“Can I Use My Equity To Buy Another House?”
Buying a second home is a dream come true for many. Whether it’s a retirement home, a vacation home, or your first step toward real estate, investing in a second property is a notable achievement in your portfolio. Like a first-time home purchase, a second property requires a down payment, and many consider using their home equity as seed money for funding the investment. The short answer to whether you can use your home equity to buy another home is yes, you can. Let’s look
Is Buying a Foreclosure Smart for a First-Time Buyer?
If you are looking to buy a home but are worried that you can't afford monthly payments, why not consider a foreclosure as your first home? A foreclosed home is usually owned by a bank or lender and sold at prices way below its market value. Who knows, you may just hit the jackpot by purchasing a residence that would have been out of your price range. We share the top reasons you should consider foreclosed properties as a first-time buyer. How Buying a Foreclosure Works A for
"How Do I Get a Mortgage Loan If I'm Self-Employed"
We know that getting a mortgage as a self-employed individual can be more challenging than a W2 employee. This is not a reason, however, to let go of your dream to own a house. Follow our tips below for a smooth mortgage approval experience as a self-employed home shopper. What Lenders Are Looking For? Self-employed home buyers submit the same application forms as everyone else, the only difference is lenders have more rigorous requirements when it comes to proof of income. I
Can I Be Turned Down A Home Loan After Pre-Approval?
When it’s time to purchase a home, one of the first things you should do is get pre-approved for a home loan. In this highly competitive market, mortgage pre-approval is “the ace up your sleeve” because it emphasizes that you are serious about buying a home and have the finances to back you up. While having a pre-approval letter gives you an advantage at the negotiating table, it’s not a guarantee that you’ll close the loan. That said, it may surprise you to learn that lender
How Do Mortgage Lenders Decide How Much You Can Borrow?
When you apply for a loan, your mortgage lender informs you of the maximum amount you can borrow, and this will help you get an idea of how much house you can afford. The question most buyers ask is how they reach this amount and what factors influence their decision? Read on to understand the most common factors that lenders look at to know how much you can borrow. Factors That Lenders Use To Determine Loan Amounts Gross Income Most lenders prefer monthly mortgage payments d
Which One Is Better? An FHA Or Conventional Loan?
Dreaming about your first home purchase but still be undecided on whether to choose an FHA loan or conventional loan? While both are popular choices for those looking for a low down payment, some differences may make one loan a better option than the other. This article will give you an idea of how they differ and give you insight as to which loan may work best in your situation. What is an FHA loan? An FHA loan is insured by the Federal Housing Administration. Lenient qualif