Hopefully, all of the significant government mortgage rule changes are now in our rear-view mirror! Now more than ever, it is extremely important that potential homebuyers get pre-approved to buy a home as the maximum purchase price you may have qualified for in the past has now been reduced by at least 20%! Due to a higher mandatory qualifying rate regardless of your down payment amount and the contract rate that you have negotiated with the lender, using online calculators is not going to be accurate unless you know all of the new lending rules. While there is no guarantee of financing, a mortgage pre-approval acts as a proactive approach towards a positive outcome. Here are 7 tips about pre-approvals which will help in taking an educated approach to financing your new home purchase.

Do you have mortgage questions? The MortgageGirl can answer today’s most commonly asked questions How much house can I afford to buy? I constantly get asked this question and due to recent mortgage rule changes, the answer is now quite different than it was last year at this time. Basically, the new house debts such as mortgage payments, property taxes and condo fees if applicable along with your other current debts relative to your “qualifying” income is what is used by lenders to evaluate how much you can afford. Using an online calculator most often does not simply give the answer as the answer…

Recently, we have noticed an increase in the number of inquiries about co-signing a mortgage. So, the question is, what exactly does it mean to be a co-signer?

The days are gone where homeowners would commit for life to only one mortgage lender. If your mortgage is due for renewal soon, you may want to start thinking about what you’re going to do when your mortgage term ends. While you could renew with your current lender, you may be missing out on potential mortgage interest savings or better repayment options by going to a different lender.

The first day of spring is March 20th and it can’t come soon enough after being cooped up during some very cold winter months! As experts in the real estate industry say the spring market is the busiest time of the real estate year, now would be the time to make the decision, do I buy or continue renting?

I don’t mean a second mortgage as in getting a mortgage on a second property; in this case I’m talking about a 2nd mortgage behind an existing 1st mortgage secured against the same property.

Second mortgages aren’t for everyone so I’m going to highlight what I think are the top 10 points you should know about them to determine if one is right for you.

Definition of a decision- A choice made between alternative courses of action in a situation of uncertainty.

Even with 35 years of mortgage experience, I am confused as to how to answer this question because the economists seem to all have different opinions about what is going to happen with the rates and let’s face it, no one has a crystal ball.

For many people, getting into the holiday spirit means digging out all of your sparkly Christmas decorations, attending parties filled with food, drinks, friends and family and piling up stacks of gifts for loved ones under the tree. Sadly, after all that fun, there is a good chance you’ll come out on the other side with a holiday hangover in the form of debt.