Credit Repair and Mortgages
If you’re in the process of repairing your credit, you may be tempted to apply for a mortgage. After all, owning a home is a significant financial milestone, and it’s natural to want to achieve it as soon as possible.…
Bank Deposits and Transfers During Mortgage Approvals
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…
Am I Paying Points for that Rate?
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…
Why did my gift funds requirement increase?
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…
Can I Be a “First-Time” Homebuyer If I Already Owned a Home?
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…
What is an option fee?
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…
What is an Earnest Money Deposit?
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…
Property Taxes in Houston, Texas
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.…
How can I lower my DTI?
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…
A Step-by-Step Guide to Shopping for a New Home
Whether this is your first or tenth home purchase, shopping for a new home is an exciting time. It can also be a stressful and lengthy process. This guide can help you stay on track and in your new home…
