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…
Getting a mortgage in 2018 there is a bureaucratic and compliant process with a significant amount of paperwork involved. Following is some tips on various loan programs available in the marketplace you may not know… Conventional mortgages they will go up to a debt to income ratio of 50%. Here is the kicker if your…
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…
If it has been a few years since you took out a mortgage loan, be prepared for questions, and to thoroughly document everything. A critical characteristic of good character is payment history. Payment history is indicator of good financial merit, however it does not hold any weight in the larger financial picture. You must have…
Qualifying for a mortgage involves: an acceptable credit score, sufficient assets and stable income. These are to show you can support a mortgage payment, plus other liabilities. You must have a balance of all three to successfully qualify for financing. The following is what you must know when trying to qualify with “paper losses” on…
There is too much information circling around the internet, about how to remove mortgage insurance from your monthly mortgage payment. Unfortunately, it is not as simple as having 20% home equity either. Here is what you need to know about removing this dreaded housing cost. Is the loan insured by FHA or is the loan…
If you are like most consumers, you want to have a clear understanding of the fees associated with a mortgage. The closing process, lender fees, title fees, etc. This is so you know exactly how all the numbers add up. Here is something you need to know regarding getting title insurance when purchasing or refinancing…
If you are trying to get a mortgage, or have tried in the past, you know the process is detailed and very paperwork heavy. The following is what you should know and stay clear of. Banks do not take kindly to situations that involve scenarios that do not make sense. It has to pass…