One of the challenges to purchasing a home is your credit score. Everyone knows to obtain the best financing available you need to have good credit or even better great credit. But for everybody else, if you’re quiet is questionable or middle of the road this information is for you… Traditionally, to get a…
If you’re self-employed you need to know that lenders are going to ask for a profit and loss statement year to date. Here’s what it is and why it’s needed if you’re self-employed and you’re trying to get a mortgage… If you’re trying to secure home financing whether you’re buying a house or refinancing one…
With interest rates at historical lows, many families across the country would stand to benefit from turning in their high-cost mortgage in exchange for getting something far more affordable with today’s rates. There’s a lot that goes into the mix, including cost-benefit, what the real cost of funds is and many other factors to weigh…
The Federal Housing Finance Agency which oversees loans bought by Fannie Mae and Freddie Mac announced to change to the conforming loan limit last week. Here’s what the change means for you… Every year the Federal Housing Finance Agency releases its loan limits for the next year. Over the last 4 years, the agency has…
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,…
Condo units are easier on the pocketbook than single-family residences. Condos offer home ownership at a fraction of the cost but like all real estate comes with different nuances. Here’s what you need to know when purchasing a condo unit… How much do you qualify for? This should be priority number one for all home…
Getting a mortgage is not an effortless process, it is just not. The loan process today is an extremely compliant and very bureaucratic process that requires proof of one’s ability to repay that mortgage. Following is ten things you will want to avoid when seeking a home mortgage loan… 1. Refusal to provide documentation. The…
You’ve seen them on the internet and in your mail box, the too good to be true mortgage offer. Here is the truth with regards to mortgage offers that seem too attractive… Mortgage lenders are required to disclose interest rate and APR. Most typically have the fine print at the bottom of the offer in…