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Jeff cooper

NMLS ID 1115139

760-855-8825 jeffcooper475@gmail.com

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What is a Mortgage Servicer?

You recently closed on your mortgage loan and have been making your payments to your lender. Then one day, you get a letter in the mail informing you that your loan has been sold and you have a new mortgage servicer taking care of your loan. What does this mean and how does it affect your mortgage? Here’s what you need to know about mortgage servicers: It is very common for your lender to sell your loan soon after originating it. Many lenders and brokers do not have enough reserves to keep mortgage loans on their books. Instead they sell them to investors or government-backed enterpri...

July 24th, 2019 | Conventional Loans, What is a Mortgage Servicer?

How Do I Get Rid of Private Mortgage Insurance?

Private mortgage insurance (PMI) is required by lenders when borrowers contribute less than 20% of the home’s value as a down payment. This insurance protects the lender, not the homebuyer. If the loan borrower defaults on the mortgage for any reason, the insurance will reimburse the lender up to 20% of the original loan amount. Homebuyers pay for the PMI premiums, either up front in a lump sum each year or built in to their monthly mortgage payment. While PMI is helpful for allowing borrowers to become homeowners without saving up a full 20%, the premiums do add up over time. The good n...

June 12th, 2019 | Conventional Loans, How Do I Get Rid of Private Mortgage Insurance?

How to Calculate Your Debt-to-Income Ratio

When you are ready to apply for a mortgage loan, your lender will ask you for all sorts of financial information. One of the things lenders do with this data is to calculate your debt-to-income (DTI) ratio. A DTI ratio is one of the most basic methods lenders use to determine how much of a monthly mortgage payment you can afford.  You can calculate this number before talking to a lender so that there will be no surprises about how much you might expect to borrow. First, total all your monthly liabilities – including the potential housing payment - and divide that number by your g...

April 17th, 2019 | Credit, Fixed Rate Mortgages, Conventional Loans, Preapproval, How to Calculate Your Debt-to-Income Ratio

What Are Mortgage Points?

If you have ever checked out the current status of mortgage interest rates, you may have seen the average points listed next to the rates. What are these points and how do they affect your interest rate? Points Defined Mortgage points, or discount points, are upfront fees paid to your lender that allow you to “buy down” your interest rate on your home loan. The idea is that you are prepaying some of the interest on the mortgage, which gives you a lower rate. The more points you pay, the lower your interest rate will be. One point is equal to 1% of the total mortgage loan amou...

February 6th, 2019 | Interest Rates, Conventional Loans, Fixed Rate Mortgages, What Are Mortgage Points?