(302) 703-0727

(302) 703-0727

HECM to HECM Refinance

John Thomas October 23, 2021 Tags: , , ,
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What is a HECM to HECM Refinance Loan?

A HECM to HECM refinance is refinancing an existing Reverse Mortgage with a new Reverse Mortgage. A HECM Reverse mortgage loan is an abbreviation for a Home Equity Conversion Mortgage (HECM). The process works for someone who currently has an existing HECM that wants to refinance into a new HECM. If you would like to apply for a HECM Reverse Mortgage Refinance please call the John Thomas Team at 302-703-0727 or APPLY ONLINE

What is a HECM?

HECM or Home Equity Conversion Mortgage is FHA’s reverse mortgage product specifically for senior homeowners 62 years old and older. With a Reverse Mortgage Loan the equity in the home makes the mortgage payments and borrower is only responsible for typical expenses such as taxes, insurance and HOA fees. Having a Reverse mortgage loan has many of the same benefits of owning a home free and clear without the monthly mortgage payments. The HECM has the following benefits: Keep Reading...

Reverse Mortgage Loan Process

John Thomas October 23, 2021 Tags: , , ,
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Reverse Mortgage Loan Process

A Reverse Mortgage Loan frees homeowners 62 years of age and older from the obligation of monthly mortgage payments* by allowing them to borrower against the equity in the home. Unlike a traditional “Forward” mortgage that makes payment from your household income, the Reverse Mortgage uses the equity in the home to make a payment every month so the loan balance goes up each month. The first step is understand the Reverse Mortgage Loan Process. If you would like to apply for a Reverse Mortgage please call us at 302-703-0727 or APPLY ONLINE Keep Reading...

How To Cancel Mortgage Insurance

John Thomas September 4, 2021 Tags: , , , , , ,

Private mortgage insurance might be one of the costs that you most hate to pay when you send in your mortgage payment each month. If you would like to learn more on how to cancel mortgage insurance, give the John Thomas team a call at 302-703-0727 or APPLY ONLINE

PMI stands for Private Mortgage Insurance and is a type of mortgage insurance that buyers are typically required to pay for on a Conventional Loan when they make a down payment that is less than 20% of the home’s purchase price. Mortgage Insurance on government backed loans is simply called MI for Mortgage insurance and is treated differently than PMI. Keep Reading...

Mortgage FICO® Credit Scores vs Online Consumer Credit Scores

John Thomas July 19, 2021 Tags: ,

There is constant confusion about the difference between consumer credit scoring models and the credit scores that mortgage lenders pull which are Mortgage FICO® Credit Scores. Mortgage Lenders only use the FICO® scoring model while Consumer Credit Scores used the Vantage Scoring model.

What is the Consumer Credit Scoring Model?

The Consumer Credit Scoring Model is the Vantage Credit Score created by Experian, Equifax and TransUnion. There are 4 different scoring models:

  • Vantage 1.0
  • Vantage 2.0
  • Vantage 3.0
  • Vantage 4.0

Most consumer credit monitoring service companies use Vantage 3.0. The credit scores range from 300-850 on Vantage 3.0 which was updated from earlier versions to match the range that FICO® uses. Keep Reading...

FHA Student Loans Guideline Update 2021!

John Thomas June 25, 2021 Tags: , , ,
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FHA Student Loans – HUD just announced new guidelines about how student loan payments should be considered when buying or refinancing a home, to align better
with the current industry standards. This new update makes it even easier to qualify for a FHA Mortgage loan with student loan debt. If you need to apply for a FHA Loan to purchase or refinance call John Thomas at 302-703-0727 or APPLY ONLINE.

These are BIG CHANGES, so we recommend that you have your mortgage pre-approval re-evaluated if you were denied or if you wanted a higher purchase price as the new FHA Student Loan Guidelines could allow you to qualify for a higher mortgage amount. Keep Reading...

How CAIVRS Report Can Prevent You From Getting A Loan

John Thomas August 26, 2020 Tags: , , , ,
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If you’re applying for a mortgage backed by the government like an FHA loan or VA loan, your lender will run a CAIVRS check before approving your loan.

This little-known government database, called U.S. Department of Housing and Urban Development Credit Alert System (CAIVRS), checks for specific types of credit defaults that could affect your mortgage loan approval. If you want to get pre-approved for a Mortgage Loan program to purchase or refinance a home please call the John Thomas Team at 302-703-0727 or APPLY ONLINE.. Keep Reading...

Delaware FHA Loan Limits 2020

John Thomas May 10, 2020 Tags: , ,
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Delaware FHA Loan Limits 2020 were increased effective January 1, 2020. All three counties of Delaware had the FHA loan limit increased in 2020. The Federal Housing Agency (FHA) raised the loan limits from the increased “floor” of $331,760 to the highest areas at $765,600. If you need to apply for a FHA Loan to purchase or refinance call John Thomas at 302-703-0727 or APPLY ONLINE.

On December 3, 2019, FHA issued Mortgagee Letter 19-19 effective for FHA case numbers assigned on or after January 1, 2020. The National mortgage low cost loan limit is set at 65% of the conforming loan limit which is $510,400. The National Low Cost Area FHA Loan limit is set as follows: Keep Reading...

Delaware Mortgage Loan Officer John Thomas

John Thomas May 9, 2020 Tags: , ,
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Delaware Mortgage Loan Officer John Thomas works for Primary Residential Mortgage, Inc. in Newark, Delaware as an Originating Branch Manager. Primary Residential Mortgage, Inc. is a Delaware mortgage lender that is a direct lender and mortgage servicer. We can find you the best mortgage interest rate because we have the best of both worlds, being mortgage bank and a mortgage broker. John Thomas is licensed to lend in Delaware, Maryland, Virginia, Pennsylvania, and New Jersey. Call 302-703-0727 to apply for a mortgage loan or APPLY ONLINE. Keep Reading...