Reverse Mortgages are financial arrangements that allow you to live off of their equity in your house. While these are not recommended for people who have enough to live comfortably or who have little or no equity in their house, it can be hugely helpful to others. In a perfect world, everyone would be able to retire […]
Updates to the types of information that the major credit reporting firms use in creating a credit score could soon improve the scores for millions of Americans. The three firms, Equifax, TransUnion, and Experian recently decided that they would no longer use certain negative reports in their credit scores. Specifically, Tax liens and Civil Judgments […]
A little known fact is that collection companies have to abide by a set of laws when collecting debts, which are laid out in the “Fair Debt Collection Practices Act.” If you want a collection agency to stop contacting you, the next time you are on the phone with them, politely say: “Per the Fair […]
Downsizing can truly mean “less is more.” If you are a homeowner and considering a lifestyle change, following are the top 3 benefits of downsizing from a larger to a smaller home. $250,000 to $500,000 Home Sale Tax Exclusion! The Home Sale Tax Exclusion is one of the last remaining incredible tax benefits out there today! […]
Qualifying for a home loan IMMEDIATELY following a short sale, foreclosure, bankruptcy and loan modification is now possible. Waiting periods have plagued home buyers looking to qualify for a home loan following a credit issue ranging from 2-7 years. If the credit issue was related to severe medical issues, acts of god, or for reasons […]
What does “impounding” mean? Impounding: Including your property taxes and insurance payment along with your monthly mortgage payment. Not impounding: Paying the property taxes and insurance once a year on your own. What should YOU do? The answer more or less depends on your personality: Are you the type of person who does not want to think about paying […]
If you are interested in purchasing a home and qualifying for a mortgage, it’s always a good idea to get pre-approved before shopping for a property. Here are the pre-approval documentation essentials to complete a pre-approval: Completed loan application Last two years’ personal federal tax returns, complete with all schedules attached Last two years’ W2’s and 1099’s […]
If you don’t know the difference between pre-approval vs. pre-qualification, don’t feel bad. Many loan officers and realtors don’t know the difference either. Technically there is a difference, although most of the time it’s just semantics. What is Pre-Approval? Your loan officer received and reviewed all income and asset documentation. A loan application was input […]
Coming up with the down payment and closing costs can be challenging enough, but did you know that not all of the money you plan on using to buy a property can necessarily be used? Here are the top 5 non-allowable funds (with few exceptions) when financing a property: • Cash • Funds coming out of a business bank account […]
Home buyers interested in purchasing a condo or townhouse must be aware that not all condo or townhouse projects qualify for financing. The project must meet certain minimum standards to qualify for financing. If you are interested in purchasing a condo or townhouse, here are the top 4 things you need to know about ANY condo or […]
