Something we often hear from clients is they waited longer to get pre-approved than they needed to when starting to shop for their first home. Common misconceptions about the pre-approval process are that it costs money, hurts your credit, and/or commits you in some way to getting a loan with that lender. In most cases, …
Like last year, the limits are increasing again. While the FHFA’s official announcement isn’t until November, we have many lenders allowing us to use higher loan limits now. Lenders are using $625,500 for one-unit properties as the standard balance and over $937,500 on high balance loan limits. An increase in the conforming loan limit means more homebuyers …
Having a good credit score is essential to passing many of the financial milestones of life. One being securing a low interest rate on a mortgage for a house. If you have little or no credit history or someone who’s been delinquent on their debt payments in the past, one tip to help build your …
So, you’re self-employed and want to get a mortgage. For traditional W2 employees, this process is pretty cut and dry. But for self-employed borrowers (contractors, freelancers, or independent business owners) the process can be a bit more complicated. Here’s why: The mortgage industry was designed to accommodate conventional W2 employees. Salaried workers are considered to …
Here’s how to get a mortgage if you’re self-employed Read More »
In recent years, a popular adjustable rate mortgage option has been a 7/6 ARM and has become more widely available. With a 7/6 ARM, you’ll still have a fixed interest rate for the first seven years of the loan. After that term, your rate is readjusted every six months. These semi-annual rate adjustments are determined …