Entries by gardenstateloans

What Is a Reverse Mortgage?

What is a reverse mortgage? A reverse mortgage is a mortgage loan for senior citizens which requires no monthly payments. However, borrowers are still required to pay property taxes, insurance, and maintain the house. The loan does not become due as long as you use the house as your primary residence and continue to meet […]

Celebrity Homes in Florida

Warm weather, beautiful beaches, and lively atmosphere attracts people from all around the world to Florida. Taking advantage of these exceptional features, celebrities are now making Florida their new home. Whether it’s the vibrant city of Miami or laid-back vibe of the Florida Keys, celebrities are flocking to the Sunshine State. Floyd Mayweather Jr. This […]

How to Check Your Credit Score

Credit scores can range from 300 to 850. The Fair Isaac Corporation set up the first credit scoring system based on credit bureau information, now commonly known as a FICO score. FICO scores are the most commonly used scores. However, there are several other versions and providers of credit scores, such as VantageScore, NextGen, BEACON, […]

What is the Community Reinvestment Act?

The Community Reinvestment Act is a 1977 U.S. law passed to address a discrepancy between how often low to moderate income earners should receive financing from lenders and how often they actually receive financing from lenders. What Does it Do? The Community Reinvestment Act requires that financial institutions turn over detailed records of their efforts to […]

First-Time Home Buyer Programs

First-Time Home Buyer Programs Most first-time home buyers find it overwhelming to choose a satisfying mortgage program. Although many first-time buyers have little money for a down payment and insufficient credit history, these shouldn’t stop them from looking into what mortgage programs are most available to them. The following are a few of the most […]

What is PMI?

What is PMI? Private Mortgage Insurance (PMI) is an insurance policy that protects lenders against loss if borrowers stop paying the home loan. Most lenders require PMI when you make a down payment of less than 20% of the home’s purchase price. PMI is usually arranged by the lender and provided by private insurance companies. […]

Mortgage Overlays

Mortgage overlays are company specific rules that a lender must follow. These are on top of the published guidelines for lending money in the form of a mortgage. Each lender has their own overlays that are applied to mortgage loans together with the rules put in place by: Fannie Mae Freddie Mac FHA VA USDA […]