Posts

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 […]

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 […]

Answers to the Most Common Lender Questions About Your Application

Often when a mortgage lender reaches out to an applicant after the loan has been submitted, the applicant’s first response is often, ‘Oh no, what do they need?’ After all, along with the initial application there was an additional amount of documentation the lender needed in order to process the loan. But in most instances […]

What Counts in Your Debt Ratios

Debt ratios are utilized by lenders during the loan approval process. It’s an important piece, just one of several. Other factors such as credit, employment and assets are also pieces of the approval puzzle. Debt ratios on the other hand are the primary tool to determine affordability. Today, most loan programs set the guidelines for […]

What is an AKA Letter and Why Is It Important?

In the mortgage industry, it’s referred to as an AKA letter, or Also Known As. An AKA letter is one written by the applicant at the direction of the lender. And it can be required for a number of reasons when the name on the loan application doesn’t match exactly the name or names appearing […]

Marriage, Legal Separation and Your Mortgage

The phrase, “’til death do us part” is one we’ve all heard. Unfortunately, many marriages don’t last that long. When a couple decides to separate, either legally or informally, there are different options to consider. Do they simply need some time apart to figure things out independently? Maybe have a little “breather” in order to […]

Lender Questions? Keep Calm and Answer On

When consumers first complete and then submit a loan application, the initial thought might be that the work has been done and now we’re just waiting on loan papers.  Further along in the approval process, common lender questions will often come up. The fact however is that loan submission is one of the early steps […]

Insider Tips for a Fast Close on Your Home

Want to close fast? There are certainly lots of things people can do to accelerate the closing process. A fast close can help with the negotiation process. Sellers who see that someone has already applied for a mortgage means the buyers are not only serious about an offer but have taken the extra step and […]