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Month: May 2024

Understanding the 3% Qualified Mortgage (QM) Rule: A Key Regulation for Safe Lending

Buyers, Homeownership, Mortgage Programs, Refinance / By

The housing market’s complexity requires various regulations to ensure both borrower protection and lender stability. One such regulation, crucial for maintaining the balance, is the 3% Qualified Mortgage (QM) rule. Introduced after the 2008 financial crisis, this rule aims to safeguard borrowers from risky lending practices and ensure lenders conduct responsible underwriting. Let’s delve into …

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The Four Types of Qualified Mortgages: A Simple Guide

Buyers, Homeownership, Mortgage Programs, Refinance / By

Buying a home can be complicated, especially when understanding the different types of mortgages. Qualified mortgages (QMs) are loans that follow specific rules to make sure they are safe and affordable for borrowers. Let’s break down the four main types of QMs in a way that’s easy to understand. 1. General Qualified Mortgages What They …

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Understanding Non-QM Mortgages: A Comprehensive Guide

Buyers, Homeownership, Investment Property, Jumbo Loans, Mortgage Programs, Refinance, Self employed / By

When it comes to securing a mortgage, not everyone fits the mold required for a traditional, qualified mortgage (QM). Nonqualified mortgages (non-QM) can provide a viable path to homeownership for those who find themselves outside these conventional boundaries. In this blog, we’ll explore what non-QM mortgages are, who they are for, and the pros and …

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