Qualifying for a mortgage means that you can prove that you can afford the payment. As a part of the process, you’ll also have to prove that you have assets. Buying a home requires at least some type of down payment and money to cover the closing costs. Get Matched with a Lender, Click Here. […]
What Underwriters Look for in Bank Statements?
As a self-employed borrower, you may find that qualifying for bank statement loans rather than fully documented conventional loans offers you the best terms on your mortgage. If you own a small business and take hefty deductions on your income tax returns like most people, your true income is not reflected on those returns. This […]
What to Do if You Inherit a House With a Mortgage
Inheriting a house can be exciting, but if it has a mortgage on it, you have certain steps you must take. You’ll need to know the fine print on the mortgage in order to determine what you must do. Some mortgages require the immediate sale of the home and repayment of the mortgage, while a […]
The Pros and Cons of Mortgage Credit Certificates
First-time homebuyers that are also low-income buyers may qualify for a mortgage credit certificate. While you have to pay for the certificate, it can give you a decent tax credit, helping you to lower your tax liability and therefore the overall cost of your mortgage. Get Matched with a Lender, Click Here. If you are […]
When’s the Right Time to Lock in an Interest Rate?
Interest rates fluctuate daily and sometimes even more than once a day. If you have your eye on a specific interest rate, you may be anxious to lock it in when it’s available. Before you do, you should know the right time to lock an interest rate. Compare Offers from Several Mortgage Lenders. What is […]
How Does a Floating Interest Rate Work?
You may know a floating interest rate as an adjustable rate or ARM. When you have a floating rate, it doesn’t remain the same for the life of the term, as a fixed-rate does. An ARM changes according to its terms, typically on an annual basis. Get Matched with a Lender, Click Here. Keep reading […]
Can You Make a Mortgage Payment With Your Credit Card?
Paying your mortgage with a credit card would certainly help you rake in the rewards on your credit card, right? Unfortunately, it is pretty difficult to make this happen. Many credit card companies don’t allow you to use a credit card to pay another debt. Even if your credit card company allows it, the card […]
Who Pays Closing Costs in a Cash Sale?
If you are lucky enough to pay cash for a home you want to buy, you may think that you just hand over the exact amount of the purchase price and you own a home. While this would be great, it’s not the case. Even though you don’t have a mortgage, there are still closing […]
Do Different Credit Look-ups Affect Your Credit Score Differently?
You probably think that a credit look-up is a credit look-up, right? You aren’t alone; most people think that. But there are actually two different ways that lenders can pull your credit – they can do a soft inquiry or a hard inquiry. Each type affects your credit score differently. Compare Offers from Several Mortgage […]
How to Keep Medical Collections Away From Your Credit Report
Medical bills are a necessary nuisance. You need the medical care, but you may not always be able to afford the hefty bills that come along with the service. Sometimes medical bills get sent to collections while you wait for the insurance company to decide how much of the bill they will pay for you. […]