Securing mortgage loan financing requires a laundry list of paperwork. Here’s a really simple tip you can take to the bank to make sure your process is easy while getting the best mortgage… Every year you gather together paperwork for doing your tax returns things like; receipts, explanations, paystubs and W-2s. 70% of this information…
If you’ve never bought a home before or it has been many years since your last mortgage transaction, you’ll need to freshen up on the basics. What lenders look for… The 3 c’s Cash-this one is a biggie. You need to have cash to buy a house pure and simple. Gone are the days of…
Credit scores play a vital role in your ability to get a home mortgage. Here’s what you need to know if you are applying with a low credit score… First things first credit scores are used to predict the likelihood of a payment default in the next 60 days. A lower credit score will result…
Saving up to buy a home is no easy feat. Here’s what you should take into consideration when planning out a home purchase. One of the key components of being able to successfully buy a home is having enough cash for a down payment plus closing costs. Generally, you’ll need at least $20,000 to buy…
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…
Ever wonder the best way to gain more control of your debt? A low rate and payment helps, but discipline and smart income choices play an important role as well… Income is a crucial component lenders look at when granting you a mortgage loan. It is the basis by which they are going to get…
If not handled properly, your student loan may adversely change your home purchase plans. Here’s what you probably don’t know regarding your student loan servicer… Just like any other credit obligation, your student loan servicer reports to the credit bureaus. Even if the payment is deferred, the obligation still reports every 30 days much like…
Mortgage interest is a double edge sword, on one hand it’s a tax-deductible expense, but by and large it is the heaviest cost of homeownership. What to pay attention to if you have not done a mortgage in a few years or bought a home before. Interest Works The Opposite Of Rent The amount of…