Qualifying for a Mortgage While Self-Employed
Self-employed applicants looking to purchase a home will have to fill out the same paperwork as those not self-employed, and lenders look at the same aspects such as credit score, debt, assets, income, etc. So what’s the difference between a self-employed applicant and everyone else? When working for a company or business, lenders will verify… Read more
Early October is the Perfect Time for Homebuyers
If you have been eyeing a new home or thinking about buying, now is the time. Headlines skim past buyers as the seller’s market has been steaming hot. Bidding wars have been on the rise due to low mortgage rates and price appreciation. Thankfully, there are clear signs that buyer opportunities are increasing during autumn.… Read more
How to Increase Your Credit Score Before Applying for a Mortgage
The higher the credit score, the better. This is a general rule of thumb for many aspects of life, especially when applying for a mortgage. If you have found yourself questioning your credit, here are some proactive measures you can take to improve it. Increase your Credit Card LimitA simple and effective way to boost… Read more
The Importance of Cosigners on Mortgages
Buying a home is a huge decision, investment, and can be exciting for first-time homebuyers. Mortgage lenders help buyers with the process, ensuring success in every aspect. From time to time, roadblocks occur, which could postpone the outcome. Even with enough funds to cover a down payment, closing costs, and monthly payments, you could still… Read more
Rental History Will Soon Factor into Mortgages
Fannie Mae plans to launch a new underwriting innovation beginning September 18, 2021 that will automatically incorporate rental history into their credit evaluation system. Using bank statement data, mortgage lenders will be able to “deliver a more inclusive credit assessment” with the borrower’s permission, according to the press release. Hugh R. Frater, Fannie Mae CEO,… Read more
Choosing a New Home Based on Remote Work
The rise in remote work has changed drastically throughout 2020 and into 2021 due to COVID-19. If you think working from home is a passing fad, it isn’t. A survey by Statista and Upwork projected that 37.5 percent of United States employees would work remotely in the next five years, up from 21 percent before… Read more
Do Mortgage Payments Decrease Through Time?
Most people are aware that mortgage payments can increase over time, but did you know payments can actually decrease? In this article, we’ll explore a few ways how this can happen. Mortgage payments decrease on Adjustable-Rate Mortgages (ARMs). While not as common as the payment increasing with ARMs, your monthly payments can decrease based on… Read more
Cashing In on Your Second Home
Stay-at-home mandates during 2020 caused many homeowners to realize their home wasn’t accommodating to their lifestyle. At-home offices, media rooms, children’s school areas, gyms, and large yards were suddenly in high demand. These amenities became highly desirable and led many homeowners to invest in a new home. Instead of purchasing a home near the office… Read more
What Does Closing Entail?
Finding the house you want and making an offer are just the first steps before purchasing a home. After the inspection and appraisal come back adequate, it’s time to submit the required documents. Finally, the last step is to get your keys during closing. An exciting yet nerve-wracking point in the process, closing is the… Read more
Celebrating National Homeownership Month
June is National Homeownership Month, and to celebrate, we’re listing the benefits of owning a home! For many, our homes have become workplaces, schools, and provided a safe harbor during the pandemic. American homeownership has risen to its highest point in eight years, to 65.6 percent. According to a survey by Gallup, real estate topped… Read more