Entries by Steve Furlong

,

Divorce and Mortgage

Mortgage guidelines for divorcing couples Not only are you forced to endure the emotional pain and suffering through separation and marriage dissolution, but the finances need to be dealt with as well. Divorce and mortgage go together like fire and tungsten (the metal with the highest melting point, used for incandescent light bulbs, but is […]

HELOCs Vs Conventional Mortgage Interest

HELOCs calculate interest like a credit card: based upon average daily balance. Conventional mortgages calculate interest on a simple basis. Interest calculation formulas used: HELOC: Daily rate (note rate/365) x average daily balance x days in the month Conventional mortgage: Note rate/12 x balance on the 1st Interest over time example: Starting balance of $150,000 […]

A Housing Bubble?

A real estate bubble is generally defined by over speculation in the housing market. That bubble leads to unsustainable price levels that are generally not affordable by the average home buyer. When prices surge beyond the affordability level it is an indication that home prices are too high. Many factors drive affordability. Interest rates, being […]

Offer Strategies to Buy A Home

First, we should tell you that without an expert Realtor and Loan Officer, your chances of getting an offer accepted today are lower. The number one reason to hire the Furlong Team at Mortgages Unlimited to provide your mortgage is our reputation to deliver. Realtors know we close on time, financing issues are non-existent, and […]

Build or Repair Your Credit

If your credit score is holding you back from becoming a home owner, it is likely holding you back from other things as well. Credit scores are used for insurance, employment, cell phone accounts and a wide variety of things. Having good credit will not only allow you to purchase a home, it will also […]

, , , ,

MN Mortgage Approval Types and Process: An Overview

Introduction When applying for a mortgage in MN, there are a number of approval processes that prospective borrowers should be aware of. It is essential that future borrowers understand the information/documentation required for each mortgage approval process in addition to the level of scrutiny that will be applied with each approval process. We will discuss […]

,

Remodeling financing

Several options are available for construction financing. The first option is a new first mortgage intended for rehabilitation finance – the programs are called HomeStyle and 203k, are offered by Fannie Mae and FHA, respectively, and allow up to 97% of the as-completed value of your home in total financing. The benefits to these programs […]