Latest Articles

What is a non-QM Loan?

The “QM” in Non-QM Loan First, it helps to know what the “QM” stands for in “Non-QM Loan.”  Let’s start with what is a Qualified Mortgage (QM) loan as defined by the Consumer Financial Protection Bureau (CFPB).  The CFPB provides more protection to banks and mortgage companies for mortgage loans falling under the Ability-to-Repay/Qualified Mortgage […]

Minimum Down Payment for Buyers

When buying a home, the down payment is the initial cash contribution applied to the purchase price.  This amount is typically reflected as a percentage of the purchase price.  For example, $15,000 for a $300,000 purchase would be a down payment of 5%.  The remaining $285,000 is typically the amount financed with a home mortgage […]

A Guide to Seller Concessions

Seller concessions are growing in popularity as we move to a balanced housing market. Sellers saw buyers paying $10,000 over list price a few months ago to seeing a median price reduction last week of $10,100. What might be more surprising is only 15.9% of active listings in Phoenix, AZ had price reductions. However, 44.5% […]

Important Things to Remember When Moving

If you found yourself reading this, you’re probably moving. Before you do, here are some important things to remember when moving. Changing your Address When you move, you are responsible for handling the change of your address on all of your accounts and documentation.  The first thing to do is to let the U.S. Postal […]

Divorce and qualifying income for a new mortgage

Determining qualifying income is Part 4 of E5’s Divorce Mortgage Guidance series. Regardless of the spouse, qualifying for a new mortgage requires consistent and ongoing income that can be verified. For a purchase, the source of the down payment funds also needs verification. We review various scenarios and pitfalls. Qualifying Income To calculate income, lenders […]

Divorce – where will you live?

One of the most significant questions when considering divorce is “where will you live?” E5 developed this multi-part series on navigating the credit, income and home financing process during divorce. E5 Home Loans Divorce Mortgage Guidance Series Part 2 – Divorce Housing Scenarios – Retaining the Marital Home Part 3 – Divorce Housing Scenarios – […]

Closing on your Loan

Your loan is approved, and it’s time for the closing. Here’s what to expect leading up to and during the stages of closing on your home loan. Be aware, this process differs from state to state.  Depending on where you live, your closing agent may be an attorney or an escrow company.  Your real estate […]