Income is income, right? Not necessarily. When it comes to applying for a mortgage, not all income is treated equally, including rental income. Income sources can be an employer, business profits or investments and dividends to name a few. Interest is another form of income and as we approach income tax time any variety of […]
Home values across most parts of the country have not only recovered from their lows in the early part of this decade but the continued increase in home prices also adds to homeowner wealth in the form of equity. Increasing equity and low rates typically signal an opportunity to tap into that equity and put […]
The VA home loan is without peer when it comes to providing a competitive mortgage option with as little cash to close as possible, but the VA Jumbo Loan is a lesser know option. VA loans don’t require a down payment while at the same time restricting certain types of closing costs from payment by […]
With much fanfare, the Administration proposed and Congress passed the first major tax reform changes since the Reagan era. In this sweeping new tax code, much of the changes related directly to real estate and mortgage transactions. Let’s take a quick look at some of the major reforms to the tax code that took effect […]
The federal income tax code was significantly altered beginning the first of this year. Several traditional deductions such as mortgage interest deductions, state and local income tax deductions and others were changed or otherwise eliminated altogether. In exchange, income tax rates for all brackets were reduced. This was the first major tax reform since 1981. […]
Having a responsible credit history is one of the key components we use when reviewing a loan application. Traditional guidelines for VA home loan approvals mean having established a credit history with a minimum of three trade lines appearing on the report. This is a common requirement for most all loan programs including conventional and […]
It’s been said you can find two economists who have totally different views based upon the very same set of data. From the Conference Board to Forbes to Goldman-Sachs just to name a few, but they all view the coming year a little bit differently. How so? Here are three views to cover the economic […]
ITIN is the acronym for Individual Tax Identification Number and is issued to Foreign Nationals and can be used in lieu of a social security number when a non-permanent resident alien applying for credit, employment and other areas where a social security number is required. For example, an individual wants to buy a home and […]
A reverse mortgage is somewhat a counterintuitive term in that a homeowner can take out a reverse mortgage loan but not have to make any payments on the loan until the owner leaves the property. This is compared to a traditional “forward” mortgage where a loan is taken out and the owner makes regular monthly […]
If you want to fund your mortgage directly into a trust or hold the title in a revocable trust, this can help explain the process. First, getting approved for financing and deciding who legally owns the property (holds the title) are two separate distinctions. When applying for a mortgage loan, whoever is listed on the […]
