One of the top questions I hear from clients is, “How much house can I afford right now based on my salary?” Usually, they tell me what they make and want to know how much house they can afford based on that criteria. But salary is only one part of the equation. To figure out […]
Today’s housing market is changing rapidly and housing inventory is dropping. A lot of homeowners are taking advantage of low interest rates to refinance their mortgage or start renovations. Some homeowners are selling to move to less expensive areas, and they know the housing market is already shifting in their favor. So if you’re […]
If you’re thinking about buying your next home then you’ve probably heard about getting pre-qualified or pre-approved for your home loan. Whether this is your first home or you haven’t purchased a new home for a while, the home-buying process can still feel overwhelming. Let’s face it, going to open houses is a lot more […]
You just did a good thing. You agreed to co-sign on a mortgage. Especially for first time homebuyers, qualifying on their own can sometimes be a challenge, especially for those who are having difficulty qualifying due to debt-to-income ratios, coming up with funds for a down payment, having some credit issues or having their very […]
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 […]
There is an ‘Ability to Repay’ or ‘ART’ rule that lenders follow when approving a traditional mortgage. When lenders calculate income, they are required to both determine and document that determination of whether or not someone can safely afford a new home loan. This is a result of the vast mortgage guideline changes implemented […]
It’s certainly easy to get distracted at this time of year. It seems that once we hit Thanksgiving Week, the rest of the year is a blur. Travel, festivities, family get togethers. They are smashed together within a 30 day period. Certainly the main priority is to enjoy the holidays with family and friends along […]
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 […]
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 […]
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 […]
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