Thomas Turner's Blog

    NEW PROGRAM RELEASE   ·       95% LTV   ·       100 % gift permitted   ·       Standard FNMA Guidelines   ·       3% Seller paid closing costs permitted   ·       $417,000 Loan limit           For more details contact:   Thomas M. Turner   First Choice Mortgage Services   NMLS#91296, CT Lic. ...

Why use a mortgage broker?  This is probably one of the questions I get most often as a mortgage broker.  First of all, mortgage brokers offer a variety of mortgage programs and rates that other lenders just do not.  A mortgage broker usually has numerous banking relationships they are approved t...

    Is age discrimination allowed in mortgage lending?  The answer is absolutely not!  I was recently approached and asked if a 72 year woman could buy a condominium and get a 30 year mortgage.  The individual was retired and receiving pension and social security income.  The question was asked i...

Reverse Mortgage loans have new regulations effective September 30, 2013.  Because of these changes it could cause a greater number of borrowers to no longer qualify. Reverse mortgages have been a growing source of additional income for people 62 years or older.  With the new requirements it will...

Jumbo mortgages today have a lower interest rate than conventional mortgages.  For those who don't know a jumbo mortgage in most markets is a loan that is over $417,000.  And because they typically aren't as liquid as conventional mortgages the rate on a jumbo mortgage is higher than a Fannie Mae...

How many properties can someone finance?  The answer depends on the lender you may wish to use.  The average mortgage lender will do up to 4 properties including the buyers primary residence. However, there are many institutions that will finance up to 10 residential properties. In addition, ther...

  Why sell a home when you can rent?  There are actually quite a few reasons to the above.  Maybe your potential client is trying to save enough money for a down payment.  Or maybe they had some credit blemishes they have been clearing up, but need a little more time to get that credit score up. ...

Seller financing for down payment assistance is an under utilized option for helping to sell homes and provide lower monthly payments to Buyers.  It also helps avoiding private mortgage insurance when used properly.  Assuming the Seller has the additional equity it can also provide extra income a...