You have equity in your home if your home is worth more than your mortgage’s outstanding balance. If you have equity, you may tap into it with a home equity loan. In order to do so, you must meet the lender’s requirements for a home equity loan including the minimum credit score requirements.Get Matched with a Lender, Click Here. What Credit Score do You Need? Lenders put a lot of emphasis on the credit score. It tells a lender your level of financial responsibility. It’s not the only … [Read more...]
The Top Methods to Use to Counter Offer a Home Inspection
If you have a home inspection contingency on your purchase contract, you have the right to counter offer with the seller after receiving the inspection report. If you see things in the report that you don’t like, you can go back to the seller and ask for either him/her to complete the repairs, give you the money to cover the repair costs, or you can walk away from the sale.Get Matched with a Lender, Click Here.It sounds easy, but sellers aren’t always willing to negotiate. Keep reading … [Read more...]
How Long Does a Title Search Take?
You don’t have control over a few components in the mortgage approval process, one of which is the title search. All mortgage companies require a clear title before they will clear your loan to close. But just how long does the title search take?Get Matched with a Lender, Click Here.Typically, the process takes two weeks, but each situation differs. The title company you use, their current workload, and the complexity of the search play a role in how long it takes. What is a Title … [Read more...]
What Length of Employment is Right to Get a Mortgage?
You’ve probably heard that you have to be at your job for at least two years before you can get a mortgage. While it’s not a lie, there are ways to get around this two-year requirement. Lenders today are more flexible with the employment requirements simply because they know that many people today are changing jobs to better themselves or even start their own business.Looking for Current Mortgage Interest Rates? Click Here.Keep reading to learn how your length of employment can affect … [Read more...]
How Much of Your Credit History do Lenders Review?
Most borrowers focus on the credit score when applying for a mortgage. They figure they need the highest score possible to get a good interest rate and/or loan approval. While it’s true that having a great credit score increases your chances of loan approval, don’t discount the importance of your credit history.Looking for Current Mortgage Interest Rates? Click Here.Your credit history tells the lender a story of your financial responsibility. Even if you have a great credit score today, … [Read more...]
The Fastest Ways to Save for a Down Payment
Saving for a down payment is often the hardest part of qualifying for a mortgage. While you don’t have to save 20% in order to get a mortgage, you will likely need at least some money down on the home in order to get approved.Compare Offers from Several Mortgage Lenders.Keep reading for the top ways to save for a down payment fast. Get out of Debt First, try to get yourself out of debt. Why should you pay 18% or more in interest on your credit card debt while you save for a down … [Read more...]
Is it Possible to Get a Mortgage After Retirement?
Most people want to have their mortgage paid off before retirement, but that doesn’t mean that you can’t get a mortgage after retirement. All it comes down to is qualifying for the mortgage, just like you would if you were still working.Compare Offers from Several Mortgage Lenders.Keep reading to learn the qualifications to get a mortgage after retirement. Qualifying Your Income The hardest part of qualifying for a mortgage after retirement is qualifying your income. Lenders need … [Read more...]
Are Closing Costs Tax Deductible?
If you bought a home this year or think you may buy one soon, you probably wonder ‘are closing costs tax deductible?’Compare Offers from Several Mortgage Lenders.While we would love to give you a definite answer – it truly does depend on your situation. Below we go through the various situations to help you determine if you can write off your closing costs on your taxes. The Allowed Write-Offs First, let’s look at which closing costs you may be able to write off on your taxes. Just … [Read more...]
Understanding the Closed-End Home Equity Loan
If you want to tap into your home’s equity, you have a few options, one of which is the closed-end home equity loan. A closed-end home equity loan is like your standard mortgage with monthly payments and a finite term.Looking for Current Mortgage Interest Rates? Click Here.Keep reading to learn how it works. How the Closed-End Home Equity Loan Works The closed-end home equity loan gives you the chance to tap into your home’s equity. Let’s say you borrow $100,000 of your home’s equity … [Read more...]
Types of Bank Accounts you can Use for Bank Statement Loans
Bank statement loans have requirements just like any other loan. Just because they are an alternative documentation loan does not mean that there are not strict requirements you must adhere to in order to get approved. Aside from the general fact that you need to have decent credit, stable income verified on your bank statements, and a manageable debt ratio, you also need to have the right bank accounts in order to use them for qualification purposes. Get Matched with a Lender, Click … [Read more...]
