Blog Archives - Page 4 of 7 - Philly Mortgage Brokers

Latest Articles

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 […]

20 Apr 2022

Why was my mortgage servicing sold?

You have jumped through the hoops of pre-approval, underwriting, and closing on your home. You did it! Shortly after you settle into your dream home, you get a letter in the mail stating that your mortgage servicing is being transferred (sold to another company). What does it mean? Did you do something wrong? Is this […]