How’s your income? This is the first of many questions a banker is going to ask when you apply for a home loan. Here is how tax returns play a role in your ability to obtain mortgage loan financing. Generally, you need provide two years of 1040’s to a banker when applying for a home…
Each year in the wintertime interest rates tend to worsen about .25% across-the-board. Here is what it may mean for your home loan application… Beginning each year around December 5, mortgage rates typically, worsen due to heavy bond market activity and the trend continues till approximately January 15 where rates trail back down. Consumer confidence…
If you have been on the fence about buying a home or refinancing the one you already own, the 2016 FHA loan limit increases may financially benefit you. Here’s how… The Federal Housing Administration continues their mission in helping consumers realize the dream of homeownership. In today’s mortgage lending environment there’s three buckets of loan…
Not sure when to lock your interest rate on your mortgage? Here’s a few things to consider in getting the best possible combination of rate and price… The biggest things that determine the final rate and pricing are: loan size occupancy loan program i.e. Conventional, Jumbo, FHA, VA credit score property type loan to value…
If you’re serious about reducing your interest expense associated with your mortgage, refinancing is a guaranteed bet to reduce your payment, reduce your cost of funds and pay off your home faster. Haven’t refinanced yet? Know your options… Rate Reduction This is number reason most consumers elect to refinance. The biggest driver of payment reduction…
Mortgage interest is a double edge sword, on one hand it’s a tax-deductible expense, but by and large it is the heaviest cost of homeownership. What to pay attention to if you have not done a mortgage in a few years or bought a home before. Interest Works The Opposite Of Rent The amount of…
Home prices have risen across the country in comparison to just a mere few years ago. Despite that, here is how you may still be able to obtain a seller credit for closing costs… A credit for closing costs involves the seller of the property you’re interested in buying receiving less net proceeds in exchange…
It is no secret the cost of housing is expensive. Rising rents, and a strong real estate market, make it harder for first-time buyers to get a piece of the American dream. Buying a home means getting yourself credit worthy in these four areas: Credit Debt Income Assets If you do not know where you…