The Magic of the Wraparound Mortgage
In times like these, when the economic future is so uncertain, letâ??s take a moment to revisit a lending vehicle that most people arenâ??t thinking about at the moment, the â??wrap.â? I know, I know, youâ??re wondering how this debt vehicle would be used in a real estate market such as this. Well, why not [...]
What is a Jumbo Mortgage?
A jumbo loan (also called a nonconforming loan) is a loan that exceeds the conventional loan limits set on an annual basis by the Office of Federal Housing Enterprise Oversight (OFHEO). So, Freddie Mac or Fannie Mae, the largest buyers of mortgages and other government agencies do not back jumbo mortgages. Since these loans exceed [...]
Why Now Could be a Great Time to Refinance Your Mortgage
It is no secret that, due to our current economy, interest rates are at the lowest level in years and, ways to stretch a dollar and save two are on everyoneâ??s mind. Many people are so focused that they are missing a prime opportunity. This is a great time to refinance your mortgage for more [...]