Self-employment is both challenging and rewarding as you have a higher ceiling to boost your earnings. You are more in control of your success. Instead of growing somebody else’s company, you get to enjoy the growing phase of your own business. However, even when you boost your income as a […]
It is much more than just mortgage rates & saving a few hundred bucks on closing costs. Time could also cost you money. Mortgage brokers and banks are fundamentally distinct in multiple ways. A bank “sells” its own suite of loan products direct to consumers. A mortgage broker has access […]
Recently, a new loan program came out whereby the borrower does NOT have to be employed. In fact, there is no employment or income information on the application. This is almost a true “No Doc” loan and ideal for borrowers who have substantial liquid assets in a financial institution. It […]
With the new Dodd-Frank rules, it has impacted hundreds of thousands of legitimate self-employed borrowers from getting a residential home loan. It has for the most part taken away stated income loans on primary residences, although portfolio lenders do still have it available only to California borrowers who can provide […]
Let’s look at how this would work with your mortgage balance. Example: A homeowner with stellar credit owes $150,000 at 4.75% and is paying $782.47 on a refinance they did just 6 months ago. They discover that their creditors are offering a balance transfer offer up to $25,000 on two […]
The Federal Home Administration is being accused by the National Association of Realtors of making the costs of their mortgage insurance too excessive which has effectively eliminated hundreds of thousands of consumers from the home buying pool. HUD’s strategy of repeatedly raising the FHA MIP is lowering the amount of […]
The short answer is Yes, but with an attached disclaimer. No matter if the mortgage insurance premium (MIP) is added to the mortgage or paid with cash by the borrower, the tax deduction is not affected. The Important Details Borrowers who have FHA loans are allowed a tax write-off on […]
The short answer is YES you can. However, it will not be with a no income verification loan. The days of stated income and falsifying your income are pretty much gone for owner occupied properties, yet they still exist for investment properties and commercial real estate. The government feels that […]
If you and your spouse have a joint home mortgage, refinancing your mortgage before divorce proceedings might be the best choice financially. This type of scenario has a few choices. The first is to put the home up for sale and divide the assets or debt. The second choice is […]
Is HARP available on Loans over $417,000? NO, loans greater than $417,000 are categorized as jumbo loans. HARP was made to help borrowers who are underwater on Fannie Mae and Freddie Mac loans. I Qualify for HARP but the Bank/Lender will not do the loan? Unfortunately some lenders have stricter […]