It is unlikely that an unconventional job will hurt your mortgage approval, as long as you can demonstrate a consistent and stable income stream that meets the lender's requirements. Lenders are primarily concerned with your ability to repay the mortgage, and they will evaluate your income and employment history to determine whether you are a suitable candidate for a loan. It's also worth noting that the type of property you are seeking to purchase, as well as your credit history, debt-to-income ratio, and other financial factors, will all play a role in the lender's decision. So while an … [Read More...]
Last week’s economic news included readings on new and pending home sales and inflation. The final monthly reading for May consumer sentiment was released along with weekly readings on mortgage rates and jobless claims. Shortage of previously-owned homes for sale directs buyers to new homes Homeowners weren’t in a hurry to sell their homes due to the low mortgage rates they obtained during the pandemic. Current mortgage rates are higher than pandemic-era rates, which influenced homeowners to stay in their homes and keep their lower existing mortgage rates. Home buyers turned to new … [Read More...]
Whether or not to help your kids pay for their mortgage is a personal decision that depends on your financial situation, your relationship with your children, and your beliefs about financial independence. It's important to evaluate your own financial situation before deciding whether to help your kids pay for their mortgage. Make sure that you can afford to provide financial assistance without jeopardizing your own financial security. Your relationship with your children can also be a factor in your decision. If you have a close relationship with your children and want to help them achieve … [Read More...]
A bridge loan, also known as interim financing, is a short-term loan used to provide temporary financing until a borrower secures long-term financing or sells an asset. Bridge loans are commonly used in real estate transactions, such as when a buyer needs to close on a new home before selling their current home. Bridge loans are typically secured by the borrower's current property, which serves as collateral. The amount of the loan is determined by the equity in the borrower's property and the value of the property they are purchasing. The loan is intended to bridge the gap between the … [Read More...]
Last week’s economic reporting included readings on U.S. housing markets, sales of previously-owned homes, housing starts, and building permits issued. Weekly readings on mortgage rates and jobless claims were also released. NAHB: U.S. Home Builder Confidence Rises in May The National Association of Home Builders reported a five-point gain in home builder confidence in current housing market conditions in May. The index reading for May rose to 50 in May as compared to April’s reading of 45. Analysts expected a reading of 45 for May. Readings above 50 indicate a majority of home … [Read More...]
"Cash to Close" refers to the total amount of money that a homebuyer needs to bring to the closing table to complete the purchase of a property. It includes the down payment, closing costs, and other fees associated with the home purchase. How is it Calculated? The cash to close amount is calculated by subtracting any applicable credits, such as earnest money or seller contributions, from the total amount of funds needed to complete the transaction. The resulting figure represents the final amount of cash that the buyer needs to bring to the closing. It's important for homebuyers to carefully … [Read More...]
