Which Credit Score is Used by Mortgage Lenders?
This is what we witness on a regular basis. A client comes to us with confidence and is ready to purchase a home because they have been shown a credit score of 760 through their mobile banking application. They have worked hard to save money for the down payment as well as manage their debt. […]
Benefits of VA Mortgage Loan: Everything You Need to Know
For many members of our military personnel and veterans, buying a home can be a daunting task. We witness this on a daily basis in our line of business at BrickWood Mortgage. With down payments, interest rates, and credit scores to worry about, it can be intimidating. But fortunately for our veterans, there is a […]
How Fast Can You Refinance a House with a Conventional Mortgage?
Purchasing a home is one of life’s biggest financial accomplishments. You invest months in hunting for your dream home, preparing paperwork, and eventually signing a huge pile of paperwork at closing. But the mortgage industry is dynamic. Your interest rates may vary, your credit rating may improve, or perhaps your house appreciates in value shortly […]
Can You Use an FHA Loan for an Investment Property?
We have all seen it before with new real estate investors. You locate a piece of property that has amazing potential, but you do not have the twenty percent down payment for a traditional investment loan. Not surprisingly, your immediate thoughts turn to FHA loans. Because FHA loans have low down payment requirements and flexible […]
HECM Program Pros and Cons: Is a Reverse Mortgage Right for You?
As mortgage brokers, we frequently meet with clients who have dedicated many years to establishing a life and a home. They have reduced their mortgages and have built up a tremendous amount of equity in their properties, but they are struggling with cash flow issues when they go into retirement. They can be described as […]
What Income Do You Need for a $800,000 Mortgage: Payment Guide
Purchasing a home can be one of the most extensive and critical financial transactions in your lifetime. With rising values of properties, bigger loans such as the $800,000 mortgage will not be surprising. The problem with acquiring a huge loan such as $800,000 is that the lender will verify your financial capability of repaying the […]
How Does the Mortgage Interest Rate Impact What You Pay?
When you are about to buy a home, the first thing you notice about the property could be the price. Then the next thing, which could be equally important, would be the rate of interest associated with the loan. It might be a small difference, but the difference that it makes to your budget could […]
Why My Mortgage Payment Went Up By $500
There are very few things that will start your day on the wrong foot quite like opening your loan letter and finding that your housing costs have gone up significantly. We get calls on a regular basis at BrickWood Mortgage from worried clients who are asking us the same thing. That is, they want to […]
Why Do Mortgage Lenders Sell Mortgages?
If you have recently purchased a house, you may have received a notice that your loan has been purchased by a different company. You may have been confused or alarmed by this, especially since you have worked very hard to obtain this loan through your original lender. But loan sales are a very common occurrence […]
What Do Mortgage Lenders Look for on Bank Statements?
When it comes time for some mortgage applications, your bank statements become one of the most analyzed documents of your application. As a Charleston, SC, mortgage broker, we recognize on a daily basis just how these financial pictures can be the deciding factor in whether or not your loan application gets approved. Your bank statements […]
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