tag:blogger.com,1999:blog-50763216675910570382024-11-01T03:45:06.088-07:00Mortgage Jivehttp://www.blogger.com/profile/05238177683369572671noreply@blogger.comBlogger163125tag:blogger.com,1999:blog-5076321667591057038.post-22821799798337748862014-10-22T11:30:00.000-07:002014-11-03T20:02:02.216-08:00

We briefly mentioned some of the things that you may need to bring with you before you start your application, but here is a more detailed list of the information mortgage lenders will use to consider your loan application. For all loans: Social Security Number, for borrower and co-borrower if any Employment History for the last two years, employment dates, addresses, salary. Current pay stubs

Mortgage Jivehttp://www.blogger.com/profile/05238177683369572671noreply@blogger.com0tag:blogger.com,1999:blog-5076321667591057038.post-82680947756990224772014-10-01T11:30:00.000-07:002014-11-03T20:02:16.172-08:00

Before they decide on the terms of your loan, lenders want to know two things about you: your ability to repay the loan, and if you will pay it back. To assess whether you can pay back the loan, they look at your income to debt ratio which we talked about last week. In order to assess your willingness to pay back the loan, they look at your credit score. To learn how to improve your

Mortgage Jivehttp://www.blogger.com/profile/05238177683369572671noreply@blogger.com0tag:blogger.com,1999:blog-5076321667591057038.post-71480545278093327492014-09-10T11:30:00.000-07:002014-11-03T20:02:37.851-08:00

The debt to income ratio is a formula lenders use to determine how much of your income is available for a monthly mortgage payment after you meet your other monthly debt payments. This is an important aspect of the mortgage application process. Without a good number, you won't be able to qualify for your new home. About your qualifying ratio: Typically, underwriting for conventional mortgages

Mortgage Jivehttp://www.blogger.com/profile/05238177683369572671noreply@blogger.com0tag:blogger.com,1999:blog-5076321667591057038.post-47570844543712885782014-08-20T11:30:00.000-07:002014-11-03T20:02:54.201-08:00

Last week we discussed the basic information that you would need to bring with you in order to begin filling out your mortgage application.  Among those things is proof of your employment and income. These are very important things to lenders. Your ability to make the monthly payments on the mortgage and to afford the costs associated with owning a home are vital to the approval process.

Mortgage Jivehttp://www.blogger.com/profile/05238177683369572671noreply@blogger.com0tag:blogger.com,1999:blog-5076321667591057038.post-82289490885676200322014-07-23T11:30:00.000-07:002014-11-03T20:03:12.138-08:00

Are you planning on purchasing a home soon?  When applying for a loan or a mortgage, there is a lot of information that you will need to fill out the forms. You can't get the loan until you are approved and that can be a very intense process for some. We are here to make it more simple for you. Here are the basics of what you need to know prior to starting the loan application process:

Mortgage Jivehttp://www.blogger.com/profile/05238177683369572671noreply@blogger.com0tag:blogger.com,1999:blog-5076321667591057038.post-8361387206694548402014-06-18T12:00:00.000-07:002014-11-03T20:03:29.171-08:00

Have you ever heard the pearl of wisdom that states you should only consider refinancing if the new interest rate is at least 2 points lower than your current one? Maybe that was good advice several years ago, but since refinance costs have been falling recently, it could be a good time to take a serious look. A refinanced loan is often worth its cost many times over, considering the

Mortgage Jivehttp://www.blogger.com/profile/05238177683369572671noreply@blogger.com0tag:blogger.com,1999:blog-5076321667591057038.post-10531169620517700842014-04-09T11:30:00.000-07:002014-11-03T20:03:45.241-08:00

This is the last tax tip in this series of posts. Thank you for reading. If you have more questions, we urge you to seek the counsel of an experienced tax professional. #7:  Home Equity Loans Unfortunately in this economy, people sometimes need to take out a home equity loan to pay for things other than their home that they couldn't normally afford, such as tuition. Can you get a tax break

Mortgage Jivehttp://www.blogger.com/profile/05238177683369572671noreply@blogger.com0tag:blogger.com,1999:blog-5076321667591057038.post-48433868129117951262014-04-03T11:30:00.000-07:002014-11-03T20:04:13.624-08:00

#6 - Mortgage Discount Points Sometimes people choose to pay a point toward their mortgage upfront at closing so they can get a lower interest rate. Each point is the equivalent of 1 percentage of your loan. This can save you money in the long run, even if it doesn't go toward actually paying off the loan. Many people do this. If you opted to go this route too, you may able to deduct them if

Mortgage Jivehttp://www.blogger.com/profile/05238177683369572671noreply@blogger.com0tag:blogger.com,1999:blog-5076321667591057038.post-85387498219686548252014-03-25T11:30:00.000-07:002014-11-03T20:04:33.988-08:00

#5 - Home Damage Caused by a Disaster If your home experienced damage from a disaster, such as a tornado, hurricane or fire, you may be able to deduct the amount that was not reimbursed by your home insurance. To find out how much you are able to deduct, first figure out what your Adjusted Gross Income is. This refers to the amount that you will actually be taxed on after you subtract all of

Mortgage Jivehttp://www.blogger.com/profile/05238177683369572671noreply@blogger.com0tag:blogger.com,1999:blog-5076321667591057038.post-20501317361994005962014-03-13T11:30:00.000-07:002014-11-03T20:04:58.660-08:00

#4 - Energy Efficient Home Improvements Did you have a big remodeling project this year? You may be able to deduct some of those expenses if they were energy-efficient improvements by way of the Nonbusiness Energy Property Credit. Doing things like installing insulation, new windows or furnaces qualify. However, you can only claim $500 over your lifetime. If you have installed a solar

Mortgage Jivehttp://www.blogger.com/profile/05238177683369572671noreply@blogger.com0tag:blogger.com,1999:blog-5076321667591057038.post-9139424018924429622014-03-06T11:30:00.000-08:002014-11-03T20:05:19.953-08:00

#3: Paying Property Tax If you own a home, you were definitely responsible for property tax. The good news is that it is deductible. You usually pay these taxes as part of your monthly mortgage payments, so your lender will have all the information you need spelled out on your annual statement. Sometimes real estate taxes can be deducted on your federal tax return whether they are deductible

Mortgage Jivehttp://www.blogger.com/profile/05238177683369572671noreply@blogger.com0tag:blogger.com,1999:blog-5076321667591057038.post-36637972625865004262014-02-20T11:30:00.000-08:002014-02-20T11:30:01.255-08:00

With the tax deadline around the corner, we thought we would provide a few homeowner-related tax break tips over the next couple weeks that may help you. #2: Paying Interest on a Mortgage Your lender will be sending you a 1098 form that details how much interest you paid last year. Most likely your loan is less than $1 million (or $500,000 for those married but filing separately). In that

Mortgage Jivehttp://www.blogger.com/profile/05238177683369572671noreply@blogger.com0tag:blogger.com,1999:blog-5076321667591057038.post-49341558803049700942014-02-13T11:30:00.000-08:002014-02-13T11:30:00.286-08:00

The tax season is now upon us. We will be posting homeowner-related tax break tips over the next couple weeks that may help you. #1: Selling your home and making a profit: Congratulations! This is hard to do in this economy. Selling your home for more than you paid gives you a "capital gain". This gain that you made on your home is exempt from income taxes as long as you meet the following

Mortgage Jivehttp://www.blogger.com/profile/05238177683369572671noreply@blogger.com0tag:blogger.com,1999:blog-5076321667591057038.post-47431872578593155162014-01-24T11:00:00.000-08:002014-01-24T11:00:00.455-08:00

How can you improve your credit score? It's virtually impossible to change your score in the time between when most people decide to buy a home or refinance their mortgage and when they apply. So the short answer is, you really can't do so "on the spot." But there are strategies you can live with to make sure when you apply for a loan your score is as high as possible. Make sure that the

Mortgage Jivehttp://www.blogger.com/profile/05238177683369572671noreply@blogger.com0tag:blogger.com,1999:blog-5076321667591057038.post-8679306113194476912014-01-22T11:40:00.001-08:002014-01-22T11:40:34.098-08:00

When you have found the perfect home and are ready to go through the mortgage process, you will need to contact a loan originator. What many people don't know is that there is a big difference between a State-Licensed Mortgage Loan Originator and one that's only been registered. If they have been state licensed, then they've also passed a series of exams and received their own NMLS number. If

Mortgage Jivehttp://www.blogger.com/profile/05238177683369572671noreply@blogger.com0tag:blogger.com,1999:blog-5076321667591057038.post-89077008670805061082014-01-16T12:00:00.000-08:002014-01-16T12:23:26.349-08:00

Is your family growing? Are you tired of renting and would like to own your home? Now would be a great time to buy! Once you find that perfect new house, next comes applying for a home loan so you can officially purchase it. To do that, there are a few things you will need first. 1.) Check your credit score. In order to apply for a loan, your credit will be checked to ensure that you are

Mortgage Jivehttp://www.blogger.com/profile/05238177683369572671noreply@blogger.com0tag:blogger.com,1999:blog-5076321667591057038.post-17729142957834386822014-01-10T13:30:00.000-08:002014-01-16T12:23:13.408-08:00

HARP is a federal government program that was introduced in March 2009. It is designed to help homeowners who are underwater with their mortgage payments. It allows them to refinance their home into a fixed loan with a lower monthly payment, thus avoiding foreclosure. In October 2011, President Obama announced a change for HARP that would allow it to reach even more underwater homeowners. It

Mortgage Jivehttp://www.blogger.com/profile/05238177683369572671noreply@blogger.com0tag:blogger.com,1999:blog-5076321667591057038.post-81781138089732758962014-01-08T13:30:00.001-08:002014-01-16T12:23:57.084-08:00

For the past 6 years, Americans have had access to a mortgage forgiveness tax break that was designed to help those who lost their homes in a foreclosure. However, when 2013 ended, so did this tax break and Congress is under fire for allowing it to slip past them without an extension. This is particularly bad news for struggling homeowners who could have continued to benefit from it. Without

Mortgage Jivehttp://www.blogger.com/profile/05238177683369572671noreply@blogger.com0tag:blogger.com,1999:blog-5076321667591057038.post-40927904730184280012014-01-04T12:46:00.000-08:002014-01-16T12:24:28.188-08:00

What are the reasons and benefits of refinancing?  • Lowering your interest rate: Securing a lower interest rate is one of the top reasons for refinancing. This can make a big difference in your monthly out-of-pocket costs for housing and save money on financing fees.    • Convert a an adjustable rate mortgage to a fixed term: converting an ARM to a fixed rate mortgage will

Mortgage Jivehttp://www.blogger.com/profile/05238177683369572671noreply@blogger.com0tag:blogger.com,1999:blog-5076321667591057038.post-78201954722432610112014-01-03T14:44:00.000-08:002014-01-16T12:25:05.366-08:00

Technically, it itself is not a loan. Rather, it means that the Federal Housing Administration has your back. They will insure your loan even if you have fair or poor credit, a low down payment (at least 3.5%), or have experienced bankruptcy or foreclosure. This makes lenders more inclined to help you out and offer you a loan because it reduces their risk of loss if you default on your

Mortgage Jivehttp://www.blogger.com/profile/05238177683369572671noreply@blogger.com0tag:blogger.com,1999:blog-5076321667591057038.post-17995917195019798222014-01-01T07:30:00.000-08:002014-01-01T07:30:00.913-08:00

According to the National Association of Realtors, the month of November saw some stabilization where pending home sales are concerned. They received a slight gain. There were also some monthly increases in the South and the West that managed to make up for certain declines in the Northeast and the Midwest. Have you ever heard of the Pending Home Sales Index? Well, if not, it is based on

Mortgage Jivehttp://www.blogger.com/profile/05238177683369572671noreply@blogger.com0tag:blogger.com,1999:blog-5076321667591057038.post-45026153787579127292013-11-15T07:00:00.000-08:002013-11-15T07:00:01.218-08:00

Good news! It is predicted that through 2014, existing-home sales are expected to stay on the up and up! 2013 has been a great year full of healthy gains and that momentum looks like it will continue. According to the National Association of Realtors (NAR), existing-home sales have show a 20% cumulative increase over the past two years! Home prices have gained 18% too! “We’ve come off of record

Mortgage Jivehttp://www.blogger.com/profile/05238177683369572671noreply@blogger.com0tag:blogger.com,1999:blog-5076321667591057038.post-12101098571906834812013-11-12T15:56:00.000-08:002013-11-12T15:56:25.768-08:00

Recently, a group of realtors pinpointed the biggest issues that are currently impacting the housing market. These are issues that could have consequences for homeowners, realtors and mortgage professionals alike! Right now, the biggest issue concerns interest rates. Historically, low interest rates have always driven the economy and in turn the real estate markets. Since the rates have

Mortgage Jivehttp://www.blogger.com/profile/05238177683369572671noreply@blogger.com0tag:blogger.com,1999:blog-5076321667591057038.post-69962124739913548542013-11-05T10:03:00.001-08:002013-11-05T10:08:01.898-08:00

According to a study by the National Association of Realtors (NAR), there are still some unnecessarily restrictive mortgage lending standards in place that are not allowing some singles and first-time buyers to financially qualify for a home. These tend to have to do with tight credit requirements. Since 1981, NAR has been evaluating the demographics, preferences, motivations and plans of those

Mortgage Jivehttp://www.blogger.com/profile/05238177683369572671noreply@blogger.com0tag:blogger.com,1999:blog-5076321667591057038.post-4999173566030867582013-10-20T12:18:00.004-07:002013-10-20T12:18:52.098-07:00

As the government shutdown is nearing its end and its employees have a chance to get their jobs back, many are wondering about the effects that the shutdown has had on the mortgage industry. Beyond those who were furloughed being unable to make money, many others were unable to purchase homes or get a mortgage due to the IRS being unable to process the 4506-T form. Additionally, USDA loans were

Mortgage Jivehttp://www.blogger.com/profile/05238177683369572671noreply@blogger.com0