The challenges consumers have faced in recent years in procuring a mortgage may be coming to an end. Here are four major changes making your mortgage easier… Landlord History-until recently, in order to qualify for conventional loan financing you needed to show a history of being a landlord for the most recent last 24 months.…
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…
If you hear a lender toting they can preapprove you in just a few minutes, stop and run in the other direction- fast. A real pre approval is much more than a loan application and credit report. What to know before jumping into a home… A Traditional Pre Approval Includes The Following: you’ve submitted an…
If you completed a loan modification in the past, you’ll need to meet certain credit thresholds to get a green light for a new loan. What to know… What Is A Loan Modification? A loan modification also known as a restructured mortgage is a loan in which the original terms of the transaction changed resulting…
Saving up to buy a home down the road? That might make sense from a personal financial planning perspective, but from a pragmatic approach to actually getting your foot in the door you may want to reconsider your position. What to consider… In most cases your ability to save is going to be at a…
Demand for housing remains strong as we enter this spring season. Renters are finding buying a home may even in some cases be less than renting. If you don’t have a lot of cash are looking to purchase your first home this year read on…. How Much Cash You Will Need Hint- it’s less than…
Lining up your finances for a home purchase this year? Spring is right around the corner. Here’s how to gauge if you should put more money down, or pay off debt to improve your figures. Key questions to ask yourself: How much house payment can I manage while still being able to save money? How…
Let’s cut to the chase obtaining a mortgage to buy a home or refinance one you already own is not cheap. There’s no two ways about it. Encumbering property is going to cost some bucks. Knowing the fees lenders charge including both upfront and later on in the transaction can help ensure you’re getting a…