Is the idea of saving for a down payment holding you back from buying a home right now? You may be eager to take advantage of today’s low mortgage rates, but the thought of needing a large down payment might make you want to pump the brakes. Today, there’s still a common myth that you have to …
Do I Really Need a 20% Down Payment to Buy a Home? Read More »
Whether applying for a purchase loan or refinancing your existing mortgage, there are dozens of different things that can impact your ability to qualify for a loan to varying degrees. Some of the most significant are: Credit Score – One of the “Big Three” pillars of qualifying for a loan. Higher scores make multiple loan …
If you are considering purchasing a home and you have student loan debt, consider speaking with a mortgage professional as a starting point. There are all kinds of rules around how these are treated when it comes to qualifying for a mortgage. How your student loans are structured or in what stage of repayment they …
Rent Before You Buy – It is always a good idea to get a year or so under your belt as a tenant so you can understand some of the challenges that come with homeownership. Put yourself in the shoes of your landlord. Lenders like to see a track record of making housing payments prior …
7 Strategic Moves as You Prepare to Apply for a Mortgage Read More »
10.17.2018 When you apply for a mortgage on a condominium there are a whole host of additional considerations the lender must analyze. I like to think of it as two separate approval processes, the approval of your own personal loan and a secondary approval for the condominium complex itself. They take place at the exact …
Have you already been pre-approved for a mortgage? If I were, you, I’d call for a “second opinion.” If you have already been pre-approved or pre-qualified for a mortgage on your next home, are you absolutely sure you are getting the best deal? I’m not talking about interest rate either. I’m talking about the structure …
Once your loan package has been sent to the lender, there are a number of things you should avoid doing that will change your financial picture. Remember, the lender is looking for stability and consistency. If you want the best interest rate, keep that in mind. Here are a few things to consider: Large Deposits …
Can I Use All of My Income? There are very specific guidelines that must be followed in determining what income is allowable in qualifying for a home loan. For example there are a few situations that prevent you from utilizing your income. The first is if you have been self-employed for less than two years. …
There are two ratios that a lender will be interested in; 1) your housing ratio, also known as your “front end ratio,” and 2) your debt-to-income ratio, also known as your “back end ratio.” The housing ratio is your gross monthly income (your income before taxes are deducted) divided by your total housing payment. Your …
If you have relatively good credit, today’s automated underwriting systems provide a list of only the documentation that is necessary to satisfy the lender. The way it works is that once the lender has your application and has pulled your credit, the file is uploaded to one of three locations, Fannie Mae, Freddie Mac or …
Automated Underwriting and The Home Mortgage Process Read More »
