Bridge Loans: Making Two Mortgages Work

Bridge Loans: Making Two Mortgages Work

With historically low housing inventory in many cities, people who want to purchase a new home often find themselves in a cart-before-the-horse scenario, requiring them to purchase a home before their current home is listed or sold. The limited supply also guarantees stiffer competition among buyers, with some coming pre-approved, pre-qualified or with cash in…

Using Gifted Funds Toward Your Home Purchase

Using Gifted Funds Toward Your Home Purchase

When purchasing a home, the borrower typically needs to have adequate liquid funds to cover the required down payment, closing costs and reserves. Fortunately, a borrower’s lack of funds does not preclude him or her from moving forward with the purchase. There are several allowed alternative sources of funds: Gift funds from allowed individuals; Gift…

Important Considerations in Condo Purchase Lending

Important Considerations in Condo Purchase Lending

Financial transparency in condo purchase lending is vital to a borrower’s ability to get the mortgage they want or need. In all types of home loans, a borrower’s financials are key, but this piece focuses on transparency with the condo homeowner association’s financials and legal documents. Most mortgage professionals and real estate agents understand in…

Home Buying After a Short Sale

Home Buying After a Short Sale

A preforeclosure sale, commonly referred to as a short sale, is the sale of a residential property in lieu of foreclosure for an amount less than what is owed on the mortgage. It’s one of those scenarios that should be stringently avoided, but nonetheless became more common after the economic downturn of the late 2000s….