Mortgage Rates Still At Record Lows—Don’t Wait!

It’s certainly easy to get distracted at this time of year. It seems that once we hit Thanksgiving Week, the rest of the year is a blur. Travel, festivities, family get togethers…they’re all smashed together within about a 30 day period. And that’s certainly the main priority is to enjoy the holidays with family and […]

What’s the Reason for a Vacancy Factor?

If you’re new to the world of investing in real estate, one term you may run into is the ‘vacancy’ factor. As part of the process of approving a loan to buy a rental property, one of the early encounters will be whether or not you can use the rental income in order to help […]

Overlays Explained

What’s an Overlay? An Overlay is a mortgage industry term that highlights an additional qualifying requirement beyond what the guidelines state by Fannie Mae and Freddie Mac as well as FHA, VA and USDA. These guidelines are set forth for several reasons but one is to provide lenders with mortgage program stability as well as […]

Why the Second Rental is So Much Easier to Finance

For those thinking about dipping into the investment real estate world, there are some important things they need to know. At its most basic level financing a rental property is not much different as it relates to income, assets, credit and the like. First time buyers of rental property can expect to make a larger […]

Renting? You’re Still Paying a Mortgage, Just Someone Else’s

If you’re still renting, you might think that you’re not paying a mortgage. Technically that may be correct but in the end the mortgage on your rental unit is ultimately being paid for by you. When real estate investors evaluate a potential purchase, one of the first things they’ll be looking for is whether or […]

How to (effectively) Buy a Fourplex and Live Mortgage Free

This is an interesting concept and at first glance it might seem a bit misleading. The obvious way to buy a fourplex and live mortgage free is to pay cash for it. But many don’t take that route because it can put a dent in a bank account and tied up into a relatively non-liquid […]

VA Home Loan Advantages

The Department of Veteran’s Affairs was first established back in 1930. Implementing and overseeing multiple programs and benefits to those who have served in the Armed Forces. One of the more popular programs is the VA Home Loan Benefit. This financing option provides multiple benefits that other mortgage programs simply cannot provide. For those who […]

Refinancing? Better to Close Sooner vs. Later

The final settlement date for a purchase is listed directly on the sales contract. Once the contract is executed by both parties, there is a binding agreement between the buyers and sellers. The date of the contract signing and the settlement date provide enough time for the lender and various third parties to provide needed […]

Tip Income: How It Can Be Counted as Qualifying Income

For those in the service industry, getting tips certainly helps the overall pay. Most people who do earn tips work in a restaurant, hotel or similar industries. But can it be counted when helping to qualify for a new mortgage? We recently spoke about various types of income but getting tips is a bit different […]

Qualifying Income You May Not Know About

When people start thinking about different types of income, most simply come to the conclusion that income is from their regular paycheck on the 1st and 15th. And that’s true, most people do get their income from their employer. It’s the most common form. Mortgage lenders use this income when qualifying someone for a new […]