When you apply for a home loan, an underwriter will review your file in order to make a lending decision. They can approve your loan, deny your loan, or possibly suspend your loan pending additional information. The two most common outcomes are approval and denial, but even an approved loan is typically “conditional.” This means… Read More »What Is a Conditional Loan Approval? The post What Is a Conditional Loan Approval? appeared first on The Truth About Mortgage ..read more

There are many different people involved in the home loan process. I wrote about this in detail already, but probably didn’t even include everyone. Because getting a mortgage is a pretty big deal, a lot of hands are needed to ensure it goes according to plan. There are also several ways to obtain a home… Read More »What Is a Mortgage Account Executive? The post What Is a Mortgage Account Executive? appeared first on The Truth About Mortgage ..read more

You may have heard recently that “tappable” home equity has reached an all-time high, thanks to rapidly appreciating home prices and conservative borrowing on behalf of existing homeowners. If you haven’t, know that some 48 million homeowners have around $11 trillion in equity at their disposal. This assumes a maximum 80% loan-to-value ratio (LTV), according… Read More »HELOC vs. Credit Card: Why the Plastic May Work Out Better The post HELOC vs. Credit Card: Why the Plastic May Work Out Better appeared first on The Truth About Mortgage ..read more

I spoke to a friend the other day who is selling their home and moving up to a bigger one. Crazy I know! What with home prices where they are the mortgage rates more than double their early 2022 levels. Despite this, they needed more space (and wanted a new locale) and were ready to… Read More »Want to Move But Have a Super Low Mortgage Rate? Here’s What My Friend Is Doing The post Want to Move But Have a Super Low Mortgage Rate? Here’s What My Friend Is Doing appeared first on The Truth About Mortgage ..read more

Mortgage Q&A : “Which mortgage should I pay off first?” Today we’re going to talk about strategy if you hold multiple mortgages and want to reduce your total interest expense. It’s not uncommon to have multiple mortgages, such as a first and second mortgage tied to the same property. Or perhaps a couple mortgages on… Read More »Which Mortgage Should I Pay Off First? The post Which Mortgage Should I Pay Off First? appeared first on The Truth About Mortgage ..read more

I’ve already covered the mortgage underwriter’s role, so let’s take a look at what mortgage loan processors do too. After you speak to a mortgage broker or loan officer and agree to move forward with a loan application, a processor may reach out to gather required paperwork. This individual is responsible for prepping and organizing… Read More »What Do Mortgage Loan Processors Do? In Short, Everything to Close Your Loan! The post What Do Mortgage Loan Processors Do? In Short, Everything to Close Your Loan! appeared first on The Truth About Mortgage ..read more

Here’s some Q&A with regard to the home loan approval process: “What do underwriters do?” Once you actually apply for a home loan, your mortgage application will be organized by a loan processor and then sent along to a loan underwriter, who will determine if you qualify for a mortgage. The underwriter can be your… Read More »What Do Mortgage Underwriters Do? Decide If You’re Approved! The post What Do Mortgage Underwriters Do? Decide If You’re Approved! appeared first on The Truth About Mortgage ..read more

Trade In Your Old Home Loan for a New One Fundamental mortgage Q&A: “How does mortgage refinancing work?” When you refinance a mortgage, you trade in your old home loan for a new one in order to get a lower interest rate, cash out of your home, and/or to switch loan programs. In the process,… Read More »How Does Mortgage Refinancing Work? The post How Does Mortgage Refinancing Work? appeared first on The Truth About Mortgage ..read more

A reader recently asked, “What mortgage rate can I get with my credit score?”  So I figured I’d try to clear up a somewhat complex question. With mortgage rates no longer at all-time lows (sigh), borrowers looking to refinance a mortgage or purchase a home are facing an uphill battle. Today, it’s much more common… Read More »What Mortgage Rate Can I Get With My Credit Score? The post What Mortgage Rate Can I Get With My Credit Score? appeared first on The Truth About Mortgage ..read more

We’ve finally got data for 2023 and United Wholesale Mortgage (UWM) left no doubt that it was the top mortgage lender during the year. And by a wide margin. The Pontiac, Michigan-based company mustered an impressive $108.5 billion in home loan volume, despite only operating in the wholesale lending channel. That was more than enough… Read More »Top Mortgage Lenders of 2023: UWM Finally #1 After Rocket’s Reign Comes to an End The post Top Mortgage Lenders of 2023: UWM Finally #1 After Rocket’s Reign Comes to an End appeared first on The Truth About Mortgage ..read more