In the past, stated income loans required very little verification. You stated your income, proved your credit score and provided assets – this was all the lender required to approve you. Then the housing crisis happened and the stated income loans took the brunt of the blame. Most lenders refused to offer stated income loans at all. After a few years, guidelines relaxed a little and portfolio lenders started offering stated loans. Today, you can find them at a variety of lenders; however, they … [Read more...]
How to Calculate Self Employed Income for Mortgages
Before you get approved for a mortgage, lenders need to know that you can afford it. If you work for someone and get a W-2, it’s easy for lenders to calculate your income. You can even do it, by just dividing your income by 12 months. But, if you work for yourself, there’s a whole different aspect that comes into play. Looking for Current Mortgage Interest Rates? Click Here. Keep reading to learn how to calculate your self-employment income to see if you may qualify for a mortgage. You Need a … [Read more...]
Should I Lock in My Mortgage Rate Today or Wait?
The average rate lock is for 30 days. That’s the typical rate lock a lender will offer free of charge. Of course, you can lock your rate for less or more time if needed. If you lock for less than 30 days, you’ll still get it for ‘free.’ If you need more than 30 days, though, expect to pay extension fees. Looking for Current Mortgage Interest Rates? Click Here. You can lock an interest rate for as long as 120 days. Unless you stumble across an interest rate that is unbeatable, though, you … [Read more...]
What Debt Ratios Should Self-Employed Borrowers Have?
Self-employed borrowers face unique circumstances. Lenders look at you as risky because you don’t work for someone else. Your income is dependent on how your company does. When you work for someone else, there’s a bit more consistency and reliability in your income.This doesn’t mean it’s impossible to get a mortgage as a self-employed borrower, though. You have options; it comes down to proving that you are an attractive borrower, which means showing low debt ratios. Looking for Current … [Read more...]
Mortgage Questions You Need to be Asking Your Loan Officer
Buying a home means making a lot of decisions. Before you even look at homes, though, you have one very big decision to make. You need to find a loan officer. While they are a dime a dozen, this isn’t a one-size-fits-all approach. You’ll want to look for certain characteristics of the lender and even the person handling your loan before you jump on board. Looking for Current Mortgage Interest Rates? Click Here. Consider these top questions before you choose someone to handle your next … [Read more...]
Is Cash the Only Way to Pay for a Foreclosed Home?
Buying a foreclosure may mean that you save a significant amount of money. Whether you are buying the home for your own residence, to fix and flip, or rent out, you can find some great deals out there. Many people believe, however, that the only way to buy a foreclosed home is with cash. That’s not the case, though. Check out all of the ways you can purchase a foreclosure too. Looking for Current Mortgage Interest Rates? Click Here. FHA 203K LoanBelieve it or not, this government-backed … [Read more...]
Tips for Choosing the Best Mortgage Lender
Today, finding the right mortgage lender may mean more than going to your local bank. Years ago, that’s all you had to do. Your local bank knew you and could get you approved for a loan. If they didn’t approve you, it was much harder to find a loan.Get today’s mortgage rates!Today, you have hundreds of options. Your local bank is still an option, but it’s not the only one. You can use other banks in the area, credit unions, and mortgage lenders. You can also try a mortgage broker. A … [Read more...]
Rent to Own Programs: A New Path to Homeownership
First-time homebuyers often have a hard time getting qualified for a mortgage. Whether they don’t have the down payment or their credit isn’t good enough, they are often left renting. Luckily, there are rent to own programs that these buyers can utilize. However, they are not as easy to find as you might think. Unfortunately, there are a lot of scams out there, which makes it hard to figure out which programs are okay and which are not.Get today’s mortgage rates!We’ll help you learn how … [Read more...]
Things you Must Know About Choosing a Mortgage Lender
Are you thinking about negotiating the home price of a new home? You might be in for an unpleasant surprise. Unlike existing homes, builders don’t often negotiate on new homes. They have a precedence they need to set.Unless you are the first person to buy in the development, other homeowners already agreed to a price. If the builder gives you the same home for less, they could have angry homebuyers on their hands. Second, the builder has to maintain a particular value in the development. If … [Read more...]
Which Mortgage Should you Get for an Investment Property?
You know there are numerous loan programs out there, but when you buy an investment property, your options are limited. Many loan programs require you to live in the home as your primary residence in order to use it. Looking for Current Mortgage Interest Rates? Click Here. Which loans can you use and which won’t work? Find out below. Conventional Loans are the Answer Conventional loans are one of the only loan programs you can use for an investment property. Fannie Mae and Freddie Mac don’t … [Read more...]
