When it comes to bonus income there are a few things to be aware of when you are getting a mortgage… 1) We can’t use bonus income or overtime income unless you can prove you have been receiving this income for 2 years. 2) The employer has to indicate that the bonus or overtime income…
If there is something in your tax returns that is preventing you from getting a mortgage – here’s a tip… If you are a W-2 employee in almost all cases you won’t need to provide tax returns to get a loan. We would just need paystubs, and W-2’s. …No tax returns. It’s true! That’s it…
A good credit strategy is important. Knowing simple things to implement to improve your credit scores is half the battle. Here are a few easy ways to improve your credit scores… 1) Did you know a single credit card late payment can ding your score by as much as 60 points? a) Helpful strategy –…
Did you realize I can do Jumbo cash out loans on Texas owner occupied properties? This would fall under the Texas Cash Out Program. …also called the Texas A6 loan. I can tell you most lenders don’t do Texas Cash Out Loans on Jumbo loans. They will stop at the conforming limit ($417k in Texas).…
Today at 2pm ET the Fed will release the minutes of their meeting. People will be looking for clues on the Fed’s thoughts about potentially hiking rates at the September and December meetings. If the thought is there won’t be a hike coming soon, then the bond markets will continue with lower rates. However, if…
One of the most important things you will have to do when you apply for a loan is to show that you have the money for the down payment. This is called sourcing in the mortgage industry. For instance, the down payment on an FHA loan is 3.5%. If the seller is paying your closing…
Last Friday the Non Farm Payroll report came out and showed job growth that exceeded estimates. This caused a Bond sell off, and resulted in higher mortgage interest rates Friday afternoon. Rates are still low, and if you are considering refinancing I would recommend doing so right now. We will see how the market behaves…
Paying extra on your mortgage can really shave years off your mortgage. …and, save you a ton of interest. I created the table below to illustrate the savings. This is based on a 30 year $100,000 mortgage at 4% interest. Extra Payment Monthly Years Saved Off Mortgage 0 …
A weak GDP report helped drive demand for bonds last week. This pushes bond prices higher and rates lower. So, we are still enjoying very low rates right now. A good time to refinance to lower your rate or payment, or lower then number of years left on your mortgage. If you would like to…
You may have been told by your loan officer that you have to remove the disputes from your credit before they can underwrite your loan. For Conventional loans there is really no way around this. You will have to remove them. However, for FHA loans you don’t necessarily have to remove them. This is true…