Category: Mortgage Tools-News

As a first-time buyer you want to make sure that you can get pre-approved for a mortgage before you start the process of looking at homes. The mortgage underwriting today is a full-documentation process where the lenders are looking at your deposit accounts, your federal tax returns, your credit score, verifying your income and your financial obligations. They are making sure that you are a safe borrower for them to lend money to.

Some Hurdles Getting a Mortgage – True Story as of January 2011.

I have a buyer whose income varies from year to year due to commissions/bonuses and his wife just graduated from medical school and has been working full-time for 6 months but is paid by 1099 (independent contractor). They have credit scores in the mid to high- 700’s. They also own some rental property which was

Rent vs. Own Calculator

Rent vs Own Calculator: Considering buying a house, but not sure it’s worth it for you in the long run? What is the best financial decision for you? Use this calculator to compare your renting costs against those of owning your own home.

Mortgage Pre-Qualification

Mortgage Pre-Qualification: So you’re pretty sure you really want to buy a home, but are you financially capable of it? There are many factors that you need to consider and balance while making this decision. This calculator will give you a good idea of whether you’ll qualify for a how much of a mortgage.

Monthly Payments

Monthly Payments: OK, you want to buy a house and you know you can get financing, but what is the true month to month payment you will need to be responsible for? This calculator will reveal how those house prices you see in the MLS break down so you can determine how much house will

Record Low Interest Rates + Lower Home Prices = ?

The current mortgage environment is seeing interest rates at the 4.5% for 30-year fixed mortgages. This has been the lowest rate for more than 40 years! Home ownership has never been better since depreciated values and record-low interest rates make the cost of owning a home the same or less than renting. The Chicago rental

Changes in Mortgage Underwriting: More Scrutiny

There are frequent changes being made to the mortgage underwriting process. Lenders are now looking at how recently an owner/seller purchased a property when reviewing a purchaser’s application for a mortgage to buy it. There are “anti-flipping” requirements which mandate that an owner own the property for a minimum of 90-days before a lender will

Financing Pitfalls

As a first-time buyer you want to make sure that you can get pre-approved for a mortgage before you start the process of looking at homes. The mortgage underwriting today is a full-documentation process where the lenders are looking at your deposit accounts, your federal tax returns, your credit score, verifying your income and your

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