Summary - jump ahead to any section by clicking on these links: 1. Document Overtime, Bonus, Second Job & Commission Income 2. Season and Source Funds to Close 3. Previous Mortgage included in Bankruptcy Tips for Avoiding Surprises during the Home Buying...
There's more to purchasing your first home than saving a down payment. Many fees are associated with the mortgage application process, commonly bundled under the term "Closing Costs." Among these fees is the mortgage origination fee. What is a Mortgage Origination...
Buying a home is an exciting experience, especially near the end when you’ve got all the elements lined up like neat dominoes, ready to fall in place at the closing table. But like a string of dominoes, a single misplaced tile breaks the chain, taking you back to...
When you apply for a personal loan, auto loan, or mortgage, your lender will want to verify your identity, employment, income, credit, and assets. Being prepared with the documents that demonstrate your creditworthiness will not only help you to complete the...
For most people, taking care of student loan debt is one of the biggest challenges to overcome before beginning their homebuying journey. In 2022, 43% of homebuyers reported student loan debt as an expense that delayed their ability to save for a home, according to...
You have successfully been pre-approved for a mortgage loan due to sensibly handling your finances. Jeopardizing your hard work with a few careless activities before closing on your new home would be a mistake. Avoid doing any of these activities until you have the...
Getting approved for your first mortgage loan can be challenging. More than a third of respondents to the Maxwell 1H 2022 Millennial and Gen Z Borrower Sentiment Report had been previously denied a mortgage. By being prepared, you can reduce the odds of having your...
While nearly all industries have lingo and jargon, not all industries are as likely to impact your life as is the mortgage industry. Basically, if you want to buy a house, you will likely need a mortgage. Knowing a bit about the common acronyms and jargon of the...