Tagged : Mortgage & Financing

Found 3 blog entries tagged as "Mortgage & Financing".

I’ve received that question numerous times over the past several years being in the mortgage industry. The question does make sense – as long as income from a job is coming in on a regular basis, why does it matter if someone is self- employed, a W2 employee, or a 1099 contract worker?

Unfortunately, for the self-employed or individuals paid on a commission or bonus structure, it does matter. Why? Due to the up-and-down nature of running a business or income based on monthly/annual performance, underwriters want to see a historical record of income that is earned over the course of up to two years.

Unless you are a W2 employee whose salary will be the same every month regardless of the economy or sales, the only way to document your income is

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4 Things You Need to Know When Qualifying For a Mortgage

Unfortunately, many so-called experts have led the public to believe that qualifying for a mortgage in today’s environment is extremely difficult.  In reality, although the documentation for mortgages is as extensive as ever, qualifying for a mortgage isn’t really any more difficult than in past years.  

During the housing boom of the early 2000’s, many firms rolled out all kinds of creative financing options for prospective homebuyers.  Stated income loans, sub-prime loans, etc. were just a few ways homebuyers could finance with minimal paperwork or qualifications. These niche products played a role in the mortgage meltdown and as a result, are no longer available in the marketplace.


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The Trends In Mortgage Rates

Mortgage interest rates have been trending upward for the last few months and every data point suggests that the historic lows of 2012 will not be seen again. 

Consumer confidence has been on the rise since the end of the recession, with a dip in 2012 and another dip in January of this year.  What has not yet happened is a slight correction for interest rates and stock prices that almost all analysts agree will happen before interest rates continue their upward run.  Predicting when that will happen is anybody’s guess.  If you are considering purchasing or refinancing, now is the time to act. 

According to Fannie Mae’s 3rd Quarter Financial Report, only 21% of their portfolio was originated in 2012.  That means that

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