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Email Us: contact@gustancho.com
This guide will cover the steps in buying a condo in Puerto Rico and the type of mortgage options available for mortgage borrowers. We will discuss tips and considerations for buying a condo in Puerto Rico. Many Americans from other countries buy Puerto Rico condos, vacation homes, and investment properties. Buying a condo in Puerto…
This guide will cover the difference between wholesale versus retail lending. We will discuss the pros and cons of wholesale versus retail lending for consumers and loan officers. Do you need clarity about the difference between wholesale versus retail lending? Which one is your solution and best option for your financial needs? Dale Elenteny explains…
This guide will cover how much house can I afford versus what I qualify for. Mortgage lenders will qualify borrowers based on the debts that report on credit reports. Underwriters also go by gross income and not net income. Alex Carlucci of Gustan Cho Associates explains the frequently asked question by borrowers on how much…
In this guide, we will cover understanding the homebuyer and mortgage process. Buying a home to live in is one of the most meaningful investments a person can make in their lifetime. For most people, purchasing a home involves taking out a mortgage or home loan. Marga Jurilla, the National Operations Manager at Gustan Cho…
When purchasing a home, one of the most essential skills to have is the art of Negotiation. Learning the art of Negotiation is the process of reaching a mutual agreement between two or more parties in a contract. It can be the difference between getting the home you dream of at a reasonable price or…
In this blog, we will cover mortgage insurance. We will discuss the mortgage insurance premium on government loans and how private mortgage insurance works on government-backed mortgage loans. The borrower pays for mortgage insurance for the benefit of the mortgage lender, says Wendy Lahn, the Chief Legal Counsel at Gustan Cho Associates: Private mortgage insurance…
This guide will cover how to hire a realtor buying a house. A home purchase is most people’s single largest investment. You would want a professional real estate agent to represent you on that big investment. Wendy Lahn, a dually licensed realtor/MLO at Gustan Cho Associates, advises the following: Choosing the right Realtor is one…
Adjustable-rate mortgages (ARMs) are becoming increasingly popular among borrowers due to their lower initial interest rates. They are a type of mortgage where the interest rate fluctuates periodically based on the market index or benchmark. In general, adjustable-rate mortgages offer a lower initial fixed-rate period than a 30-year fixed-rate mortgage loan. However, after the initial…
This guide will cover a comparative look at the costs of buying vs renting a house. Buying vs renting a property is a decision that requires critical consideration of your financial status. You do not need a 20% down payment and perfect credit for you to be able to purchase a home. Most homebuyers put…
In this guide, we will cover down payment assistance for first-time homebuyers. We will discuss locating hard-to-find down payment assistance programs for first-time homebuyers. We will also cover the various types of DPA for first-time homebuyer programs available. Here is the definition of a first-time homebuyer: By definition, a first-time homebuyer is a homebuyer who…
This guide will cover the new mortgage redistribution rule under the Biden Administration. There are a lot of mixed feelings about the New Mortgage Redistribution Rule among the Chief Financial Officers from 33 states. Alex Carlucci, a top-producing loan officer at Gustan Cho Associates, said the following about the New Mortgage Redistribution Rule: Joseph Biden’s…
In this guide, we will cover credit repair for mortgage approval. You do not have to hire expensive credit consulting companies to improve your credit to qualify for a mortgage loan. Companies can do more damage than good if you repair your credit to qualify and get a mortgage approved. Consumers must realize that most…