A Mortgage Pre-Approval Letter: How Long Does It Last?

Buyers need to make sure they are competitive when they make an offer on a house. One of the ways to do that is to get a pre-approval letter. What does this mean, and how long does it last? What Is Mortgage Pre-Approval? Prior to working with a real estate agent to find the perfect house, it is important to get a pre-approval letter from a lender. Some agents might even ask a buyer to do this before they start looking. The lender will take a look at someone’s income and run their credit to see how large of a loan someone can qualify for. Getting a pre-approval letter is important…
Read More

An Overview Of the Digital Mortgage Process

Changes are being made to the mortgage application process every year. With access to online-only lenders and a decentralized financial system, more doors are open to potential home buyers than ever before. For example, there are many institutions that are making it easier to apply for mortgages by allowing applicants to do so online. That way, buyers do not have to fill out any paperwork, and lenders can stay away from any inequalities or discriminatory methods. What are the benefits of a digital mortgage?  They Are Easier To Access One major benefit of a digital mortgage is that they are easier to access. Now, buyers are not necessarily tied to a…
Read More

Borrowers With Student Loans Might Have An Easier Time Qualifying For An FHA Loan

In the past, a lot of potential borrowers were declined for FHA loans due to the presence of student loans. Now, the Biden Administration along with the FHA has eased a lot of their regulations surrounding student loans, making it easier for borrowers with student loans to qualify for a home loan. The FHA required that FHA mortgage companies calculated the monthly student loan payment as one percent of their outstanding loan balance if the loans were not fully amortized; however, this is now changing. The One Percent Rule Is Not Always Accurate Even though the one percent payment rule has been in place for a long time, it is not…
Read More

What’s Ahead For Mortgage Rates This Week – September 27, 2021

Last week’s economic news included reporting on housing markets, housing starts, and building permits issued. Data on new and existing home sales were published along with weekly reports on mortgage rates and jobless claims. NAHB: Builder Confidence Ticks Up as Demand for Homes Holds Steady The National Association of Home Builders reported a one-point gain in its Housing Market Index for September with an index reading of 76. Analysts expected no change based on August’s reading of 75. Component readings for the HMI were mixed; the index reading for builder confidence in current market conditions rose one point to 82. Builder confidence in housing market conditions over the next six months…
Read More

Getting Your Mortgage Application Approved As A Self-Employed, First-Time Homebuyer

A significant number of people are self-employed, which means they might be relying on this income to apply for a mortgage. It is true that people who are self-employed may face additional challenges when trying to get approved for a home loan when compared to someone with traditional W2 income, these are obstacles that can be overcome. With the right qualifications and documentation, even first-time homebuyers who are self-employed should be able to qualify for the home loan they need. Lenders Assess Someone’s Ability To Repay The Loan First, lenders are trying to make sure the person will repay the loan. Lenders believe that someone with W2 income has a stable…
Read More

Reviewing The Basement Options For Homeowners: What To Know

Even though not every home has a basement, those that do usually fall into one of three categories. The most common examples of basements include poured concrete, masonry block basement, and precast panels. What do homeowners need to know about the different types of basement construction?  Concrete Basements Concrete basements are the most common examples. There are several advantages of going with a concrete basement. First, concrete basement walls are resilient. They can resist possible cave-ins, standing up to natural pressure created by wind, water, and soil. Furthermore, concrete basements are also fire-resistant while creating joint-free basements that can increase property values. Even though concrete basements are water-resistant, hydrostatic pressure can…
Read More