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7 Top Questions Your Loan Officer is Going to Ask

Even if it’s not your very first home purchase, you can to be prepared to provide your loan officer with what is required. Experienced home buyers may like a refresher for all the things provided and questions asked. Here are some questions you can bet your loan officer will be asking before you get too […]

Why Financing a Second Rental is So Much Easier

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 […]

Still Renting? You’re 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, you’re paying the property owners mortgage.  When real estate investors evaluate a potential purchase, one of the first things they’ll be looking for is whether or not the unit generates cash flow. Investors […]

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

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 […]

Qualifying Income You May Not Know About

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 […]

Do You Have to Be Married to Apply for a Joint Mortgage?

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 […]

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 […]

These 5 Things Can Stop Your Loan Application in Its Tracks

Once your loan application is submitted, the application is documented with some personal financial information from you such as paycheck stubs and/or tax returns, bank statements and W2 forms. In addition to your personal information, various third party services are ordered in preparation for submitting the application for an approval. The loan application is reviewed […]

The ABCs of Financing a Rental Property

Financing a rental property is much like financing a primary residence or vacation home. The funding sources are pretty much the same and most lenders follow the same general set of guidelines. Most such loan programs are underwritten to standards set by Fannie Mae or Freddie Mac, although there are also other lenders who offer […]