Using gift money for a mortgage down payment is more common than you may think, especially for first-time home buyers. This is an idea situation for someone who can afford the monthly payment but who may not yet have the required money for the down payment or closing costs. However, when it comes to details… Continue Reading Thinking of Applying A Down Payment Gift Towards A Home Loan? Here’s What’s Allowed and How To Do It.
Like attorneys and IRS agents, sometimes we mortgage bankers get a bad rap. We can of course lay claim to our share of bad apples, but I am particularly proud of the opportunities we at Van Dyk Mortgage provide borrowers. One opportunity in particular (that you won’t find with every lending institution!) is the opportunity… Continue Reading More Than Your Everyday Escrow
In the case of interest rates, the Fed’s end of year announcement that they would be pulling back some of the stimulus package that has helped keep rates where they currently sit is a certain catalyst for change. A mortgage rate buzz kill if you will…
What I don’t understand is when a prospective client makes a decision to go with a bank because they are being lured with a rate that will ultimately represent more trouble than the insignificant savings it is worth.
In other words, 97% conventional financing truly does exist. We know that every single mortgage applicant’s situation is completely different ranging from their income, to credit history, to property type; but in many cases the approval of a conventionally financed home should not automatically be deemed unattainable with such a low down payment. I’ve been in this industry for years and years and have learned nothing should ever be assumed. Often compensatory factors can put a client within easy reach of an attractive interest rate or mortgage product.