Most mortgage companies will let you pay off debt to qualify for a mortgage. The beauty of doing so is borrowing power increase. Here’s what you know when paying off debt to getting a bigger mortgage amount…. Paying off debt to qualify is a wonderful way to drive borrowing power. For example, let’s say you…
The two most common loans available in the marketplace are Conventional loans and FHA Loans. FHA Loans are insured by the Federal Housing Administration and Conventional mortgages are backed by Fannie Mae and Freddie Mac. When you use an FHA loan to purchase or refinance a house there is an upfront mortgage insurance premium calculated…
Applying to purchase or refinance a mortgage is going to require you providing an ample supply of credit, cash and documentable income to support the loan that you are seeking. Contrary to popular belief a mortgage loan is not made against the property, but rather against your ability to repay. Here’s some things you need…
To apply for a mortgage, get approved and close escrow you must have some sense of urgency. Whether you are buying a home or refinancing a home, your mortgage application needs to get moved up the priority scale in your life. If you don’t have that sense of urgency you may leave money on the…
When you purchase a house, you have a down payment and closing that must be taken into consideration. Closing costs on a home purchase akin to tax, docs and licensing when you purchase a brand-new car. Here’s how to plan and budget for closing costs so you can best determine what you’re borrowing power and…
5 quirky refinance scenarios that work In the last few years mortgage lending guidelines have begun to loosen as the broader economy is stronger now that the recession has past. Following refinance scenarios are eligible for financing… Cash-out refinancing followed by cash-out refinancing just six months after. You heard that right you can do a…
Fannie Mae and Freddie Mac are starting to take a more balanced approach in the way they view mortgages. The change about self-employment income not hurting your W-2 income is one such example of that. Here’s what you need to know if you have both income types are looking for a mortgage… Up until recently…
How mortgage lender credits work with rates If you’re getting a mortgage or plan to be you might be working with a situation where a lender credit is needed. Here is what you need to know with how lender credits work with regards to interest rates and government required disclosures… When you select a mortgage…