Making home renovations can be a great way to increase your home’s value. It can also be a way to clear your wallet of any extra funds. Understanding the biggest mistakes homeowners make when renovating their home can help you make the right decisions as you make your renovations. Looking for Current Mortgage Interest Rates? […]
What are Your Mortgage Options if you Have a High DTI?
When you apply for a mortgage, your lender will look at a variety of factors, including your debt-to-income ratio. If it’s too high, chances are you won’t get the loan. Each loan program has requirements regarding the DTI. Get Matched with a Lender, Click Here. So does a high DTI mean you can’t secure a […]
Dealing With Property Liens When Buying a House
Having a tax lien or judgment against you certainly doesn’t make it easy to get a mortgage. But, does it make it impossible? Get Matched with a Lender, Click Here. Luckily, the answer is ‘no.’ You can still buy a house despite having these negative items on your credit report. You just have to know […]
Is it Harder to Get a Mortgage for a Condo?
You decide you want to look at condominiums because it’s cheaper. Good for you. Before you start, though, you should know that there are many issues that lenders have with financing on these properties. This doesn’t mean you won’t be able to get a loan, but knowing the red flags can help you be prepared. […]
Mortgage Underwriting: DTI and Deferred Liabilities
Deferred liabilities are debts you have but do not actively pay. For example, student loans are often deferred. Borrowers do not have to start making payments until the grace period ends. This does not mean they do not owe the debt, though. Because of this, each mortgage program has its own requirements. We discuss them […]
How Much do you Have to Put Down on a Rehab Loan?
Are you thinking of buying a home that may not pass a standard appraisal? In general, this would mean that you can’t get financing, but if you take advantage of the FHA 203K loan program, you may just have yourself a deal. Looking for Current Mortgage Interest Rates? Click Here. Just like the standard FHA […]
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 […]
How Much Cash Reserves Should You have for a Mortgage?
Applying for a mortgage means more than getting approved for the loan and closing on it. You have to have money to close it and not always money for the closing costs. Sometimes you’ll need what a lender calls cash reserves. This is money in some type of liquid account that you could access should […]
What are the Conventional Loan Heating Requirements?
When you buy a home with financing, you have to abide by the loan program’s rules. Not all of those rules apply to the borrower, though. Many rules pertain to the property itself. It makes sense since the property is the collateral the lender holds onto in case you foreclose on the property. Looking for […]
Top Alternatives to Reverse Mortgages for Older Adults
Older adults often think their best option to tap into their home’s equity is to take a reverse mortgage. While the idea sounds great, there are many downsides to the program. Sure, you could take money out of your home and not owe a penny until you move or die, but there are many fees […]