There are many different types of income that people earn... W2, hourly wages, salaries, overtime, bonuses, commissions, 1099, self employed income, rental income, social security wages, disability. This blog describes what income is used during a mortgage application and what items reduce the amount of income you can use.

Lender Credits are one of the hidden treasures of a mortgage broker.  A lender credit is when the lender gives the borrower a credit to cover a portion or all of their closing costs.  You can get lender credits on all types of loans.  It is accomplished by the lender offering a slightly higher interest rate, which results in more money coming back to the broker.  The broker then turns around and gives the buyer the extra money to help them purchase the home.

Lake Erie Mortgage Introduction

This blog is an introduction to Lake Erie Mortgage, one of the newest mortgage brokers in Erie, PA. We are located in the Village West Plaza next to Wild Bird's Unlimited and  have 30+ years experience combined with our group of professionals.  We specialize in all mortgages for purchases and refinances in the state of PA.  We offer Conventional, FHA, VA, USDA and Portfolio loans.  Please contact us at Info@LakeErieMortgage.com .

Mortgage Do's & Don'ts

Financing Investment Properties

Today's blog covers some of the basic information on financing Investment Properties.  I forgot to mention in the video that if you are interested in purchasing a 1-4 family house that you are going to live in yourself, even though it is an investment property, you can then finance with an FHA loan and put only 3.5% down.

Refinancing

With interest rates being at record lows this month, people are calling about refinancing their mortgages, sometimes for the second time in the past two years.  There are many things that you should look at before deciding to refinance your loan.  Will you be in your home for more than the next few years?  If you are gong to sell in the near future, what will the balance be on the loan if you refinance?  How much interest will you save over the life of the loan?  Can you reduce your mortgage term and keep the same mortgage payment?

What is involved in the loan process?

Everyone who is buying a house wants to know "When can I close and why does it take so long to get a mortgage?"  There is no right answer to this question when you are in the process of getting a loan, but the loan officer you are working with can try and give you a realistic time frame of the amount of time it should take to get your loan completed.  The reason that there is no set timeframe is because the combination of the type of loan, borrower circumstances and home are different for every situation.  This blog will help explain what the typical loan process entails.  If you are involved with additional circumstances outside of the explanation given, more time may be necessary.  Additional circumstances can include: loan with state assistance, loans with improvements being rolled into the house, condos, USDA, VA or FHA loans.  If a borrower is getting gift funds, pulling money out of a 401K or obtaining a bridge loan will require further information.


I hope this helps!