Here are three things you must have to buy a home in today’s competitive real estate market… $20,000 of cash-The market has radically changed and in many markets across the country, sellers are in control. You’ll need at least $20,000 of your own funds or have access to $20,000 to buy a home successfully. $10,000…
Have ever heard about mortgage rates in the media only to then call a mortgage company and receive conflicting information? Here is why the media’s reporting on rates should be taken with a grain of salt… Know this-real time information is critical. When you hear about mortgage rates moving in the news, by the time…
It is no surprise there is significantly more demand for housing than there is enough supply creating intense competition. If you’re pre-approved and home hunting, here’s what you need to know if your competition has cash… All Cash Offers No matter what there is a chance you will lose out to the competition on a…
Consumers looking into the possibility of buying a home should know you need less money than you think. Here’s the amount of cash you need to buy a home, and what you need to know using as little down as possible… Cash Needed Contrary to popular belief, you don’t need 20% down. The minimum down…
Applying for a residential mortgage loan these days does require heavy detailed documentation. Everything from full tax returns, to pay stubs, to bank statements to letters of explanation regarding your credit, debt, income, and assets is the norm. Here are four common underwriting roadblocks and how to fix them… Change To Income– let’s say the…
As the Consumer Financial Protection Bureau strives towards creating more transparency within the mortgage industry, these truths remain. Here are four things you won’t hear from your bank at loan application… ‘You Can Get a Better Deal Elsewhere’ Fannie Mae and Freddie Mac publish mortgagee guidelines banks use to originate loans, in order to ultimately…
Looking to avoid all the paperwork associated with getting a mortgage? Here are three loan programs with no laundry list. See if you’re eligible… Most mortgage loan products require you to provide two years of tax returns and W-2s, 30 days of pay stubs and at least two months of bank statements to provide a…
Everyone wants to know they’re getting a fair and reasonable mortgage offer. The federal government supports the annual percentage rate disclosure as the benchmark barometer of loan cost. Here are the facts… Quick APR Tidbits The annual percentage rate is a disclosure only seen in the origination of new credit or in advertisements of various…