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…
Fast Cleared to Close
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…
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…
When Should I List My Home for Sale?
Thinking about selling your home? While each local area can vary (and a great real estate agent can help you learn about the specific trends in your community), there are a few times each year when home sales tend to…
I already sent those documents. Why are you asking for those again?
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…
Why do I need to explain my bank deposits?
When buying a home using traditional financing, your bank statements are required documentation. If there are any large deposits that are not from your job or an income tax refund, social security, or retirement, you may have to explain where…
