If you have an adjustable rate mortgage on your home, here the 5 prudent factors to weigh in on when refinancing to fixed rate loan type…. Duration of Introductory Rate Period Most adjustable rate mortgages are fixed for first few years in the introductory period, and then become variable for the remainder of the duration…
If you’re thinking about qualifying for a mortgage, here’s what you must know if you have payments with a few months left to go. Get the facts… When you apply for a mortgage loan, the lender takes in the consideration your credit score, your cash you plan to use to spend on a home, your…
If you’re serious about reducing your interest expense associated with your mortgage, refinancing is a guaranteed bet to reduce your payment, reduce your cost of funds and pay off your home faster. Haven’t refinanced yet? Know your options… Rate Reduction This is number reason most consumers elect to refinance. The biggest driver of payment reduction…
Lending requirements are starting to loosen, and gone are the days of overly stringent mortgage underwriting. While this remains… here are five things borrowers still do in the loan process that make things more dicey. Co-mingling Gift Funds-let’s say you’re receiving gift monies from family to buy a home. You instruct your family member providing…
If you have ever bought a home or plan to in the near future, real estate taxes and hazard insurance are necessary carrying costs you incur as a homeowner. There are two sides to every coin when electing to have these expenses rolled in your mortgage payment. Here are the facts on mortgage escrow accounts……
Buying a home? You will need need patience, resilience to rejection, and sound financial planning, if are serious about pulling it off. Your income is important, but the rest of your financials need to be in order as well. What you’ll need… You need not earn gobs of money to be successful in purchasing a…
You may want to rethink taking those extra deductions to minimize your tax liability this year if you plan to get a mortgage. Writing off expenses you incur as a W-2 employee can have lasting negative repercussions on your real income, an anchor component of how home lenders determine your creditworthiness… IRS Form 2106 You…
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,…