3 Things to Never Do With Your Down Payment

Mortgages

3 Things to Never Do With Your Down Payment

3 Things to Never Do With Your Down Payment

Buying a home generally requires a down payment. While there are programs which require no money down, most have more restrictive income requirements. For the purposes of the broader appeal, most homebuyers need at least a 3.5% down payment (plus closing costs) to get their foot in the door. In some markets, such as Sonoma... Read More

How to Buy a House When You Have Too Much Debt

Mortgages

How to Buy a House When You Have Too Much Debt

How to Buy a House When You Have Too Much Debt

When you fill out a mortgage application, lenders look for income to offset debt. If your monthly debt payments consume too much of your income, you may have a tough time qualifying for a home loan. Underwriting, which is the decision-making of whether or not to grant credit, determines what your income is with supporting documentation... Read More

4 Credit Tips for Buying a Home

Mortgages

4 Credit Tips for Buying a Home

4 Credit Tips for Buying a Home

This may come as a surprise, but you don’t need a perfect credit score to buy a home or get a mortgage. In some cases, your credit just needs to be sufficient. Good, bad, ugly or indifferent, as long as your credit score matches the criteria of the mortgage size and property type you are... Read More

Have a Massive Mortgage? Here Are Some Tips for Refinancing

Mortgages

Have a Massive Mortgage? Here Are Some Tips for Refinancing

Have a Massive Mortgage? Here Are Some Tips for Refinancing

If you’re looking to refinance your home and pull out funds for home improvement, there’s good news. Lending guidelines were recently loosened on cash-out refinance transactions. Here’s what you should know if your loan size exceeds $417,000. First off, it’s going to cost more. Here’s why: When a mortgage loan exceeds this threshold, it moves... Read More

Is an Adjustable-Rate Mortgage Right for Me?

Mortgages

Is an Adjustable-Rate Mortgage Right for Me?

Is an Adjustable-Rate Mortgage Right for Me?

Adjustable-rate mortgages, where the interest rate is subject to change according to market fluctuations and terms, may make certain borrowers wary, particularly following the Great Recession. But there are times when this mortgage type may be right for you. Here are some things to consider if you’re looking for a short-term home loan and are... Read More

Is Buying a Fixer-Upper Worth It?

Mortgages

Is Buying a Fixer-Upper Worth It?

Is Buying a Fixer-Upper Worth It?

These days, true fixer-uppers are few and far between. A more exuberant housing market has severely depleted the post-recession inventory of foreclosures and distressed homes. Still, there’s a chance you’ll stumble upon a property whose appearance is not quite as dreamy as its price tag. Here are some things to consider if the affordable home... Read More

Do You Understand Your Mortgage’s Fine Print?

Mortgages

Do You Understand Your Mortgage’s Fine Print?

Do You Understand Your Mortgage’s Fine Print?

When shopping for a mortgage, it’s critical to have a general understanding of how points affect your mortgage rate and payments, and ultimately connect to your bottom line. Below are some guides to help you identify your net tangible benefit on a home loan. Points When you pay points, you are paying a premium to... Read More

Show Me More by Scott Sheldon

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