Buy now, pay later: How do mortgage pros deal with ‘phantom debt’?
Philip Crescenzo Jr., Southeast division vice president at Nation One Mortgage Corp., said he sees lenders estimating the borrower’s assets and comparing them to the BNPL loan balance. “There are a few ways that you could approach it,” Crescenzo said. “Let’s say the client has $2,000 in their savings account, and the buy now, pay later loan, the balance is $1,000. It wouldn’t matter what the payments were in [...]
How to Split a House in a Divorce
Start preparing as soon as you can if you think you'll choose this option, advises Phil Crescenzo Jr., vice president of the Southeast division at Nation One Mortgage Corporation in Summerville, South Carolina. Check your credit, get financial documents in order, avoid making big purchases or taking on new debt, and apply for a mortgage preapproval, he says. Click Here to Read The Full Article
FHA vs. conventional loans: What’s the difference?
“The biggest difference between FHA and conventional would be the down payment. FHA rates typically are lower and more flexible for less down,” says Phil Crescenzo Jr., vice president, southeast division, for Nation One Mortgage Corporation.For buyers who have the ability to bring a 20 percent down payment to the table, there would be far less benefit in seeking an FHA mortgage, unless they’re not able to qualify for a [...]
Ducks in a Row: Typos, bottlenecks and other missteps can create costly delays
Thirty to 60 days. That’s how long the average mortgage approval can take, according to Realtor.com. In some cases, it can take even longer. For mortgage originators, these delays can increase costs by extending rate locks or forcing applications to be reprocessed, adding administrative expenses and hurting relationships with borrowers, which could lead to lost business and reputational damage.These delays remain a persistent challenge for mortgage originators in terms of [...]
Home equity loan limits to know
"Most lenders want to stay close to 80% or less than 90% CLTV, but there are some exceptions and alternative options in some scenarios that may allow higher CLTV percentages," Phil Crescenzo Jr., vice president of Southeast Division at Nation One Mortgage Corporation, notes. But what if you only owed $200,000 on your $400,000 home? In this case, you may qualify for a maximum loan amount of $120,000, the difference [...]
‘The new normal sets in.’ 5 pros on where mortgage rates will go in May — and beyond
That may be happening a bit now. Phil Crescenzo Jr, vice president of the southeast division at Nation One Mortgage Corporation, adds there was a recent increase in mortgage applications. “This shows that homebuyers are willing to pay higher rates for home loans,” Crescenzo Jr. says. “Since we didn’t see the anticipated cut in March, this threw the cycle off a bit, but I expect heading into May, activity [...]
