the loan price important?

When shopping for a mortgage, one of the biggest mistakes you can make is comparing interest rates only. Every mortgage rate has two important components, the interest rate and the lender cost—or credit—associated with getting that rate Put the two together, and you get your loan price.

Read the guide →Monthly Payment Tips

Seller Funded Buydowns: Everything You Need to Know

When mortgage rates are higher, a seller-funded temporary rate buydown can be an effective way to reduce a homebuyer’s mortgage payment during the first few years of homeownership.

Read the guide →Rate Tips

What drives mortgage rates to change?

Rate quotes from lenders often seem to be all over the place, constantly changing and these rate quotes hardly ever match what you see advertised. Big question is why? With this article I'll explain the factors that affect your rate and what to watch out for

Read the guide →Rate Tips

Mortgage Rate Secrets: What Lenders Don’t Always Explain

One of the biggest misconceptions about mortgage rates is that there is a single interest rate available to everyone. There isn't. The mortgage rate you qualify for depends on a combination of numerous factors.

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Rate Lock Tips to Help You Get the Best Rate

Mortgage rates can change quickly—sometimes more than once during the same day. That makes rate locking one of the most important decisions during the home loan process: Should you lock your mortgage rate now or wait and hope rates improve?

Read the guide →Manufactured Home

USDA Manufactured Loans

USDA loans can be an excellent option for financing a manufactured home—especially for buyers looking for a low- or zero-down-payment option in an eligible rural area. However, manufactured homes have additional property requirements that don't apply to most site-built homes.

Read the guide →Manufactured Home

Manufactured Loan Tips

Financing a manufactured home can be more complicated than financing a traditional site-built home. The biggest issue isn't necessarily the manufactured home itself—it's finding a lender and loan officer who understands the guidelines.

Read the guide →Manufactured Home

Manufactured Home Red Flags

Manufactured Home Red Flags — What Buyers and Agents Need to Know Financing a manufactured home can be more complicated than financing a traditional site-built home. The problem isn't necessarily the manufactured home itself. The bigger issue is that manufactured homes have additional property, foundation, appraisal and documentation requirements—and lender guidelines can vary considerably.

Read the guide →Manufactured Home

Manufactured, Modular or Mobile Home — What's the Difference?

Manufactured, Modular or Mobile Home — What’s the Difference? Manufactured homes, modular homes and older mobile homes may look similar, but there are important differences in how they are built, identified—and most importantly, how lenders treat them when financing the property.

Read the guide →Manufactured Home

Manufactured HUD Tags missing?

Manufactured Home HUD Tags or Data Plate Missing? Here’s What to Do Buying or refinancing a manufactured home can involve a few additional steps that don't normally come up with a traditional site-built home.

Read the guide →First Time Buyer

First Time Home Buyer Basic Tips

First-Time Home Buyer Tips: What You Need to Know Before You Buy Buying your first home can feel complicated, but it becomes much easier when you understand the basics and have an experienced Realtor and mortgage professional helping you through the process.

Read the guide →Loan Program tips

Conventional, FHA, VA, USDA Loans — How Do They Compare?

Conventional, FHA, VA & USDA Home Loans — Which Loan Program Is Best for You? Choosing the right mortgage program can make a significant difference in your down payment, interest rate, monthly payment, closing costs and ability to qualify.

Read the guide →Rate Tips

The Rate Quote Game

When shopping for a mortgage, it’s easy to assume that the biggest lender, the biggest bank, or the company with the most advertising will offer the best deal. That isn't necessarily true.

Read the guide →Monthly Payment Tips

Impound accounts explained

Depending on where you live and who you’re talking to, you may also hear these accounts called escrow accounts, impounds or trust accounts. Different names, but essentially the same concept: part of your monthly mortgage payment is set aside so your mortgage servicer can pay certain property-related bills when they come due.

Read the guide →Monthly Payment Tips

Property taxes in California

California Property Taxes Explained — Especially Supplemental Property Taxes which is a county tax assessor's way of adjusting property taxes after a property changes ownership or qualifying new construction is completed.

Read the guide →Loan Qualifying

4 C's of Loan Qualifying

Capacity (debt ratio or DTI), Credit (score & history), Capital (funds for down payment & closing costs) and Collateral (appraised value, type, condition & usage) are the 4Cs of home loan qualifying underwriters review and are explained here.

Read the guide →Property Condition & Appraisal

VA Existing Property Condition Screening Checklist

The presence of any of these conditions below are required to be corrected to meet a property's MPR (minimum property requirements). Most often it is a VA appraiser who will determine if a property does not meet MPRs.

Read the guide →Property Condition & Appraisal

FHA Minimum Property Standards and Inspection Requirements

When utilizing an FHA loan, lending rules require an appraisal conducted by an FHA-approved appraiser for the standard sales transaction. This appraisal serves two purposes: firstly, to determine the current value using appropriate comparables (comps) from the local vicinity, and secondly, to ensure that the property condition aligns with HUD's/FHA's minimum property standards.

Read the guide →Rate Tips

Shop the Loan Price, Not the Rate — What Does That Mean?

After my nearly 40 years in lending, there is one constant I can attest to.  The bigger the lender the higher their loan price!  What exactly is the loan price?  It's the combination of the rate and lender fee tied to that rate

Read the guide →Rate Tips

A Fed Hike or Cut Means Very Little for Mortgage Rates

There's a common mistake the Fed "sets" or hikes/cuts mortgage rates directly.  Even among people who know better, there is often a mistaken belief that changes in the Fed Funds Rate translate immediately in some direct way to changes in mortgage rates

Read the guide →Refinancing Tips

Refinance — Is It Worth It?

Refi tip----for every one percent in reduction from your current rate it will reduce your current principal and interest (PI) portion of your monthly payment by about 10%, a 2% reduction will reduce your PI payment by about 20%

Read the guide →Loan Qualifying

How to spot a bad pre-approval letter

Artificial intelligence (AI) is now initially used by many lenders to screen buyers and it's limitations contribute to home buyer's confusion and max sales price…

Read the guide →Buyer funds explained

Closing Costs Explained

Calculating the minimum amount needed for a down payment is pretty easy — it's typically just a percentage of the sales price based on loan program. For example — minimum 3% for…

Read the guide →Rate Tips

APR vs the loan Rate

Why isn't the lowest interest rate the most advantageous option? Initially, lower rates typically entail higher lender fees (points). It's important to consider a break-even point when…

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Disclaimer: These guides and common scenarios are based on current rules and the author's decades of experience and are intended to be informative opinion, not legal advice. Rules and guidelines change constantly and individual lenders differ in their interpretation and underwriting overlays. Always verify details with the specific lender handling your loan.