To apply for a mortgage, get approved and close escrow you must have some sense of urgency. Whether you are buying a home or refinancing a home, your mortgage application needs to get moved up the priority scale in your life. If you don’t have that sense of urgency you may leave money on the…
When you purchase a house, you have a down payment and closing that must be taken into consideration. Closing costs on a home purchase akin to tax, docs and licensing when you purchase a brand-new car. Here’s how to plan and budget for closing costs so you can best determine what you’re borrowing power and…
When you’re buying or refinancing a house it goes without saying you want to get a competitive interest rate with favorable terms associated with the money you are borrowing. Two programs that support your ability to do this are Fannie Mae Home Ready and Freddie Mac Home Possible. These two programs typically have about 1/4…
Buying a house can always be a daunting consuming feat. Caring consumer obligations such as car loans can further complicate a picture of that otherwise could be more financially lucrative. When you carry on a car debt whether it’s at lease payment or whether it’s a financed payment you’re handcuffing a portion of your future…
Fannie Mae and Freddie Mac have a very conservative calculation when it comes to using rental income to qualify. Here’s what you need to know if you’re getting an FHA mortgage and you have mortgaged rental property… Fannie Mae and Freddie Mac’s mortgage calculation of use net income is super conservative and will make your…
5 quirky refinance scenarios that work In the last few years mortgage lending guidelines have begun to loosen as the broader economy is stronger now that the recession has past. Following refinance scenarios are eligible for financing… Cash-out refinancing followed by cash-out refinancing just six months after. You heard that right you can do a…
Fannie Mae and Freddie Mac are starting to take a more balanced approach in the way they view mortgages. The change about self-employment income not hurting your W-2 income is one such example of that. Here’s what you need to know if you have both income types are looking for a mortgage… Up until recently…
How mortgage lender credits work with rates If you’re getting a mortgage or plan to be you might be working with a situation where a lender credit is needed. Here is what you need to know with how lender credits work with regards to interest rates and government required disclosures… When you select a mortgage…