The Mortgage Brothers Show

Up to date news, tips, and advice, so you can make real estate decisions with confidence.

How To Calculate How Much PMI Mortgage Insurance will be?

05-28-2021About MortgagesEddie Knoell

In this episode, we’re talking about PMI. PMI stands for Private Mortgage Insurance. These come into play with conventional loans. When you have a conventional loan, that is it’s private, non-governmental, this is the insurance that covers these loans.


10% Down Jumbo Loans - Are they available?

05-19-2021About MortgagesEddie Knoell

Yes they are, in this episode we discuss the details. This post is about jumbo financing, in particular big loans with just about 10% down. A lot of banks have been saying no to these with COVID, but right now some banks are starting to offer them again, which is fantastic news.


If I have 1 Mortgage Late in the Past 12 Months, Can I Get Approved for a Mortgage?

05-13-2021About MortgagesEddie Knoell

In this post, we’re talking about mortgage rates and if you can qualify if you have a late mortgage in your payment history. This is a situation that happens to a lot of folks, and we get calls all the time asking this question. In short, absolutely. It’s still possible to get a mortgage if you’ve been late on one in the past. There are lots of reasons people are late. Sometimes the bank is miscommunicating their payments, sometimes it’s a technology issue. It’s not always in your hands.


Can I Relocate and Get a Mortgage While Working Remotely Out of State?

05-03-2021About MortgagesEddie Knoell

This is a question we get quite a lot. A buyer will call up and say, “Hey Mortgage Brothers, I’ve been working for this company in Virginia for years. I’ve been remote, but I’ve got family in Arizona and I’m thinking of moving. Can I actually move to Arizona and work there? And can I get a mortgage?”


Interest Rates Are Going Up for 2nd Homes and Investment Properties

04-12-2021About MortgagesEddie Knoell

Interest rates for second homes and investment properties are going up. In the last couple of weeks, the big agencies, Fannie Mae and Freddie Mac, basically said that they don’t want to have more than 7% of their whole pool of loans to consist of second homes and investment properties. So, for example, if they bought a thousand loans, they don’t want more than 70 of those to be second homes or investment properties. They’re cutting it down by about half from where it was before.


What are Closing Costs on a Home Purchase?

04-09-2021About MortgagesEddie Knoell

This week we are talking about closing costs on purchases and how to understand them. Questions we’ll be covering include: What are closing costs? What are the typical average closing costs when it comes to a home purchase? How much are they?

We’re going to answer these questions in the context of a real sample deal that we’ve been working on. If you want to follow along with a visual aid, we suggest watching the video above.


What are Closing Costs When You Refinance Your home?

04-08-2021About MortgagesEddie Knoell

Today we are covering closing costs in relation to refinances. There’s a lot of confusion as to what closing costs are, especially when it comes to getting the prepaids right, and how much they usually cost.


How Much Home Can You Afford VS How Much Home Should You Buy?

03-23-2021About MortgagesEddie Knoell

A lot of people ask us “how much can we qualify for” or “how much should we qualify for?” when it comes to applying for a mortgage. In other words: What prices of home should I be looking at?


When Refinancing Is It Better To Roll In Closing Costs Or Pay Them At Closing?

03-21-2021About MortgagesEddie Knoell

In this post, we’re going to dig into a question we get a lot: Is it better for me to pay my closing costs upfront or roll them all into the loan?

The number you’re thinking about probably isn’t just closing costs alone

Often what you think of as “Closing Costs” are actually the closing costs plus prepaid taxes and insurance, plus an interest rate. When you get a quote from a lender, they’re likely incorporating the prepaid taxes and insurance in the quote for closing costs.


When is a good time to refinance your home and pay off credit cards, personal loans, and home equity lines (HELOCs)?

02-12-2021About MortgagesEddie Knoell

There’s a whole industry built on trying to help people through bankruptcies and debt consolidation. They have a whole strategy to take all your debt bundled together and help you renegotiate payments. But we’re talking about something very different: refinancing. This comes into play when borrowers have reasonable debt, and they want a structure it inside of a mortgage. They want to take the debt from a car or maybe credit cards, or a home equity line of credit (or HELOC) and combine it.


Are Mortgage Escrow Accounts Good or Bad?

02-10-2021About MortgagesEddie Knoell

Often times we’ll get borrowers calling us asking what an escrow account is for and if it is a “Good” OR “Bad” thing to have one on a mortgage. We figured we’d dig in a bit and help people get oriented. First off, escrow refers to an arrangement in which a third party temporarily holds a sum of money or property until a particular condition has been met. Now, let’s dive in.


Can I Get a 3rd Mortgage?

02-01-2021About MortgagesEddie Knoell

We get asked this question all the time, but it’s not always in these exact words. Sometimes it’s: How many mortgages can I get on my home? or How many can you just stack? Oftentimes, it’s people simply wondering if they can get another line of credit. They’re thinking of it that way rather than as in terms of positions.