It’s exciting to finally have no more mortgage payments. Is it possible to obtain a new mortgage to fund other purchases now that you have so much equity in your house? You bet you can. Lenders are happy to provide you with a loan for other purposes using the real estate equity you have accrued … Read more
For eligible rural homebuyers, there is a mortgage option known as a USDA home loan. For low-income borrowers, this mortgage with no down payment features competitively low rates and benefits like waived mortgage insurance. Rural Development Guaranteed Housing Loan Program of the U.S. issues USDA mortgages. S. Department of Agriculture. Potential homebuyers may find this … Read more
Your mortgage payment for a $778k house will be $5,180. Based on a 10% down payment ($78k) and a 5% interest rate. This includes anticipated home loan insurance premiums, hazard insurance, and property taxes. How Much Income Do I Need for a 700k Mortgage? To qualify for a $700,000 mortgage, you must earn $259,022 per … Read more
In the summer of 2021, the FHA modified its regulations to stop calculating a borrower’s debt-to-income ratio using 1% of their outstanding student loan balance. Under an income-based repayment plan, lenders can now use the borrower’s actual student loan payment. You have been told in the past that your student loan debt will prevent you … Read more
If you’re considering buying a home, you may want to explore the option of assumable mortgages. An assumable mortgage is one in which the current homeowner transfers the mortgage balance to the buyer. This can be an attractive option for buyers, as they may be able to get a lower interest rate than they would … Read more
Accidents are never desired, but sometimes they are unavoidable. Accidents always occur, whether from temporary distractions or hazardous driving conditions caused by the weather. But what happens if you total a car without insurance?. Your collision insurance will cover the cost of any necessary car repairs if you cause an accident. In the event that … Read more
Resources to assist industry participants in comprehending, putting into practice, and adhering to Regulation X and the Real Estate Settlement Procedures Act (RESPA). On Oct. Frequently Asked Questions (FAQs) regarding RESPA Section 8, and its application to Marketing Services Agreements as well as to Gifts and Promotional Activities were published by the Bureau on April … Read more
To qualify for a home loan with Fannie Mae, you cannot currently have deferred student loan payments. There are several techniques your lender can employ to determine what payment will be used for qualifying purposes if you are still enrolled in school and are not currently making payments on your student loans. Fannie Mae recently … Read more
Note from the Editor: This article’s content is solely based on the author’s opinions and suggestions. It might not have received approval from any of our network partners through reviews, commissions, or other means. A non-QM loan may be worth considering if your income or credit history don’t meet the strict requirements of standard mortgage … Read more
Note from the Editor: This article’s content is solely based on the author’s opinions and suggestions. It might not have received approval from any of our network partners through reviews, commissions, or other means. Whether you sell it for a windfall, keep it as a home or a rental property, or keep it as a … Read more