Mortgage companies often require specific documents to analyze the borrower’s financial situation prior to approval. One of the most important aspects of getting approved for a mortgage is your credit score, which shows how well the borrower can meet their financial obligations. In addition to considering your credit score, lenders look at the borrower’s DTI…
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Borrowers looking to get approved for a mortgage and cannot show income verification are perfect candidates for no-doc loans. This type of mortgage loan does not require tax returns or income verification. To qualify for a no-doc mortgage loan, borrowers have to show adequate credit history, real estate investment experience, and liquid assets, which are…
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Self-employed applicants looking to purchase a home will have to fill out the same paperwork as those not self-employed, and lenders look at the same aspects such as credit score, debt, assets, income, etc. So what’s the difference between a self-employed applicant and everyone else? When working for a company or business, lenders will verify…
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If you have been eyeing a new home or thinking about buying, now is the time. Headlines skim past buyers as the seller’s market has been steaming hot. Bidding wars have been on the rise due to low mortgage rates and price appreciation. Thankfully, there are clear signs that buyer opportunities are increasing during autumn….
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The higher the credit score, the better. This is a general rule of thumb for many aspects of life, especially when applying for a mortgage. If you have found yourself questioning your credit, here are some proactive measures you can take to improve it. Increase your Credit Card LimitA simple and effective way to boost…
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Buying a home is a huge decision, investment, and can be exciting for first-time homebuyers. Mortgage lenders help buyers with the process, ensuring success in every aspect. From time to time, roadblocks occur, which could postpone the outcome. Even with enough funds to cover a down payment, closing costs, and monthly payments, you could still…
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Fannie Mae plans to launch a new underwriting innovation beginning September 18, 2021 that will automatically incorporate rental history into their credit evaluation system. Using bank statement data, mortgage lenders will be able to “deliver a more inclusive credit assessment” with the borrower’s permission, according to the press release. Hugh R. Frater, Fannie Mae CEO,…
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Most people are aware that mortgage payments can increase over time, but did you know payments can actually decrease? In this article, we’ll explore a few ways how this can happen. Mortgage payments decrease on Adjustable-Rate Mortgages (ARMs). While not as common as the payment increasing with ARMs, your monthly payments can decrease based on…
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Stay-at-home mandates during 2020 caused many homeowners to realize their home wasn’t accommodating to their lifestyle. At-home offices, media rooms, children’s school areas, gyms, and large yards were suddenly in high demand. These amenities became highly desirable and led many homeowners to invest in a new home. Instead of purchasing a home near the office…
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