The housing market has never been as hot as the last couple of years. A combination of a low inventory, supply chain issues, and high demand has sent prices through the figurative roof at a record pace. No longer bound to downtown offices, remote workers can save thousands on housing costs by migrating to the…
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There are plenty of reasons to have an energy-efficient home, one of which includes lower electrical bills. The Energy Efficient Mortgage (EEM) program from Fannie Mae, titled HomeStyle®, is a great way to go green, but what does it consist of, exactly? Read on to find out. Energy-Efficient Mortgages are used to finance houses that…
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The word “equity” is synonymous with home loans, but many people aren’t fully aware of what the term means. Have questions? We’ve got answers. Read on to learn everything you need to know about home equity. Home equity is an asset; a part of your property that you own, it can fluctuate based on the…
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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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