Purchasing a home can require a down payment plus closing costs which can equate the thousands of dollars. Here’s a way you can get your foot in the door using other people’s money… The national housing market has slowed, and refinance applications are down to the lowest level in years while purchase applications are otherwise…
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If you’re purchasing or refinancing a house the 30-year fixed-rate mortgage was and is currently the staple of the broader mortgage market. The 30-year mortgage has its pros and cons and here is what you should know when looking at a 30-year mortgage, so you can decide what makes the most financial sense for you.…
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When begin talking to lender about getting preapproved, you’re going to go through tons of emotions including the ultimate deciding factor whether you should buy a home or stay put. Here are the following things to avoid falling prey to prior to closing escrow on your house. Don’t get wrapped around the purchase price of…
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How child support and alimony can affect your ability to get a mortgage When you apply to purchase or refinance a home the mortgage lender takes into consideration all your monthly fixed expenses, adds them into your housing payment and creates what’s called a debt to income ratio. Also called payment to income ratio which…
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Buying a rental property may or may not help you qualify for financing. Here’s what you need to know to get the most amount of bang for your buck in when buying a rental… Fannie Mae and Freddie Mac have a formula that they take into consideration including depreciation, mortgage interest paid to banks, taxes,…
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Co-signing is a way to help a family member or a friend get approved for credit. When you co-sign on someone else’s mortgage you are effectively lending a portion of your credit and income to help someone else qualify. Here’s what co-signing means when it comes time to getting a mortgage… If you have a…
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Buying a house is probably the largest financial transaction most people will ever take on. Following is why you need to consider purchasing a house if you have access to cash… Buying a first home can be a pivotal moment in the milestones of life. Many people want the pride of being able to purchase…
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Interest rates are on the rise and the cost of funds is now hovering just below 5% on the average 30-year fixed-rate mortgage. Following are tried and true techniques you can use to improve your mortgage borrowing power. Paying off debt This one is huge. Minimum payments on car loans, student loans, credit cards and…
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