This topic comes up frequently. Most lenders will not set up a biweekly mortgage payment Making a biweekly mortgage payment is incredibly beneficial when considering the longer term interest costs over the life of a loan. It’s not uncommon to be able to shave many years off the payoff time by simply making a biweekly…
No as long as the business is actually closed it should not hurt your ability to qualify from an income standpoint. For example let’s say you opened up the side business a couple of years ago, claimed some monetary losses on http://bayarearealestatetrends.com/your tax return, but have subsequently closed the business. Lender will not need to…
Yes, an appraisal is the only way to determine what your home is worth if your loan is not owned by Fannie Mae or Freddie Mac eligible for Harp 2 Refinance. Rewind the clock a couple of years, Sonoma County homeowners had very little equity many were even upside down as real estate sales were…
Absolutely yes, here’s why… On January 10, 2014, qualified mortgages took shape for the entire mortgage industry mandating lenders specifically document of borrowers ability to repay. Because of of these new regulations, if you receive a mortgage quote offering less the normal documentation such as not needing a pay stub for example if you are…
Generally no-in order to get a mortgage these days you must be able to support an ability to repay. An ability to repay the debt by virtue of having income to offset the liability is what home lenders look for. When purchasing a home, bank on providing tax returns, W-2s, pay stubs and bank statements.…
Getting a mortgage after foreclosure, short sale, or bankruptcy, or even a combination of the two is absolutely doable. However depending on the credit circumstance different documents could be needed for properly documenting the previous derogatory credit item. Here’s how to properly document any one of the big three credit issues Foreclosure- can be documented…
If on your loan application you marked ‘single’, and you’ve been divorced in the past this could be a double-edged sword and here’s why: while you are presently single that doesn’t change the fact that the past is the past, in other words, if your previously divorced yet your presently single that creates a big…
When buying a home, the seller typically makes an initial request to use a particular title company, however it is not mandatory to accept their choice. In some situations, if you work with the seller’s preferred title company they will discount the title fees. This is very common in bank owned property transactions, but there…