You put a bid down on your dream home and it was accepted! Congratulations! Now you need to get yourself to the loan closing. If you already received a preapproval for your financing, you are halfway there. Remember, though, you still have to verify everything you stated in your contract. You also have to be very careful about what you do with your credit between now and the loan closing. There are many credit mistakes people make that ends up costing them their dream home in the end. Closing … [Read more...]
Guide to 12-Month and 24-Month Bank Statement Mortgage Programs
Sometimes you just can’t qualify for a loan the standard way. Self-employed, seasonal, and commissioned employees often have this trouble. They don’t have a steady paycheck and they take numerous deductions on their taxes. Both of these issues combine for a very risky loan, causing lenders to turn them down. Luckily, there is the option of the bank statement loan. Using 12 or 24 months of your bank statements, you may qualify for a loan.Compare Offers from Several Mortgage Lenders.Keep … [Read more...]
Income Verification Requirements for a Home Equity Loan
Do you have equity in your home and want to know how to tap into it? The good news is that it is fairly simple. The bad news is you have to qualify for it. It could be a little harder only because you likely already have the large debt of a first mortgage. Now you want to add another debt on top of it. There are willing lenders, but you must know how they verify your income to determine if you qualify.Looking for Current Mortgage Interest Rates? Click Here. Verifying Your Income Do you … [Read more...]
Important Contingencies You Should Include in a Home Purchase Offer
Once you find a home you want to purchase, you have to put in a purchase offer. This isn’t just the number you are willing to pay for the home. It also includes the contingencies you will require before signing the purchase contract.Looking for Current Mortgage Interest Rates? Click Here.The contingencies are often just as important to the seller as the price you’ll pay. The contingencies determine how many different ways you have to back out of the contract in a specific period. Of … [Read more...]
How to Avoid PMI With an LTV Over 80%
If you borrow more than 80% on a conventional loan, you will pay PMI. It could cost you hundreds of dollars every month. You pay it until you owe less than 80% of the value of your home. That could be a long time if you borrow 95% of the home’s value. Even with home appreciation, it could still cost you thousands of dollars in total. Luckily, we have a few ways you can avoid it.Looking for Current Mortgage Interest Rates? Click Here. Take a Piggy Back Loan With an LTV Over 80% If you have … [Read more...]
What is the Purpose of the Good Faith Estimate?
If you apply for a loan with a lender, within 3 days you’ll receive what used to be known as the Good Faith Estimate. Today, it is actually two documents – the Loan Estimate and the Loan Closing Disclosure. The documents are supposed to give you a good idea of how much the loan will cost you at the closing as well as over its entirety. You’ll receive this document from each lender you apply for a mortgage loan with – they must send it within three business days of your loan … [Read more...]
How Long Does a Mortgage Pre-Approval Last?
The buyer’s market can be a competitive one. What can set you apart from the other bidders? It all comes down to a mortgage pre-approval. Showing sellers you are serious about buying the home makes your bid stand out from others.Compare Offers from Several Mortgage Lenders.Approval from a lender also shows sellers that you are capable of buying the home. You could be in the market for a home, but have no idea how much you can afford. This is a risk for a seller. Instead, showing them you … [Read more...]
Understanding Real Estate Market Value
If there’s one thing that determines your loan’s approval just as much as your credit score, it’s the home’s market value. This value can make or break your loan. Understanding it is crucial to your success in buying or even refinancing a home.Compare Offers from Several Mortgage Lenders.What is Market Value? A home’s market value is the amount it will for within 30 – 90 days. This is what the real estate market considers a ‘reasonable timeframe.’ The value is more of an opinion than … [Read more...]
The Secret to Getting a Mortgage With No Proof of Income
You probably know by now that the mortgage industry has really cracked down on the requirements to get a mortgage. Proof of income is usually one of the top things you need in order to secure a mortgage. But, what if we told you there are ways to get a loan without it?It’s called alternative documentation loans. They aren’t the traditional conventional loans that you see advertised on TV. But, they are good loans that help you buy the home you want.See if you qualify for a mortgage, … [Read more...]
Is Mortgage Assistance Taxable Income?
If you have trouble making your mortgage payments, you may receive mortgage assistance. This is aid from any program that helps you prevent foreclosure.See if you qualify for a mortgage, here.Whether you received the money yourself or the money was paid on your behalf, it may not be taxable income. As a financially distressed homeowner, you received help and you didn’t lose your home. Even more good news is that you don’t have to claim it on your taxes. However, there is one area it … [Read more...]
