No you cannot have a rental late in the last 12 months if you are gunning to buy home. Mortgage lenders may do what’s called a verification of rent (VOR)-to make sure you have not had a late payment in the last 12 months if you have this very well might derail your loan. Additionally,…
Talk to anyone who has dabbled in the real estate recent years and they will almost certainly have an opinion on short sales. Though not as common anymore, homeowners short selling their homes present an opportunity to get your foot in the door. Here’s what to know as a home buyer… What They Are A…
Depends-primarily on who you feel comfortable with. Let’s be honest, this is the largest transaction most people ever take on in their entire life and should be handled with somebody who knows what they’re doing. A mortgage broker does not control their own money. Instead they act as an intermediary between you the borrower and…
This can change based on the purchase price of the homefor example if you’re looking at a house in Sonoma County, and the purchase price is $500,000 you can assume $10,000 for closing costs plus the down payment. When you buy a house down payment is always independent of the closing costs. In other words…
Have you decided to put off purchasing a home? If you’re worried you’re paying too much for a house- think again. Here’s why: Higher Home Prices Let’s take a pause and rewind to 2012, the unemployment rate exceeded 8%, short sales and foreclosures were rampant, consumer confidence was low, the prospectus of job growth was…
Mortgage rates are now the lowest level we’ve seen in the last 17 months ago. If you can save money by refinancing your mortgage or have been putting it off, you owe yourself to explore your options. Here’s the five setbacks to know before pulling the trigger… The 1% Rate Reduction Rule Most finance experts…
Many millions of consumers who either previously owned a home or have never owned a home before are all too familiar with the financial drain renting poses. Here’s four renting realities consumers face… Your Home Is Controlled By Your Landlord A legal right to occupy the property does not not include making changes to the…
Had a previous bad credit event? Don’t have two years in the same field? Income not three times your proposed payment? Fear not, when your financial picture doesn’t fit the box, here’s how you may still qualify some lenders… To get a mortgage, you must have the four pillars lenders use to frame together a…