Carl Holman | Source | Director of Communications and Content at A&D Mortgage, LLC

Carl explains that Non-QM loans cater to self-employed, gig workers, and investors with complex incomes. These loans offer alternatives like bank statement and DSCR loans. While interest rates may be higher, they provide flexibility for those unable to provide tax returns. The availability of these loans has grown with the gig economy, offering competitive terms for financially stable borrowers.

Carl emphasizes the importance of knowing terms like "escrow" and "earnest money." Misunderstanding these can lead to financial pitfalls. He says, "Grasping the jargon empowers buyers to make informed decisions," helping avoid surprises like unexpected costs or losing deposits.

Satish explains that mortgage recasting lets borrowers "lower monthly payments without changing interest rates or loan terms." It's ideal for those with a lump sum, offering a cost-effective alternative to refinancing. While not all lenders offer it, recasting is beneficial when current rates exceed your loan's rate, improving cash flow while maintaining favorable conditions.