Does the amount of a buyer’s down payment matter?

Question: “Why should I care what a buyer puts down. I still get the same amount at closing, right?” Answer: Great question! Indeed, the buyer’s down payment doesn’t impact the amount of your check at closing. (Unless you act as bank and “carry” a first or second loan against the house, but that’s another story.)
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What is Fannie Mae?

Question: “I hear all this talk about Fannie Mae. What is Fannie Mae exactly?” Answer: Fannie Mae or FNMA, stands for the Federal National Mortgage Association.  It’s a major market for buying and selling home loans and they have certain critical guidelines. If a loan doesn’t meet FNMA guidelines, it’s harder to sell, which typically
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Are FHA loans only for first-time buyers?

Question: “Can I get an FHA loan if I’ve owned a home before?” Answer: Yes, contrary to what many people believe, you don’t have to be a first-time buyer to get an FHA loan. I think the confusion is because many first-time buyers do get FHA loans.
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Can I get an FHA loan if I’ve owned a home before?

Question: “Can I get an FHA loan if I’ve owned a home before?” Answer: Yes, contrary to what many people believe, you don’t have to be a first-time buyer to get an FHA loan. I think the confusion is because many first-time buyers do get FHA loans.
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Why you shouldn’t use lenders who are also real estate agents.

Question: “I just went to your investing seminar and heard you say never to use a lender who’s also an agent. Sadly, I heard this too late. I bought my home and my (ex) agent did my loan. It was a nightmare. It took almost three months to close and my loan had a much
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Are online lenders safe?

Question: “What do you think of getting a mortgage from an online lender?” Answer: Personally, I’m NOT a fan as most of my clients who used (or tried to use) online lenders had poor experiences. They tend to be based out of town and impersonal. And because they don’t have local representatives, there’s no personal
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What are the responsibilities of cosigning a loan?

Question: “Any downside to cosigning on a loan?” Answer: Before you co-sign on a mortgage, you should understand what it means. I suspect some people think it’s more like a reference on steroids than an actual commitment. But it’s a commitment. If you co-sign, you and the other party are both 100% responsible for payment.
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How do I get a good home loan rate?

Question: “We’re going to be buying a home in a couple of months and want to get our finances in order so we can get a good loan rate. What do you recommend?” Answer: Here are the Ten Commandments Of Getting A Home Loan: Thou shalt consult with a lender six months before getting a
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Do I have to talk to a lender before I see a home?

Question: “A real estate agent told me she wouldn’t show me any homes unless I talked with a lender to see if I was qualified. Isn’t that a bit much? Having to talk with a lender just to see one home?” Answer: It doesn’t sound like the agent explained the benefits to you of talking
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What is the difference between a home equity line, an equity loan, and a HELOC?

Question: “Hi Gary. My wife and I want to buy an investment property. We want to conserve our cash, so we plan to borrow against our home.  Can you tell us the difference between a home equity line, an equity loan, and a HELOC?” Answer: A home equity LINE (aka HELOC, acronym for “Home Equity
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