choosing a loan officer

How to Get the Most Out of Your Loan Officer

Research Is Your Best Tool for Getting a Great Loan Officer A home buyer and their loan officer share a unique relationship. The loan officer earns their income by closing on their loans; the higher the loan, the more they get paid. Meanwhile, the home buyer wants the best deal possible. This can be a conflict of interest, and for …

The 3 Big Trends Affecting Your Ability to Qualify for a Mortgage in 2019

Buy Now or Wait Until Next Year? The real estate market is nothing if not unpredictable. For many buyers who currently find themselves on the fence, it can be a difficult decision to choose between buying their new homes this year or waiting until next spring. There’s so much unknown about where the market will be in 2019, many potential …

The Ins and Outs of Non-QM Loans for the Self-Employed

What Is a Non-QM Loan? Non-QM loans are mortgage loans that do not comply with the definition of a Qualified Mortgage. The Qualified Mortgage is part of a set of standards included in the Dodd–Frank Wall Street Reform and Consumer Protection Act, which became law in 2010 after being signed by President Obama. Qualified Mortgage standards are designed to help …

What Happened to Subprime Mortgage Loans?

Once plentiful, subprime loans seem to have disappeared. Where did they go? In one sense, subprime loans have disappeared — and justifiably so, given the chaos they created during the mortgage crisis. Plus thanks to new lending laws like the Dodd-Frank Consumer Protection Act, you can’t get belly up to a broker, claim any income you like, and get a …

Do’s and Don’ts of Down Payments

Don’t leave your down payment for the last minute. Gathering funds as soon as possible will save you time and energy later. If you’re shopping for a house, you should already be thinking about your down payment. Partially, this is because your down payment has a big impact on what you can afford. While there are many options for low …

Advantages of a 40 Year Mortgage

You can get a 40 year mortgage! (And we have them at Newfi.) But it’s important to understand the advantages and disadvantages of 40 year mortgages before you consider one. First, it’s important to understand that there are two main types of 40 year mortgage available: Fully amortizing. With a fully amortizing 40 year mortgage, every payment you make goes …

The 40-Year Mortgage is Real

The 40-year mortgage is real, and it’s here at Newfi! People talk about 40-year mortgages as if they were mythological beasts of old, like dragons, gremlins, or presidents who never told a lie. But 40-year mortgages are real, and they’re here at Newfi! Now, our 40-year mortgage isn’t a standard mortgage, where each month your pay down your interest and principal. …