When you shop around for the best home loan for your financial needs, you will likely come across what is known as a private lender, as opposed to a government or conventional lender. But is a private lender right for you and what is it anyway?
Being house poor versus being underwater can be easily confused with each other, as both have to do with how much your home does or does not cost and how much you are paying on it. However, there are vital differences to remember since the two situations can happen thanks to very different sets of […]
Before you begin the process of purchasing a home, you must first prove that you are responsible and capable of paying off the loan you take out. As such, lenders are obligated to collect specific documents to review before they begin approving your application for a home loan.
You’re on the hunt for a new home. But what kind of mortgage should you get and will it be right for you? Today, we will briefly explore the various types of mortgages available and what each means for you: Fixed Rate A fixed rate mortgage is one of the more popular mortgages, as it […]
Getting the right applicant approved for a Kansas City home loan is a lengthy, detailed process. As a lender, you will need to review their mortgage application carefully, along with a myriad of other documents, in order to determine if they are low-risk and able to repay the loan. Here are the factors you need […]
Whether you are facing financial difficulty because of unexpected expenses, an illness, divorce, a death, loss of a job or other hardship, you may find yourself falling behind on your monthly mortgage payments. It is essential to make your payments on time because when you entered into a mortgage contract with your lender, you agreed […]
You’ve heard it time and time again: “Make sure you get your mortgage pre-approved.” But what exactly is a mortgage pre-approval and why do you need one? Do you even need one? Getting a mortgage pre-approved before you search for a home is an important step that many would-be homebuyers skip. By not skipping, you […]
Whether you’re buying or selling a home, you may come across what is known as an escalation clause. Simply put, this practice increases your bid on a home by a specified amount whenever there is a competing bid. However as simple as it sounds, there are a lot of rules and intricacies to follow and […]
When you sell your home, you may see some tax benefits and consequences depending on your situation. For some, sellers may see tax breaks, and for others, they may have to pay more taxes. Here are some common tax benefits and consequences of selling your home:
When it comes to buying a home, it’s sometimes best to leave your spouse off of the loan so you are able to obtain a home. Depending on your state, a non-purchasing spouse could have a huge influence on your ability to qualify for a home mortgage, regardless of if their name is on the […]