Bella Mertz A mortgage cosigner takes on the responsibility of ensuring a mortgage loan is paid. Some borrowers need help from a more financially secure cosigner in order to qualify for a mortgage, and those who help out should understand exactly what theyre getting into. A cosigner can be anyone who promises to take on the responsibilities … Read more
A mortgage adverse action letter is a notice sent from a financial institution to a home loan applicant to inform them that their application was denied. Issuing the letter provides transparency to consumers about why their application was rejected and informs them of their right to dispute or request a copy of the report. The … Read more
Experian, TransUnion and Equifax now offer all U.S. consumers free weekly credit reports through AnnualCreditReport.com. You lost your job several months ago and are struggling to make ends meet. Your unemployment checks cover rent and food, but not your car payments—and your savings are running out. What would happen if you stopped paying your car … Read more
If you want to use a VA loan for second home, there are a few factors you will need to consider. To be honest, there are more than a few factors. On the plus side, it is possible to get a second home with a VA loan guarantee. On the minus side, it’s not as … Read more
The VA loan process is simple and straightforward and built to make homebuying accessible and affordable for Veterans. Getting a VA loan isnt significantly different from getting any other type of mortgage. For homebuyers, the VA loan has five basic steps: preapproval, house hunting, getting under contract, underwriting and closing. This process typically results in … Read more
When applying for a personal loan, one key factor to understand is the loan term. The term refers to the amount of time you have to repay the loan. Loan terms typically range from 1 to 7 years, but can vary depending on your financial situation and the lender. In this article, we’ll break down … Read more
Loan-to-cost (LTC) is a common metric in commercial real estate. Lenders use the loan-to-cost ratio to evaluate how much debt they will lend on a value-add or construction real estate project relative to its total cost. Itâs one of the main metrics CRE lenders use to determine how much risk they will take on for … Read more
Renovating your home can be an exciting project, but it can also be quite expensive Many homeowners take out a renovation loan to help finance large home improvement projects and spread the costs over time. But how exactly do these loans work? In this comprehensive guide, we’ll explain the ins and outs of renovation loans … Read more
The VA home loan program offers great benefits to eligible veterans, active duty servicemembers, and surviving spouses. A key requirement is that the borrower must intend to personally occupy the home as their primary residence. This article will break down the details of the VA occupancy rules so you can fully understand and meet the … Read more
Whether you are a first-time homebuyers or are re-entering the housing market, qualifying for a mortgage can be intimidating. By learning what lenders look at when deciding whether to make a loan, youll be more confident in navigating the mortgage application process. Standards may differ from lender to lender, but there are four core components … Read more