Many first time home buyers find themselves in a situation of having no rental history when they apply for a mortgage. They choose to stay living at home with their parents or guardians while working and building up savings for a downpayment. Often times, they feel it is a waste of…
Could payment shock sabotage your mortgage loan application? There are many hidden quirks of mortgage loan underwriting which most consumers are unaware of, and even many newer loan officers fail to anticipate when taking mortgage loan applications. Payment shock is one of them. So what is it? How can borrowers preempt…
The percentage of Americans with students loans is increasing each year and so is the amount of money they are borrowing. Many young Americans are graduating with five to six figures of student loan debt. The payments on these loans can amount to the equivalent of a mortgage payment. Sadly, these…
What factors could squash your home mortgage loan approval during the process, and even on the day of your real estate closing? While it can seem like there is a fair amount of work to be done in just finding a home to buy, getting pre-approved for a purchase mortgage loan,…
One of the biggest factors on a mortgage loan application is the debt to income ratio. This ratio is calculated by dividing the total monthly credit obligations by the total gross monthly income. Lenders use this number to assess whether or not you’ll be able to afford your new monthly payment….
The first step you should take in the home purchase process is to get pre approved for a mortgage. A mortgage loan pre-approval will allow you to know how much you are qualified for and will make the entire home shopping process much more streamlined. Understanding what a mortgage loan pre-approval…
It’s a fantastic time to invest in real estate, but what additional requirements might there be for qualifying for investment property loans? Requirements of Investment Property Loans Real estate investing has continuously proven to be one of, if not the best ways to augment income and wealth building. The returns can…
The thought of a mortgage application can be overwhelming for many borrowers. However, with some simple planning ahead your mortgage loan process can be quite simple. Here is a list of mortgage application documents that you will want to start gathering once you’ve been pre-approved. 1- Proof of Income Every lender…
Becoming a homeowner is one of those central American dreams that can end up inspiring a person’s entire life and career track. Buying a home is likely one of the biggest purchases a person will ever make and is never something to be made on a whim or in a rush….
