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Most people understand that owning real estate can be a great investment. What they may not realize is that this investment can begin to pay off while you still own the home!
If you’ve owned a home over the past several years, chances are you have a smile on your face. That’s because you’ve probably watched your home’s value go up and up (and up). This is where all that scrimping, saving, and stressing over the homebuying process really pays off.
Qualifying for a mortgage can feel more complicated for small-business owners and self-employed individuals. Many mortgage lenders rely on tax returns to verify self-employed income, but these documents don’t always reflect the earnings of business owners, freelancers, or independent contractors.
Qualifying for a mortgage when you’re self-employed doesn’t have to be a pain. It all comes down to organization. Whether you’re self-employed, commission-based, or a full-time or hourly employee, lenders are all looking for the same thing when you apply for a mortgage: a high likelihood you will be able to pay.
Unlike a W-2 employee, however, it takes a little more legwork to verify self-employed income. This is why you want to plan ahead and make sure all your ducks are in a row before you start the mortgage process.
Let’s be real for a second: Mortgages are not cookie-cutter because borrowers are not all the same. There are, of course, some mortgage programs that can serve larger populations—hello, conventional mortgage and FHA loans—but there are plenty of people who aren’t accommodated by these programs for one reason or another.
One of the biggest hurdles for many first-time homebuyers is getting that down payment together. We understand, especially if you’re trying to scrape together 20% of a home’s purchase price (insert large gulp here).
As a medical professional, you’ve dedicated countless hours to building your career and caring for others. Whether you’re a newly graduated doctor, dentist, or veterinarian, or an experienced professional, owning a home can feel like a distant goal. Student debt, limited credit history, and the high costs of buying a property add hurdles to achieving this milestone. Fortunately, the Doctor Loan program is here to change that.
One of the obstacles that keeps first-time homebuyers out of the housing market is the misconception that they need to have a 20% down payment.
Many people think of an existing single-family home when they think about homeownership or buying residential real estate. Purchases of this type of property are common, after all. But there are other residential real estate purchases that might be perfect for your lifestyle and/or financial situation.
Whether you’re looking to fund the minimum down payment or put down more than the traditional 20% when buying a home, saving for a down payment can be a challenge.
Budgets are like diets: Even when you know they’re a great idea, sticking to them is difficult! Much like diets, however, putting in the hard work and short-term sacrifices can yield amazing results. Every penny counts while working toward a home purchase—and creating a budget is just the beginning.
Here’s how to keep your budget on track to buy a home this year.
There’s no better time than now to start preparing for homeownership. If your financial goals include things like saving for retirement, paying off student loan debt, or buying a home, this article provides some solid financial planning advice that will get you headed in the right direction.
As an additional resource, you can also download our personal budgeting guide here. When you have a solid plan and set a budget for homeownership, you may find that you’re able to buy a home more quickly than expected.
Your credit score is an important factor when it comes to buying a home. That’s because it gives your mortgage lender a snapshot of how responsible you’ve been as a borrower through your payment history—which means they can gauge how responsible you’re likely to be as a borrower going forward.
A higher credit score not only improves your chances of loan approval but also qualifies you for lower interest rates, which can save you thousands of dollars over the life of your mortgage. A good credit score also shows lenders that you’re capable of managing debt wisely, making you a more attractive candidate for financing. That’s why it’s essential to monitor and improve your credit score before you start the homebuying process.
New year, new goals, right? When it comes to personal finances and goal-setting, creating financial goals can be one of the most meaningful things you can do for yourself and your family.
A couple of weeks ago, the Federal Reserve announced a hefty 50-point cut in the benchmark interest rate, which was bigger than the expected 25-point decrease. The Fed's decision to cut rates was mainly fueled by the decreasing levels of inflation, although shoppers are still faced with high grocery prices. It still remains to be seen if the rate cut will encourage more residential home sales, especially as other factors such as labor and economic data also affect real estate markets.
The Federal Reserve is lowering interest rates, and now is the perfect time to take a fresh look at your mortgage. A quick review could yield lasting benefits, especially if you have purchased a home in the past few years or need to tap into your home equity.
High interest credit card debt can suck the life out of anyone. Paying off your credit card debt at today’s high interest rates can also take major sacrifice—but it doesn’t have to. Not if you’re a homeowner, anyway.
A debt consolidation refinance may let you kill two birds with one stone. It can allow you to achieve a lower interest rate on your debt while streamlining all your monthly payments into one. You’ll essentially consolidate debt obligations and roll them into your mortgage, but at a much lower interest rate. The result is a single payment at a lower interest rate: your monthly mortgage payment.
