Man researching what is a subprime mortgage online

What Is A Subprime Mortgage?

Article Summary: A subprime mortgage, also known as a non-prime mortgage, is a type of mortgage issued to consumers with low credit ratings, usually below 620. The low credit rating prevents many borrowers from accessing conventional loans with lower interest rates and favorable terms. Mortgage lenders view borrowers with low credit ratings as having a […]

Image of toy houses flying with balloons as an illustration of a balloon mortgage

What Is a Balloon Mortgage?

Article Summary: Balloon mortgages typically have shorter terms and higher interest rates than traditional mortgages. They require a lump-sum payment at the end, and they’re usually harder to qualify for. In spite of all this, some borrowers find them appealing because they can mean lower monthly payments. Should you consider getting one? If not, what […]

A man considers how to become a mortgage broker

Article Summary The exact requirements to become a mortgage broker vary by state but the basics are the same. You need a high school diploma, take pre-licensure classes administered by the NMLS, pass the NMLS test, and register their business in your state. There’s also the matter of paying the surety bond, which also varies […]

What is a Mortgage Note?

Article Summary: A mortgage note is a legal document that lays out the terms and conditions of a home loan between the lender and the borrower. It states who the lender and borrower are, what the repayment plan is, and what will happen if the payments stop. Buying a home is an exciting and stressful […]

Woman reading her mortgage statement and researching what it means online

What Is a Mortgage Statement?

Article Summary: A mortgage statement is a document that provides you with the latest details of your loan that is sent each billing cycle. Your mortgage statement will show you what you owe, what has been paid for, and how you can pay your monthly bill. It’s a good idea to hang onto these statements […]

man researching online what is a qualified mortgage

What is a Qualified Mortgage?

Article Summary A qualified mortgage is a mortgage that meets specific requirements for secondary market trading and lender protection under the Dodd-Frank Wall Street Reform and Consumer Protection Act. The goal of these requirements is to make mortgages safer, easier to understand, and put a cap on the fees lenders can charge. However, that doesn’t […]

preapproved mortgage letter

Article Summary: The short answer is that most mortgage preapprovals are good for 90 days from the date of issue. However, this can vary from lender to lender. An expired mortgage preapproval could destroy your chances of buying a home, so you don’t want to mess this up. Here is what you need to know. […]

picture of scale home, calculator and plants in jars

Article Summary: Sales of new single-family homes in the U.S. increased modestly in August as prices continue to climb, making the housing market one of the strongest sectors of the post-Coronavirus economy. Sales of new single-family increased modestly in August, particularly in the South. However, new home sales continue to drop in the Midwest. The […]