Ask our mortgage assistant

Related answers

• FHA & Conventional

  How do I refinance from an FHA loan to a conventional loan, and is it worth it?

  You refinance into a new conventional loan that pays off the FHA loan. It's usually worth it when you have about 20% equity, because conventional loans don't need mortgage insurance at that point, and your credit has improved. The math has to beat the closing costs, especially if your current rate is low. The Mortgage Advisory is the direct lender on conventional loans in California, Texas, and Colorado and runs the break-even for you.

• VA Loans

  How do I find a lender that really knows VA loans?

  Interview them. Ask how many VA loans they close, how they handle your Certificate of Eligibility, VA appraisals, the funding fee exemption, and seller concessions, then compare two or three VA Loan Estimates from the same day. The Mortgage Advisory is a direct VA lender in California, Texas, and Colorado (a licensed mortgage broker in Florida), and we genuinely encourage veterans to compare us.

• Self-Employed / Non-QM

  Can I get a mortgage if I'm self-employed?

  Yes. Most self-employed borrowers qualify with a conventional loan using about two years of tax returns. If write-offs make your taxable income look too low, a Non-QM loan can use your bank statements, 1099s, or a rental property's income instead. The Mortgage Advisory is the direct lender on both conventional and Non-QM loans, so we can look at your business the way it really works.

• FHA & Conventional

  How do I get rid of FHA mortgage insurance?

  It depends on your down payment. For most FHA loans since mid-2013, if you put less than 10% down, the mortgage insurance lasts for the life of the loan; with 10% or more down, it ends after 11 years. The most common way out is refinancing into a conventional loan once you have about 20% equity, and The Mortgage Advisory will show you when that makes sense.

• VA Loans

  Why do sellers turn down VA offers, and how can I make my VA offer stronger?

  Mostly because of outdated myths: that VA loans close slowly, that VA appraisals are harsh, or that the seller has to pay extra fees. Today VA loans close in about the same time as conventional loans, and the appraisal standards are mostly common sense. A strong pre-approval, a lender who calls the listing agent, and smart contract terms make a VA offer compete. The Mortgage Advisory is a direct VA lender and makes that call for you.