When buying a home, one often overlooked aspect is the impact of daily interest charges and how they affect your closing costs. Daily interest charges are the fees accrued on your mortgage loan on a daily basis. These charges are…
While the Fed’s decision to freeze rate hikes can provide significant benefits to home buyers, it’s essential for buyers to stay informed about the broader economic landscape and be prepared for potential changes in the future. By keeping an eye…
It’s easy to get caught up in the excitement of finding your dream home, but it’s important not to overlook the importance of a comprehensive home inspection. A home inspection is a thorough examination of a property’s condition, conducted by…
Higher interest rates mean higher borrowing costs, resulting in increased monthly payments and potentially impacting your ability to qualify for larger loans. Monitoring interest rate trends and considering the long-term financial implications can help you make informed decisions about purchasing…
A 3-2-1 temporary rate buydown is a financing option that allows borrowers to reduce their initial mortgage interest rate for a certain period, typically the first one to three years of the loan term. The buydown is achieved by paying…
What happens when you owe money to the Internal Revenue Service (IRS) and you’re applying for a mortgage? With the right approach and understanding of the process, it is still possible to secure a mortgage even when you have IRS…
An increase in interest rates can have a significant impact on your monthly mortgage payments. Increased Monthly Payments: Higher interest rates lead to higher monthly mortgage payments. This occurs because the interest portion of your payment increases, while the principal…
When you’re buying a home, it’s crucial to get pre-approved for a mortgage BEFORE making an offer. Pre-approval provides you with several advantages that can save you time, money, and stress. Let’s see why it is better to get pre-approved…
Mortgage lenders typically require a minimum of two years of employment history if you are hired by a staffing agency to include the income on a mortgage application. This is primarily driven by lenders’ need to assess the stability and…
When determining the self-employed income for mortgage qualification, lenders usually take an average of the applicant’s income over a specific period. The NET INCOME (after all tax deductions/write-offs) is averaged out over 2 years to calculate self-employed income. However, if…
