If you’re using a VA loan to purchase a home, you may hear the term “VA Tidewater” during the appraisal process. While the name sounds unusual, the Tidewater process is actually a valuable protection designed to help veterans avoid appraisal surprises and provide an opportunity to support a home’s value before the appraisal is finalized.…
One of the biggest misconceptions in mortgage lending is that a high income can solve every mortgage qualification challenge. While income is extremely important, it cannot always make up for weaknesses in other areas of your loan application. When it comes to qualifying for a mortgage, there are three major factors lenders evaluate: income, credit…
When it comes to buying a home, most people focus on credit scores and down payments. Those two things matter—but if you ask any experienced loan officer what really determines how much home you can afford, the answer is simple: income. Income is the engine behind your buying power. It determines how much a lender…
You’re pre-approved for a mortgage and excited to begin your home search with your real estate agent. As you look for single-family homes, a common pattern may emerge—many homes may need some level of repair. Maybe the roof needs replacing, the gutters are old, or perhaps the exterior paint is peeling. It could be as…
When the Federal Reserve Bank increases or cuts the Fed funds rate, many people believe that it automatically makes mortgage rates go up or down. However, it’s not that simple. The relationship between the Fed’s actions on monetary policy and mortgage rates is a little more complex than that. When the Fed is increasing interest…
We’ve been spoiled by ultra-low mortgage rates for the last several months. We saw 30-year mortgage rates go down into the mid two’s on conventional and government loans. These interest rates were brought on by the pandemic, the job market uncertainty, and the broader United States being in a holding pattern about what’s going to…
When it comes to purchasing a home especially a first home what you decide to purchase can affect your affordability. Here’s what you might want to think about when you’re deciding to purchase a condo versus a single-family house… When you purchase a condo your payment is comprised of principal, interest, taxes, and insurance and…
Not always, but traditionally, self-employed borrowers have a hard time securing mortgage loan financing. If you are filing self-employed and you are trying to get qualified for mortgage financing here are some solid tips to keep in mind… Most mortgage lenders are going to require you to provide 2 years of federal tax returns. They…