Real World Mortgage Solutions

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Mortgage and Lending - Team Move OVM Financial - NMLS # 78989
The goal of my blog is to give you real world mortgage solutions to actual mortgage scenarios I see everyday.
The most popular time to buy a home is in the Spring and Summer.  But besides home buying season, it is also Hurricane Season in the Southeast US.  The hurricane season officially begins on June 1 and continues through November 30.  Although hurricanes could form and cause damage before or after ...
Maybe you paid for a credit score or maybe you got it for free.  But most find out that there is a big problem with these scores!  The fault in the credit scoring systems used is they do not match the mortgage credit score pulled by lenders.  If you’re thinking that this is unfair and wrong, you ...
The Labor Department reported that Non-farm Payrolls rose by 138,000, below the 185,000 expected. March and April numbers were revised lower by 66,000. The Unemployment Rate fell to a 16-year low of 4.3 percent and is at a new post-crisis low. The Labor Force Participation Rate declined to 62.7 p...
Many self-employed business owners today are faced with two dreaded phrases from a mortgage lender.  “Your debt ratio is too high”.  The other is “You don’t report enough income on your tax returns”.  Now, if a borrower reports no income or reports losses on the tax return as self-employed, optio...
The biggest misconception among renters is that a large down payment is necessary to buy a home.  Then many will rent for an extended period thinking that a home purchase is unreachable.  A recent article by Citylab, “The down payment is too ‘daggum’ high” explained it well.  It explains how many...
Job Growth Rebounds in AprilJob growth rebounded in April after a dismal March, which was due in part to harsh weather. The Bureau of Labor Statistics reported that 211,000 jobs were created, above the 180,000 expected. The weak March number of 98,000 was revised lower to 79,000. February was rev...
So you’ve decided to sell your home? Of course every seller wants to make as much as possible and sell as quick as possible. Right? Well, a big decision is whether to use a Realtor or sell it on your own. If the seller decides to sell the home on their own, it is called a For Sale By Owner (FSBO...
The Commerce Department reported on Tuesday that New Home Sales in March hit their highest level in nearly a year, up 5.8 percent from February to an annual rate of 621,000 versus the 590,000 expected. Sales were up nearly 16 percent from a year ago. The median sales price rose 7.5 percent from F...
Are you buying a home from a family member? Family transactions may have pluses for both the buyer and seller. A major benefit to buyers is a gift of equity. So what is a gift of equity? It is a little known rule which allows equity in a family member’s house to be used as the buyer’s down paymen...
Private roads.  These 2 words can make Realtors cringe!  Because agents know these words may cause some issues during the loan process.  But there are solutions.  So while looking for the perfect home, let’s say you come across the perfect one on a private road.  “No big deal to me!” says the buy...

Russell Smith

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