Managing your bank deposits and transfers is crucial when getting approved for a mortgage loan. Underwriters, review your financial history and current financial situation, along with your credit profile to make a decision on loan approval. One factor that underwriters…
Discount points are upfront fees a borrower can pay to a lender in exchange for a lower interest rate on their loan. “Points” or “investment points” as they are often referred to, are also tax deductible. Some ways of finding…
If you are using gift funds for a down payment on a home purchase and the requirement for gift funds increases after your bank account has decreased, you may need to provide additional documentation to meet the new requirement. The…
Many people assume they’re not eligible for first-time homebuyer incentives because they have owned property in the past. This is not necessarily true! If you have not had an ownership interest in a house in the past 3 years, you…
Buying a home can be a complex process, and there are several fees and costs involved that potential home buyers need to be aware of. One of the fees that home buyers may encounter is an option fee. Let’s explore…
When purchasing a property, an earnest money deposit (EMD) is a common requirement that buyers should be aware of. This deposit is typically made at the beginning of the home buying process and serves as a show of good faith…
Getting cleared to close on a mortgage can be a long and stressful process, but there are several things you can do to expedite the process and get cleared to close faster. Listed below are some of the steps you…
As a homeowner in Houston, Texas, it’s essential to understand the various components of your property taxes. These taxes are a significant source of revenue for local governments, and they help fund essential services like schools, roads, and public safety.…
Lowering your debt to income ratio is an essential step towards achieving financial stability. Your debt to income ratio is a critical factor that lenders consider when deciding whether to approve a loan or credit application. It is the percentage…
Mortgage approvals are all about documenting everything that is listed on your application and possibly other items the underwriter may find after reviewing your loan file. There are standards for the requested documentation such as format, clarity of documents, and…
