How to Write a Letter of Explanation | Template & Examples
When you’re asked to write a letter of explanation by a mortgage underwriter, look at this as a valuable opportunity to clearly communicate your situation. Standard mortgage forms…
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Home Buying
Paying Cash for a House : Reimbursement via the “Delayed Financing” Cash Out Refinance
Many home buyers find themselves in situations where they want or need to pay cash for a home. Delayed financing lets them get some or all of that…
How To Compare Mortgage Lenders & Why It Matters
When a first-time homebuyer hears the word “mortgage,” they don’t often think of it as a product. The idea they can comparison shop for one seems strange. Isn’t…
Buying a Fixer Upper: What Kinds of Fixer Upper Loans are Available?
There are quite a few loan options available to buy fixer-upper homes. The main fixer-upper loan choices covered here are FHA, VA and conventional mortgages. “By buying a…
When Is an Adjustable Rate Mortgage (ARM) a Good Idea?
When is an adjustable-rate mortgage (ARM) a good idea? Why not just take a fixed rate and not worry about what rates might do in the future? That’s…
Buying A House with Student Loan Debt: The Complete Guide
Can you buy a house with student loan debt? If you’re buying a house with student loan debt, there are ways to get a mortgage. That holds even…
USDA Income Eligibility | How Much Can You Make and Get a USDA Home Loan?
There is hope for borrowers who cannot get a conventional loan and have low to moderate income. The USDA loan program offers no-down-payment, 100 percent financing through a…
Income Types Mortgage Lenders Accept
Borrowers with unique circumstances can still qualify for a mortgage. Many lenders work with unusual borrowers and may count tips, seasonal pay and, in limited cases, unemployment income.…
Buying a Home for a Disabled Adult Child
Typically, buyers get better interest rates and mortgage terms on an “owner-occupied” property, meaning one they plan to live in. But that’s a real barrier to anyone who…
Cosigning a Mortgage for an Adult Child
Even if your adult child is hardworking and responsible, they may be struggling to get a mortgage. The problem could be their lack of credit history, strict lending…