Home Buying · Q&A

Will Overlays Undermine My Mortgage Application?

August 9, 2017

  Question: We’re interested in buying a small house and our lender says we may face overlays? What’s an overlay? Answer: We usually think of the lending process as moving […]

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Q&A

Seller Financing Versus Lender Mortgage: Which Is Better?

July 10, 2017

Question: We placed our home for sale and now an offer has come in: The buyer wants a seller-financed transaction, one where we would take back the mortgage. What are […]

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Q&A

How Compensating Factors Can Lead To Mortgage Success

June 26, 2017

  Question: We want to apply for a mortgage but are worried we don’t have enough income. A loan officer told us we might have extra borrowing power as a […]

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Q&A

Mortgage Life Insurance or Private Mortgage Insurance – Which is Better?

June 12, 2017

  Question: What is “mortgage life insurance” and why do I need it when I already have private mortgage insurance? Answer: Private mortgage insurance and mortgage life insurance are two […]

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Q&A

How Can I Quickly Cut My Mortgage Debt?

May 22, 2017

Question: Rates have risen since I got a mortgage so I don’t want to refinance. What’s the quickest and easiest way to knock down my mortgage balance and owe less […]

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Q&A

Can I Buy Real Estate With A Friend?

May 15, 2017

Question: My boyfriend and I would like to buy a small house. Will lenders have extra requirements for us because we’re not married? Answer: According to the Consumer Financial Protection […]

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Q&A

How Long Must I Be Self-Employed To Get A Mortgage?

April 12, 2017

Question: The company where I worked for eight years closed several months ago and as a result I lost my job. As an alternative to seeking another position I decided […]

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Q&A

Is Mortgage Insurance Overpriced?

March 29, 2017

Question: We want to buy our first house with FHA financing, but the cost of mortgage insurance is shocking. Don’t you agree that the cost of interest and FHA mortgage […]

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Q&A

Is It Time For Interest-Only Mortgages?

March 13, 2017

Question: With interest rates on the rise we are looking for a cheaper mortgage and lower monthly costs. One lender has suggested we consider interest-only financing. What are the pros […]

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Q&A

Mortgage Applications: Should I Lease or Buy A Car Prior To Applying For A Home Loan?

February 27, 2017

Question: Our old car is giving out and we need a new one. We also hope to buy a house in the next year, so which is best for a […]

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• Tim Lucas

  

  Mortgage expert Tim Lucas has been helping home owners for over 12 years.

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