If you were planning to buy a home or refinance one you already own, expect a lot of paperwork. Here’s one thing you probably didn’t know – tax returns are not required all the time. Are you self-employed or W-2? If you are a W-2 wage earner there is lower likelihood for needing to provide…
Changing jobs is a natural byproduct of an ongoing career. If trying to look good for a bank, here is what you need to know for your new job to count for a mortgage. Mortgage companies typically want you to have the same field of work for the most recent last two years. A solid…
Your home mortgage is reported to the credit bureaus each month just like any other credit obligation. These reporting practices aides’ banks in granting credit requests. Here are two reasons why your mortgage loan might not show up on your credit report… Your loan is in the name of someone else-When you apply for a…
Lending guidelines were recently loosened on cash out refinance transactions. If you’re looking to refinance and pull out funds for home improvement, or another project, here’s what you should know if your loan size exceeds $417,000. Mortgage loans bigger than $417,000 are going to cost more. Here’s why: when a mortgage loan exceeds $417k the…
How’s your income? This is the first of many questions a banker is going to ask when you apply for a home loan. Here is how tax returns play a role in your ability to obtain mortgage loan financing. Generally, you need provide two years of 1040’s to a banker when applying for a home…
There is no limitation to how frequently you can refinance your home. Do it as often and freely as you like as it financially makes sense to do so. Following are some things to consider when pulling the trigger… Closing Costs Are you throwing good money after bad? If you recently paid fees on your…
Do you want to combine your first and second mortgage into one? Here’s 4 smart some money savings tips to be aware of when you submit a loan application. When you apply to refinance your home with the intent of financing more money beyond the balance of your first mortgage, your total loan amount could…
Each year in the wintertime interest rates tend to worsen about .25% across-the-board. Here is what it may mean for your home loan application… Beginning each year around December 5, mortgage rates typically, worsen due to heavy bond market activity and the trend continues till approximately January 15 where rates trail back down. Consumer confidence…