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Gregory Erich Phillips

Mortgage, Home Buying and Home Refinance Expert

Gregory Erich Phillips has more than a dozen years of experience in the mortgage industry. He is an active mortgage loan officer and an expert resource on topics including economics, home financing and real estate trends.

Posts by Gregory Erich Phillips:

by Gregory Erich Phillips Nov 10, 2016

Determining “how much house can I afford?” you can afford to buy and borrow on a new home is a personal decision. While lenders have guidelines for determining the maximum debt to income ratio they will approve, what they approve you for may be more than you are willing to spend. Knowing these guidelines is very helpful, but you should also look at your own comfort level when thinking about taking on a payment for that dream home. Read more

by Gregory Erich Phillips Feb 21, 2018

The Good Faith Estimate (GFE) has always been one of the key disclosures in the mortgage application process. It shows borrowers what costs the loan involves and the amount of their monthly payments. A few years ago, government regulators completely overhauled the GFE format and made it as confusing as it is informative. In fact, the GFE in its present form shows neither total monthly payment or what the borrower must pay at closing. That said, there is still plenty of valuable information on the GFE. Read more

by Gregory Erich Phillips Dec 22, 2016

You could be wondering, what is an assumable mortgage loan? Essentially, it lets you take over an owner’s loan on a property. All the terms of the original loan, including the rate, remain the same. So if you’re buying a home and the seller has a favorable loan, it may be in your best interest to assume that loan instead of getting a brand new mortgage. Read more

by Gregory Erich Phillips Dec 04, 2017

Who really owns your mortgage? If you are like many homeowners, your mortgage servicing may have been transferred several times. You got your mortgage through your local broker, then it was… Read more

by Gregory Erich Phillips May 16, 2019

The home appraisal plays a key role in the home buying process, both for a purchase and for a refinance. That’s why it’s important to understand the ins and outs of the home appraisal process. In a… Read more

by Gregory Erich Phillips Feb 16, 2017

If you are thinking about buying a home, one of the first steps you should take is to find out your credit score. Your credit score is one of the primary metrics used to determine whether you will… Read more

by Gregory Erich Phillips Dec 18, 2014

Establishing a good credit rating is one of the most important things you can do to get ahead financially. If you intend to buy a car or home, the financing will be both easier and considerably… Read more

by Gregory Erich Phillips May 21, 2018

The Department of Veteran Affairs created the VA loan program to help veterans and their families buy homes. One of the advantages for the Veteran is that the VA limits the amount of fees the lender… Read more

by Gregory Erich Phillips May 18, 2018

There are many factors to consider when deciding whether to buy a home or continue to rent. Many prospective buyers also wonder how the numbers of renters vs. buyers breaks down by age group.… Read more