Mortgage & Refinance Tips: Determining Your Income

When you apply for a refinance, debt consolidation or purchase mortgage, one of the most important factors in qualifying for the loan is your income. That may not seem like much of a surprise, but you may be surprised at all of the different ways your income can be calculated based on how well you can document it, and how much this can affect your loan process. Get a leg up on the loan officer and learn how to determine your income yourself.

Your lender looks at your incom…

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Can I Pay My Mortgage With A Credit Card?

Yes you can. There are two ways to make a mortgage payment with your credit card.

The first way is to use the convenience checks that credit card companies send out every so often. These checks work like those you would write from a checking account, but they draw against your credit rather than available bank funds. You can write, sign and mail these off to mortgage companies.

The second way is to use an online billpay feature (such as the type available at MBNA). This…

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Mortgage & Refinance Tips: Debt To Income Ratios

Debt to Income Ratios, often referred to as �DTI�s�, are a key calculation used in the refinance, debt consolidation, and purchase mortgage application process. A debt to income ratio is arrived at by dividing your monthly debt payments by your pre-tax income. Debt to income ratios are finally used to determine how much money you can borrow, and a thorough knowledge of DTIs can help you get the most value from your refinance, debt consolidation or purchase mortgage transactio…

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Refinance & Mortgage Tips: Down Payment With Gift Letter

If you are a first time home buyer who has been out shopping for that dream house, you�ve probably already heard your real estate agent or property developer�s first question: �How much will you be putting down?� If you have excellent credit, several years of consistent income on record and a relatively long history of using credit wisely, you may qualify for 100% financing, often referred to as a �No Money Down Mortgage� or �Zero Down Home Loan�. But for the majority of new …

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Refinance & Mortgage Tips: Down Payment From Savings

Once you�ve figured out how much of a down payment you can make on your home mortgage, it�s time to determine how to document the source of your funds for the down payment and closing costs. Now you might be saying, �Why do they care where I get the money?� Lenders need to verify the source of funds to both assess the underlying risk in you as a borrower as well as to prevent loan fraud. This makes it imperative for you, the applicant, to maintain complete and detailed record…

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Refinance & Mortgage Tips: Down Payment From 401k Or 403b Retirement Annuities

If you are purchasing a home and have a substantial portion of your assets inside of a retirement account such as a 401K, 403B or other retirement product or annuity, you may choose the increasingly popular option of tapping those funds to make a down payment on your new home. Like any other accounts you may have in your name, such as brokerage accounts and bank checking, savings and money market accounts, most popular retirement accounts qualify as assets to be counted towar…

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Refinance & Mortgage Tips: Your Down Payment Is Key

If you are buying a house, the first thing you need to figure out is how much of a down payment you can afford to make. This may seem like the sort of advice your father would give you, but rest assured there are a few reasons why knowing what you can put down and where you�ll get the money can make all the difference when shopping for a house and a mortgage to finance your new purchase.

Before you pick up your local newspaper and browse the real estate section looking fo…

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