Mortgage lenders are bringing back a loan program called a 2-1 buydown or temporary buydown. These programs have been around for a while but only get dusted off when rates have recently increased. The buydown is a way to lower interest rates and buyers’ mortgage payments for the short term. The seller or builder typically …
Using a Temporary Buydown to Lower Housing Payments Read More »
Obtaining a home loan while self-employed has all the same steps and qualifying metrics as any other loan. We measure credit. We measure loan-to-value. We measure income, and we measure expenses. Qualifications are either inside the box or not. There is no subjectivity. In our experience, the most common obstacle for our self-employed clients is …
Home equity is at an all-time high. Borrowing money secured against your home can be a great way to consolidate debt and get cash for home improvements. When considering borrowing against your home’s equity, you typically have two options: you can do a full refinance and replace the existing loan or obtain a loan against …
When you apply for most traditional mortgages, you’ll hand the lender a stack of documents to prove your financial health and show you can repay the loan. If your income is hard to document, a No Doc loan might appeal to you. No Doc loans, as the name implies, require little to no documentation from …
Choosing a mortgage isn’t all that painful if you know the lingo. Once you’ve done some homework and nailed down a budget and down payment amount, and you’ve reviewed your credit, you’ll have a better idea of what loan works best for your needs. Here’s a primer on some of the most common types of …
What types of mortgage loans are available to you? Read More »