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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…
1099 loans are typically used for independent contractors or freelancers who get 1099s at the end of the year and cannot qualify based on traditional tax returns income. These loans are particularly suitable for freelancers, contract workers, 1099 employees, and…
Bank statement loans are typically used for individuals who have difficulty documenting their income using traditional methods. These loans are particularly suitable for self-employed individuals, freelancers, small business owners, contract workers, 1099 employees, and other borrowers with non-traditional income sources.…
So, you’ve been crushing it at your job through a staffing agency, getting steady paychecks, and now you’re ready to buy a home. But then—bam!—you find out that lenders might not be as thrilled about your employment history as you…
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…
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