When you stretch a mortgage term out to fifty years, it changes the entire financial picture of buying a home. Yes, the payment drops. Yes, the loan becomes “affordable” on paper. But there’s a real cost hiding underneath that lower monthly payment—the amount of interest you’ll pay over time balloons, often reaching levels most families…
It’s no surprise if you’re self-employed and you’re trying to secure mortgage financing you potentially have a difficult time getting your loan approved. Let alone getting your loan to close at all. If you’re self-employed, here are several lending factors you need to be aware of as a pertains to being self-employed and showing income…
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…
If there is one type of borrower in this credit market whose profile has been scrutinized the most by the financial markets, it’s the sole proprietor business. Self-employed borrowers/sole proprietors used to be able to get stated income loans that would otherwise allow them to provide no income verification. Because the paradigm has shifted so…