Financing a second rental property can be much easier the second time around. For those thinking about dipping into the investment real estate world, there are some important things to know. At its most basic level, financing a rental property is not much different as it relates to income, assets and credit. First time buyers […]
Understanding how to buy a fourplex 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 tie […]
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 […]
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 tip income be counted when helping to qualify for a new mortgage? We recently spoke about various types of income but getting tips is a bit […]
When people start thinking about different types of qualifying income, most simply come to the conclusion that income is defined by 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 […]
If you’ve been thinking of refinancing, the risks of waiting might not be worth it. Lately, it’s a good move to go ahead especially for those who have been on the fence over the past few months. The market has been relatively positive for interest rates as mortgage rates in general have been floating in […]
When two people file for a joint mortgage, it’s important to understand that it’s not necessary to be married. In fact, more and more people apply to finance a home together without having officially ‘tied the knot.’ Still, both parties need to be clear early on that they’re both going to be responsible for the […]
Yes, they’re not only important but necessary in the mortgage world. What are non-QM mortgages you ask? Non-QM is short for Non-Qualified Mortgage. To understand what that means and the importance of a non-QM loan, we first need to understand what a Qualified Mortgage (QM) loan is. Qualified Mortgage (QM) Loan Explained The Consumer Financial […]
Impound accounts, sometimes referred to as Escrow accounts in other parts of the country, are funds set aside to take care of property taxes and insurance when due. Some loans require impound accounts while others leave them as an option. Let’s take a further look at these accounts and what they accomplish. Impound Accounts Explained […]
Deciding on which home loan to take is usually a matter of choosing an interest rate. But for those who have never financed a home before, there are many more things to decide on besides the rate. You might be surprised at the array of loan choices available to you, including short-term loans and long-term […]
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