Blog and News

What to Know About Jumbo Loans

What to Know About Jumbo Loans

Jumbo Loans Explained

Have you been thinking about investing in a luxury home, a large property, or a superb vacation pad? If the answer is yes, then you might have noticed that most conventional loans are not large enough to purchase your dream home. 

Don’t fret; you still have options! 

Read More
Understanding Your FHA Options

Understanding Your FHA Options

If you’re looking for a home or just purchased one, there’s a chance you’ve heard the abbreviation “FHA” mentioned at one point or another. Simply put, FHA is short for the Federal Housing Administration — which is a part of the United States Department of Housing and Urban Development, helping provide mortgage insurance on FHA-approved lender loans. Now, if you qualify for an FHA loan, there are a few different options available. The mortgage professionals at Superior Mortgage Co., Inc. help explain those choices to you.

Read More
How to Prepay Your Mortgage?

How to Prepay Your Mortgage?

Over the course of a 30-year mortgage, you may end up paying more than twice the amount of your principal. The rest goes towards paying interest. That interest is money in the bank’s pocket, not in your bank account. Prepaying your mortgage is paying extra principal, especially during the early years of your loan, meaning […]

Read More
Things Needed For  Pre-Approval

Things Needed For Pre-Approval

In lending, pre-approval is the pre-qualification for a loan or mortgage of a certain value range. Although, to a typical consumer, “you’re pre-approved” means “you already passed the approval process and therefore are guaranteed to be immediately granted the loan. I. PROOF OF INCOME Proof of income is a document or set of documents that someone, […]

Read More
How to Approach a Mortgage Refinance Loan?

How to Approach a Mortgage Refinance Loan?

Home refinancing is a great way to lower your mortgage interest rate and reduce your monthly payments. However, if you’ve never gone through a home refinance, then there’s a ton to know. Before you apply for a refinance loan, check out the home refinance articles, guides, and additional resources. Learn about refinancing your mortgage. Refinancing a […]

Read More
Key Factors in Choosing an Experienced, Professional Realtor

Key Factors in Choosing an Experienced, Professional Realtor

When you are ready to buy or sell a home, a realtor will provide professional guidance from a market perspective. Few of us have enough up-to-date knowledge and experience to pull this all together on our own. Thankfully, there are many fabulous agents who have the skills, capabilities, experience, resources, ambition and personality to get […]

Read More
How to Be a Mortgage Broker?

How to Be a Mortgage Broker?

I. Obtaining a License 1. Check job prospects in your intended market. Check listings for open loan originator positions to see if the jobs you want are available and plentiful. Because your license is not transferable from state to state, you’ll want to become licensed in a place where you feel you can find work. […]

Read More
Save Up and Prepare to Buy Your First Home

Save Up and Prepare to Buy Your First Home

After years of ups and downs in the real estate market, the American Dream of owning your own home has become more and more of a stretch. The game has changed, and for some, the idea no longer carries much appeal. However, for many, the idea of home ownership still has value and is a […]

Read More
How to Buy a House: Beginner’s Guide

How to Buy a House: Beginner’s Guide

For a first-time home buyer, the process of buying a house can seem a bit intimidating. Yes, there are many steps to buying the house you’ll want to call home, and we can break it down into manageable pieces. As with any project, you’ll gain the confidence and desire to learn more, take it one step at a […]

Read More
What to Consider in Buying a House?

What to Consider in Buying a House?

When buying a house, everyone has priorities. The buying process is complex and takes time, and it’s easy to get off track. Having written priorities is a helpful way to guide you through the process without forgetting some of the features that are important to you and your family. Your realtor will also want to […]

Read More
How COVID-19 Has Affected Real Estate and the Housing Market in the United States?

How COVID-19 Has Affected Real Estate and the Housing Market in the United States?

Read more on our COVID-19 Resource Guide. Spring is typically considered the best time of year to buy or sell a home, but this year, real estate transactions are slowing to a halt. As the number of COVID-19 cases increases exponentially each day, stocks have dropped, businesses have closed, unemployment has risen, and millions of Americans […]

Read More
How to Assume a Mortgage?

How to Assume a Mortgage?

HOW TO ASSUME A MORTGAGE? Assuming a mortgage is a process by which you take over the payments on an existing loan rather than secure your own financing to purchase the house. Most lenders include a due-on-sale clause that prohibits a buyer from assuming a mortgage by making the note payable upon the transition of […]

Read More
How to Refinance Your Mortgage

How to Refinance Your Mortgage

HOW TO REFINANCE YOUR MORTGAGE? There are lots of benefits to refinancing your home if you understand the terms of the loan and know a little bit about your future financial outlook. Simply put, refinancing is paying off your current mortgage and creating a new mortgage with more favorable terms. You can adjust your mortgage […]

Read More
HOW TO TALK TO MORTGAGE LENDERS?

HOW TO TALK TO MORTGAGE LENDERS?

How To Talk to Mortgage Lenders? It can be challenging to speak to a mortgage lender if you do not know what points to bring up or questions to ask. You should prepare to speak to mortgage executives at different types of institutions, such as a bank, a lender, and a broker. In a purchase […]

Read More
How To Become A Mortgage Loan Officer?

How To Become A Mortgage Loan Officer?

Loan Officers, also referred to as “Mortgage Loan Originators,” are people who work for banks and other financial institutions with the main objective to recommend individual and business loan applications for approval and participate in the front end of the mortgage origination process.   Loan officers help people procure loans for houses and businesses helping people buy houses and other […]

Read More
Reverse Mortgages: Read the Fine Print

Reverse Mortgages: Read the Fine Print

A reverse mortgage is a type of mortgage that allows homeowners to borrow against the accrued equity in their homes. The loan is paid back when the loan borrower moves or dies. There are advertisements for reverse mortgages all over the television, radio, and on the internet. However, some of these advertisements make incomplete or […]

Read More
What Kind of Home is the Perfect Choice for You?

What Kind of Home is the Perfect Choice for You?

Buying a home is usually the most expensive purchase you will ever make. It will shelter your family, provide security, and be your investment into the future. But what kind of home is right for you? Are you looking for a single-family home, condo, co-op, or townhome? How many floors do you want? How much […]

Read More
What NOT to Do During a Recession

What NOT to Do During a Recession

In an uncertain economy or an actual recession, you may be facing important decisions such as whether to purchase a car, invest in a risky stock, or become a cosigner for a family member. There are financial risks that everyone should seriously reconsider during risky economic times, including:   Becoming a Cosigner: Even in the […]

Read More
Closing on Your Perfect Home

Closing on Your Perfect Home

Many homebuyers will tell you that closing on a home can be just as nerve-racking as looking for a home and shopping for a mortgage. Anything can happen at the last moment and frequently does. Your mortgage loan officer can help you understand what the pitfalls are so you are able to avoid or minimize […]

Read More
Is a Hybrid Loan Right for You?

Is a Hybrid Loan Right for You?

There are many forms of hybrid loans that can help home buyers. Hybrid, or mixed rate loans, feature both fixed-rate loans and adjustable-rate mortgages, or ARMs, so you can take advantage of having both during the loan payment period. Both types of loans have benefits and drawbacks. Fixed-Rate Loans Fixed-rate loans are predictable. Your interest […]

Read More
Mortgages for Self-Employed People

Mortgages for Self-Employed People

Getting approved for a mortgage takes determination. Getting approved for a mortgage can be even more daunting when you are self-employed. You will typically need to show more documentation related to your income, assets, debt-to-income ratios (DTI), and taxes. Knowing what is involved beforehand is helpful in making the process proceed smoothly. First Things First […]

Read More
Fair Housing Rights for First Time Buyers

Fair Housing Rights for First Time Buyers

Looking for your first home can be an exciting time. It can also be a frustrating time if your efforts to find your perfect house are blocked by unfair or unscrupulous practices. Under the Fair Housing Act, housing discrimination is illegal in almost all housing whether it is private, public, or housing funded by the […]

Read More
4 Things Every First-Time Home Buyer Must Do in Advance

4 Things Every First-Time Home Buyer Must Do in Advance

Life takes you to amazing places, but it is your love that gets you home. Are you ready to buy your first home? It is natural to feel the stress, as you are taking one of the most important steps in your life. Let’s make your experience of first home buying worth the biggest and […]

Read More
3 Things Every First-Time Home Buyer Should Do in Advance

3 Things Every First-Time Home Buyer Should Do in Advance

Are you ready to buy your first home? It is natural to feel the stress, as you are taking an important step. Make your experience of first home buying worthy of one of the biggest and best purchases of your life. 1. Determine Affordability Before Selecting a Property Start with your income and figure out […]

Read More
First Time Home Owner Series: Should a Starter Home be Your Dream Home?

First Time Home Owner Series: Should a Starter Home be Your Dream Home?

Just because you can afford a 2,500-square-foot home sitting on an acre lot doesn’t mean you should buy it. When shopping for a starter house, some first-time buyers will get pre-approved for a mortgage and then shop based on the maximum they can borrow. If the mortgage company said they can afford it, then why not go […]

Read More
First Time Home Owner Series: What Features Should You Look For?

First Time Home Owner Series: What Features Should You Look For?

What are your basic desires concerning a home? Are you looking for a large kitchen? A big backyard? Lots of rooms to grow a family. What type of neighborhood do you want to live in? A quiet neighborhood – or one that is bustling with stores and people on the street late at night? This […]

Read More
First Time Home Owner Series: What Type of Home Are You Looking For?

First Time Home Owner Series: What Type of Home Are You Looking For?

Consider your long-term goals. Do you want the freedom and independence of owning your own home? Would you rather make mortgage payments instead of paying rent to a landlord? With your own home, you are your own property owner. What options are there when purchasing a residential property? Consider these: Traditional single-family home Duplex Townhouse […]

Read More
First Time Home Owner Series: Who Is A First Time Home Buyer?

First Time Home Owner Series: Who Is A First Time Home Buyer?

According to HUD (US Department of Housing and Urban Development, a first-time homebuyer should be one of the following: Someone who has not owned a principal residence for 3 years A single parent who only owned a home with a spouse – while married A displaced homemaker who only owned with a spouse An individual […]

Read More
Home Appraisal Tips to Maximize Home Value 2

Home Appraisal Tips to Maximize Home Value 2

There are several things sellers can do to pump up the value of their home. The best advice is to be prepared before the appraisal takes place. Tips for increasing the value of your home include: Vetting the Competition: Research what homes are selling for in your area. You can access public property records through […]

Read More
Home Construction Loans

Home Construction Loans

Many people dream of building a brand new home to their exact specifications. However, home development is complicated and challenging if you need to get a loan to pay for it. A construction loan is usually a short-term, interim loan necessary to pay for building a house. As work on the home progresses, the lender […]

Read More
Reverse Mortgages

Reverse Mortgages

If you are 62 years of age or older and need money to pay off your mortgage, supplement your income or pay for your healthcare expenses, you may be interested in a reverse mortgage. This type of mortgage allows you to convert part of the equity in your home into cash without having to sell […]

Read More
How Does a Loan Originator Help You Get the Best Loan?

How Does a Loan Originator Help You Get the Best Loan?

A loan originator can provide valuable advice, identify the loan program that perfectly fits your needs and help you get a lower rate. The originator works with borrowers to evaluate different loan programs to make sure the loan gets funded. They will find the best programs to match the borrower’s particular situation and guide them […]

Read More
Are Credit Scores Used When Applying for a Loan?

Are Credit Scores Used When Applying for a Loan?

A credit score is a number that lenders use to determine what the risk is if they decide to lend you money. It is how credit card companies, banks and other financial institutions assess whether you can or will be able to pay off your debts. Accordingly, the higher the score, the better the likelihood […]

Read More
Getting a Loan to Flip a House

Getting a Loan to Flip a House

Turn on the TV and you might find several programs devoted to flipping houses. However, flipping houses in real life is not as easy as it looks on TV. Although it has become more popular in recent years and rising home prices make it more attractive to investors, flipping houses is not always profitable and […]

Read More
Private Mortgage Insurance

Private Mortgage Insurance

Most lenders recommend that when buying a home, a 20 percent down payment is recommended. Down payments can be as low as 3 percent in some cases, but a low down payment will result in the need for private mortgage insurance (PMI). This type of insurance may be required to pay for if you get […]

Read More
Buying a Second Home

Buying a Second Home

If you are lucky enough to be considering the purchase of a second home, there are a few ways to fund your new property. When making an important decision that will change your life, you must consider the benefits and costs. It should make financial sense to buy a second home. Although there are costs […]

Read More
The Pros and Cons of Reverse Mortgages

The Pros and Cons of Reverse Mortgages

A reverse mortgage converts the equity in your home into cash. Depending upon your particular situation, you can receive a large sum all at once, establish a line of credit to draw on, or receive payments in monthly installments. Paying the loan back would proceed the same as with any other type of loan. If […]

Read More
What is the Mortgage Underwriting Process?

What is the Mortgage Underwriting Process?

Lenders will not approve a mortgage without first conducting their own due diligence. A mortgage underwriter reviews, confirms and analyzes every loan application to minimize risk to the lender. Some mortgage applications get approved almost immediately while others may face denials and suspensions that can prolong the approval process for weeks or even months. Generally […]

Read More
Mortgage Mistakes to Avoid

Mortgage Mistakes to Avoid

For most of us, a home is the most expensive purchase we will ever make and consequently, the biggest debt we will ever carry. Therefore, it is imperative that you make the best decisions for you and your family before and during the loan process. Mistakes can cause you to pay more than is necessary, […]

Read More
Using a Cash-Out Refinance to Buy a Home

Using a Cash-Out Refinance to Buy a Home

Millions of American homeowners are thinking about refinancing their home in today’s market because real estate equity has greatly increased in recent years. Homeowner equity went from $6 trillion in 2009 to $15 trillion in 2018. This equity can be converted into financing for school, business or the purchase of a second home or investment […]

Read More
When to Consider Refinancing Your Home

When to Consider Refinancing Your Home

A home refinance could be a very smart move or a very big mistake. Refinancing may keep more money in your account and less in the bank’s. Refinancing could bail you out of an emergency or let you retire earlier. But it only works when you take out the right loan for the right reasons. […]

Read More
Residential vs. Commercial Real Estate Loans

Residential vs. Commercial Real Estate Loans

If you are a property owner that is thinking about purchasing an apartment building, you are not alone. The US has generally shifted from homeownership to ‘rentership’ so the interest in multifamily investment has increased. Commercial real estate generates income. Residential real estate is an owned residence. However, some rental properties that produce income are […]

Read More
The Top Mortgage Loan Issues of 2019

The Top Mortgage Loan Issues of 2019

The mortgage industry has been subjected to continuous regulatory changes for the past decade. Some of the top issues this year are: Ability-to-Repay: The ability to repay/Qualified Mortgage rules have changed residential mortgage underwriting for every institution. These regulations have been thoroughly reviewed and lenders should expect that the review will lead to proposals to […]

Read More
Avoiding Costly Mortgage Mistakes

Avoiding Costly Mortgage Mistakes

A mortgage will probably be the biggest debt you will ever have and a home is probably the most expensive purchase you will ever make. To lessen the stress of this important decision, it is vital to avoid the usual pitfalls such as letting a bank decide how much you should spend on a home. […]

Read More
Home Appraisal Tips to Maximize Home Value 1.

Home Appraisal Tips to Maximize Home Value 1.

If you are interested in buying a home, your lender will order an appraisal of the property you are interested in purchasing to make sure that you are not overpaying for your home. If you are refinancing a home you already own, an appraisal is necessary to ensure that the seller does not lend more […]

Read More
What Happens During a Home Appraisal?

What Happens During a Home Appraisal?

Getting appraisals for your home when you are buying or refinancing can be challenging. If the appraisal comes in higher or lower than the sale price, both parties will need to negotiate accordingly. Therefore, it is important to know what home appraisals consist of and what sellers can do to move the process along successfully. […]

Read More
Jumbo Mortgages

Jumbo Mortgages

A jumbo mortgage may be the best way to finance an expensive home. It is the type of mortgage loan whose principal balance is more than the loan limits for Fannie Mae and Freddie Mac, which at this time is $484,350 for a one unit property and $931,600 for a four unit property, depending upon […]

Read More
The Pros and Cons of Reverse Mortgages

The Pros and Cons of Reverse Mortgages

Read More
Home Improvement Loan Options

Home Improvement Loan Options

As we know, home improvements can make your property more efficient, comfortable, aesthetically pleasing and ultimately, more valuable. If you’re short on cash and wanting to make improvements on your home, there are several good choices for home improvement loans. If it is a smaller project, a personal loan may be a good solution. You […]

Read More
Tips to Getting the Best Mortgage

Tips to Getting the Best Mortgage

Read More
Conventional vs. FHA vs. VA Loans and Mortgages

Conventional vs. FHA vs. VA Loans and Mortgages

Read More
Registered New York Mortgage Broker - All mortgage loans arranged with third-party providers; This site is not authorized by the New York State Department of Financial Services. No Mortgage solicitation activity or loan applications for properties located in the State of New York can be facilitated through this site.