Blog Archives - Philadelphia Mortgage Brokers

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27 Feb 2023

How Does An Economic Recession Affect the Housing Market?

RECSSION. The word has been tossed about quite a lot over the past year. It can be a scary word but it can also be a secret weapon for homebuyers. Let’s break down the basics: what is an economic recession, how does it impact the housing industry, and what should you do about it? What […]

28 Dec 2022

Hard Credit Inquiries

Big Changes Coming to Hard Credit Inquiries As of January 1st, the price of hard credit reports for mortgages will see a drastic increase. Why does this matter to you? Hard inquiries are used for mortgage pre-approvals, which are considered incredibly important to have when shopping for a home. Many sellers don’t consider an offer […]

21 Dec 2022

Seller-Funded Temporary Buydown

What is a Seller-Funded Buydown? A Seller-Funded Buydown is a seller credit/concession given to the buyer to lower their payment temporarily. This program is generally used in a higher interest rate environment to make a house payment more affordable. Payments are made more affordable for the first one, two, or three years of the mortgage […]

21 Dec 2022

3 Questions to Ask For a Happier Retirement

As we approach the end of the calendar year, it is a great time to revisit your goals, especially your financial goals. Let’s explore 3 main questions to ask yourself when planning your retirement. What does retirement mean to me? How will I get enough critical capital? and What is the role of real estate […]

21 Nov 2022

Seller’s Concessions

As the housing market calms down from its hot streak of 2020-21, sellers are becoming more motivated to negotiate with buyers. A common point of negotiating is a seller’s concession also known as a seller’s assist or seller contribution. What is a seller’s concession? A seller’s concession is when the seller agrees to pay some […]

29 Sep 2022

Earnest Money Deposits

What is an earnest money deposit? An earnest money, or good faith deposit, is a deposit from the homebuyer to the seller that shows good faith that the buyer will go through with purchasing the home. Earnest money is a great tool for homebuyers in a competitive market. It helps show that you are serious […]

19 Aug 2022

Employment History and Mortgage Eligibility

Verifiable income is a major part of the mortgage qualification process. You need to be able to prove that you have a source of funds that is reliable and sufficient to make regular mortgage payments. This can be in the form of a job, investments, disability payments, alimony, etc. The most common form of income […]

6 Jul 2022

How to Use Gift Funds for Down Payment

One excellent option when saving for a down payment is gift funds. A gift fund is money given to a borrower from someone close to them without any expectations for repayment.

13 Jun 2022

Debt-to-Income Ratio (DTI)

We all know that our credit history plays a major role in determining eligibility for a loan but there is another factor that can have as great and often greater influence on your mortgage application’s approval: debt-to-income ratio (DTI). In fact, 35% of mortgage applications that were denied in 2021 were due to high DTI […]

31 May 2022

Rate Locks

Rates. They are a popular topic. We hear rate questions all the time. What is the current rate? Will rates go up? How do I get the best rate? Let’s take a moment to address a component of rates that is less frequently mentioned: rate locks. What Is A Rate Lock? A rate lock […]