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…
Understanding the difference between closing costs and down payment and how they vary between VA, FHA, and conventional loans can help you figure out how much money you need to save for your purchase. Let’s look at some information about…
When you rent a home, you typically pay a monthly rent to your landlord. You’re not responsible for property taxes, homeowners’ insurance, maintenance, and repairs. When you own a home, you’re responsible for everything. This initially makes renting a less…
So, you’ve got two jobs, three side hustles, and maybe a lemonade stand on the weekends—and you’re thinking, “This has to help me get a mortgage, right?” Well… maybe. Lenders love income, but they love stability even more. If you…
Buying a house is one of the most significant financial decisions that a person can make in their lifetime. This is why it is important to understand the upfront fees that are associated with the process. Let’s examine three of…
When applying for a mortgage, lenders typically evaluate a borrower’s ability to repay the loan based on their income and employment history. One common misconception among potential borrowers is that having two jobs will automatically increase their chances of qualifying…
An FHA loan is a type of mortgage that is insured by the Federal Housing Administration (FHA). This type of loan is popular among first-time homebuyers, buyers with lower credit scores, smaller down payments, or higher debt ratios. In addition…
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.…
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…
