Blog Archives - Page 3 of 6 - Philadelphia Mortgage Brokers

Latest Articles

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, 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 of the […]

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 […]

28 Apr 2022

Down Payment Alternative: Pulling from Retirement Account

Not everyone has a sizable bank account when they are buying a home. Maybe it’s your first purchase and you haven’t saved much yet. Perhaps you are a seasoned investor and your funds are tied to your properties. There are options for making a down payment on a home purchase. Most buyers have heard of […]