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 […]
The Department of Veteran’s Affairs provides benefits for those who qualify for the program and one of the more popular is the VA mortgage loan. VA loans are the ideal option for those wanting to come to the closing table with as little cash as possible. The most obvious benefit is the lack of a […]
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 […]
When two people decide it’s time to buy a home together, in today’s environment and in many markets it takes two incomes in order to qualify for the home they really want. That means both will appear on the same mortgage application. Unfortunately when the decision is made to get divorced, there are a lot […]
With While mortgage lenders review a loan application, affordability is determined. Affordability can sometimes be a moving target as different loan programs may have different acceptable levels of debt. Paying off credit card balances might seem important, but lenders look at things differently. There are two primary types of debt, installment and revolving. Installment debt […]
Believe it or not there are some differences between financing new construction and financing an existing property. Yes, they’re certainly both financing options for a residential mortgage but there are some key differences and you might be surprised at the available options. Popular Loan Options for Financing an Existing Property Let’s first look at the […]
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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