If you are not a US Citizen, it can be a long and difficult road to obtain a mortgage. Many lenders won’t makes mortgages to people who don’t have social security numbers or permanent work stability. For the purposes of getting a mortgage, US Citizens and Permanent Resident Aliens are the same, with one subtle…
The housing market has certainly changed in the last six months. Many people who otherwise thought they did not have 20% equity actually do have 20% equity as the low supply of homes available in the market against the amount of determined buyers continues to drive home sales up. The newly fueled appetite for real…
Want to be 100% liable for someone else’s mortgage? Then cosign for them and you’ll be just as financially accountable for repaying the obligation as they are even though you are cosigning to simply assist the other party. When you cosign on a big-ticket item like a home loan, you are in essence lending your…
Tight lending guidelines, restrictive loan qualifying, and lack of available credit continues to dominate today’s world of mortgage lending. Despite the fact consumers need to show full income, all liabilities, explain previous job history, credit challenges and the list goes on, what many don’t realize, is there something else more ominous lenders’ have their feelers…
As consumer taking out a mortgage loan, computing a house payment can be a time-consuming process running calculations, let alone qualifying these days. What consumers don’t oftentimes realize, there’s a much easier way to calculate a house payment. Some terms to become familiar with: House Payment or rather PITI Principal-represents principal balance being paid down…
Mortgage Insurance is like the plague to a monthly mortgage payment. It makes the cost of homeownership rise over time, only benefits one party… the lender. Mortgage insurance also known as private mortgage insurance (PMI) is an intergal component of many popular loan programs today; FHA Mortgages, USDA Mortgages and yes even standard Conventional Mortgages.…
If there is one type of borrower in this credit market whose profile has been scrutinized the most by the financial markets, it’s the sole proprietor business. Self-employed borrowers/sole proprietors used to be able to get stated income loans that would otherwise allow them to provide no income verification. Because the paradigm has shifted so…
Ever been enticed by via low mortgage rate only to find out you don’t measure up to the credit standards of that particular lender? Unfortunately it happens every day. The good news only 40% of people cannot qualify, that means there is 60% of the people who can. Nevertheless, following are common way your loan…