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 […]
When the Fed raises rates, it could affect your mortgage, especially if you have an adjustable-rate mortgage or a hybride loan. You probably heard the Federal Reserve raised a key interest rate this week by 0.25% to 1.50%. The Federal Funds rate may not be an everyday term consumers refer to but lenders certainly do. […]
Have you been thinking of tapping into your homeowner equity? Maybe you’re thinking of doing some minor to major remodeling? Adding a new room or maybe upgrading your kitchen? Well, you can always dip into your savings or checking account but once you pull out those funds they’ll be tied up equity in your home. […]
It is that time of year when we dust off our crystal ball and see what the mortgage industry might bring us for the coming year. And while no one can tell you what interest rates will do I can make some observations based upon economic progress in 2018 with recent Federal Reserve statements in […]
You’ve heard the terms “jumbo” and “conforming loan limits” but there might be those who aren’t completely sure what both of those terms mean, especially so if you’re not in the mortgage industry. But they are important as it relates to loan choices, rates and fees. By far the conventional mortgage using guidelines set forth […]
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