As a first-time home buyer taking the plunge to home ownership is a big step. You need to be feeling good about your personal debts and cash flow. Here is what you want to consider when researching so you can make the most informed home buying decision… The things you should consider when deciding whether…
Your credit plays an infinite role in your ability to get a mortgage loan. How good your credit stacks and what your credit history reveals may direct you into one program versus another. Here’s how your credit score drives what program you are eligible for. It’s no secret getting a mortgage is a bureaucratic and…
The two most common loans available in the marketplace are Conventional loans and FHA Loans. FHA Loans are insured by the Federal Housing Administration and Conventional mortgages are backed by Fannie Mae and Freddie Mac. When you use an FHA loan to purchase or refinance a house there is an upfront mortgage insurance premium calculated…
Applying to purchase or refinance a mortgage is going to require you providing an ample supply of credit, cash and documentable income to support the loan that you are seeking. Contrary to popular belief a mortgage loan is not made against the property, but rather against your ability to repay. Here’s some things you need…
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’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…