What will my closing costs be? A good estimate for a buyer to determine closing costs is about 1%-2% of the purchase price for the subject property. Keep in mind…
Advantages & Disadvantages of Co-Borrowers
One of the more frequent questions we get asked from prospective borrowers is if adding a friend or family member to their loan will help them qualify for a mortgage….
Down Payment Changes For 2-4 Unit Properties
Overview The mortgage lending landscape is constantly changing to meet market conditions. One of the areas where changes are welcomed is the minimum qualification requirements for specific loan programs/products. Recently…
Mortgage Recasting: Why it’s Important
Mortgage recasting is a powerful financial tool that can help borrowers reduce their monthly mortgage payments. While not all mortgage loan servicers allow for recasting, the majority of conventional mortgages…
How The Federal Reserve Affects Mortgage Rates
You probably are aware that the Federal Reserve has been aggressively raising interest rates. The recent interest rate increases which began in 2022 and are continuing across 2023 are a…
New Conventional Conforming Loan Limit Increase
We are now accepting conventional conforming loans up to $750,000! Although they haven’t been officially released by the Federal Housing Finance Agency, we at Bluefire Mortgage Group are honoring these…
Making Your First Mortgage Payment
Congratulations, your mortgage loan has been funded and the escrow on your purchase has successfully closed. Once the celebration has ended, oftentimes borrowers find that they were so caught up…
Reverse Mortgage Roadmap
Reverse mortgages have been growing in popularity in recent years at a substantial rate. With home equity reaching all-time highs and baby boomers now entering retirement, more individuals have been…
How to Qualify for a Mortgage Using Rental Income
One of the most common forms of income included on mortgage loan applications that we see is rental income. Unfortunately, the rental income figure that most applicants list on their…
The Various Types of Residential Properties
When purchasing a home one of the first questions to answer is what type of property you do want to purchase. There are a host of different types of residential…
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