Have you decided to put off purchasing a home? If you’re worried you’re paying too much for a house- think again. Here’s why: Higher Home Prices Let’s take a pause and rewind to 2012, the unemployment rate exceeded 8%, short sales and foreclosures were rampant, consumer confidence was low, the prospectus of job growth was…
Many millions of consumers who either previously owned a home or have never owned a home before are all too familiar with the financial drain renting poses. Here’s four renting realities consumers face… Your Home Is Controlled By Your Landlord A legal right to occupy the property does not not include making changes to the…
Had a previous bad credit event? Don’t have two years in the same field? Income not three times your proposed payment? Fear not, when your financial picture doesn’t fit the box, here’s how you may still qualify some lenders… To get a mortgage, you must have the four pillars lenders use to frame together a…
In the compliant world of securing a mortgage these days, many are realizing explanations and full supporting documentation are now considered to be the ‘norm’. Lenders must validate a borrower really is who they say they are. One way a mortgage lender verifies a borrower’s identity is validating their Social Security Number. The catch? If…
Do you own rental property? If yes, and you’re looking to borrow money with a new mortgage, your gain or loss identified by your tax returns may help or hinder your chances of procuring favorable credit. Lenders can use up to 75% of the rents generated, however, if there is a history of rental losses,…
Other factors beyond the rate can drive up a your projected new monthly mortgage payment. Such adjustments include private mortgage insurance (PMI for short) and the term of the loan sought. A lower rate loan adjusting for mortgage insurance and a shorter term debt structure will make for a higher payment. What to be aware…
When you decide to purchase a home, you’ll have certain hurdles to overcome separate from the real estate purchase negotiation. Down payment Depends on which loan program you can qualify for what the property occupancy is. Assuming you’re purchasing a primary home- down payment can be as little as 3.5% or in some cases 0%…
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…