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...]
How to Make your Self-Employment Income Look Favorable
Self-employment income can be the nail in the coffin when applying for a mortgage if you are not careful. The good news is that there are plenty of programs out there that allow you to use this type of income and get favorable terms. Not every self-employed person is considered high risk, but there are definitely certain ways to make your income from self-employment look as favorable as possible. Get Matched with a Lender, Click Here. Determine your Write-Offs As a general rule, your bottom … [Read more...]
How Much Can you Borrow With a Stated Income Loan?
Stated income loans are still around, contrary to what many people believe. These loans may not look the same as you remember, but there are still ways for borrowers that can’t verify their income the traditional way to secure loan funding.Looking for Current Mortgage Interest Rates? Click Here.Just how much can you borrow and how do the loans work? Keep reading to find out more. Who Can Get a Stated Income Loan? First, let’s discuss who can even obtain a stated income loan. Typically, it’s … [Read more...]
The Top Five Mistakes to Avoid When Settling Debts
If you have debts, you might be frantically looking for a way out of it. One way is to settle the debts with your creditors. While the idea sounds simple, it’s more complicated than you might think. There are some grave mistakes you can make that can put you in harm’s way rather than getting you out of debt. Looking for Current Mortgage Interest Rates? Click Here. Keep reading to learn the top five mistakes to avoid when settling debts. Trying to Settle too Soon You might know that you are in … [Read more...]
How to Avoid Medical Collections on Your Credit Report
You probably don’t worry about medical bills ruining your credit. After all, medical providers don’t report to the credit bureaus. Looking for Current Mortgage Interest Rates? Click Here. While that’s true, there is a risk of your medical collections ending up on your credit report. If you leave your bills unpaid, the medical provider may send your bill to a collection agency. Many collection agencies then report the debt to the credit bureaus. Just one medical collection of decent size can … [Read more...]
Hard Inquiries: How Long do They Stay on Your Credit Report?
Did you know that every time you submit an application for credit, it goes on your credit report? It’s called a hard inquiry and it lets other lenders know that you applied for new credit. This is the case even if you aren’t awarded the new credit. Looking for Current Mortgage Interest Rates? Click Here. Too many inquiries can have a negative effect on your credit score. One inquiry is only worth five points, but if you have a lot of them, it can bring your credit score down significantly. So … [Read more...]
