Gearing up to refinance or buy a home this year? These five nuances may stop your financial plans dead in the tracks. Here’s what to know to avoid your mortgage loan application being denied… Your Credit Score Is Not What You Think It Is Happens every day. A consumer will get one credit score from…
Getting a mortgage is probably largest transaction of your life, no doubt, it will have an impact on your finances for the next 30 years. If you carry consumer liabilities, these unequivocally reduce ability to borrow money. If someone else pays your debt, determining financial responsibly for that party becomes critical. Consumer Obligations What we…
Yes, in fact if you took out an FHA mortgage in 2013 or 2014, your mortgage insurance premium on an annualized basis was likely upwards of 1.3% of your loan amount driving the cost of your monthly PMI higher On January 26, 2015, the FHA announced they will be reducing the monthly mortgage insurance premiums…
You may want to rethink taking those extra deductions to minimize your tax liability this year if you plan to get a mortgage. Writing off expenses you incur as a W-2 employee can have lasting negative repercussions on your real income, an anchor component of how home lenders determine your creditworthiness… IRS Form 2106 You…
Banks want you to believe getting a these days is easier and that may be case if, you’re financial house is in order. Here is what you need to know about how to plan for the nuances, that may illogically arise… The reality is that if you’re going to be getting a mortgage in today’s…
If you have an alternative income from a work-related injury or a long-term injury, the devil is in the details when it pertains to how, if or when any of your income you’re collecting could be used to get a mortgage. Things to keep in mind when applying… What We Mean By Disability Benefits Disability…
Yes, lenders will need full supporting documentation showing cash to close and/or savings in the bank necessary for qualifying on whichever loan program you are working with. Expect lenders to require at least two months of bank statements on any monthly account, and most recent last two quarters on any quarterly accounts same goes for…
Keeping your money in one place is vital to a mortgage transaction. Cash to close and savings post closing escrow become critically important to sealing the deal. Here is what to know if you’ve been moving money around and are applying for a mortgage… It’s An Issue For Banks Moving money around in different accounts…