A home is probably one of the most expensive purchases you will ever make. It is important for you to understand all of the options available to you, particularly if you need a quick source of cash, and you might be thinking about taking out a second mortgage. You can use a closed-end second mortgage to cover the cost of repairs, medical debt, and even consolidate your other sources of debt. How do you know if this option is right for you? An Overview Of A Closed-End Second Mortgage If you decide to take out a second mortgage, you will typically withdraw the cash you need. Then, if you need more cash in the future, you can take out more down the road. In contrast, with a closed-end second … [Continue Reading...]
Last week’s economic reporting included readings on new and pending home sales, inflation, and consumer sentiment. Weekly readings on mortgage rates and jobless claims were also released. New home sales increase in December The Commerce Department reported new home sales rose to a seasonally-adjusted annual pace of 616,000 sales in December as compared to the expected pace of 615,000 new homes sales and November’s revised reading of 602,000 annual sales. December was the third consecutive month that the pace of new home sales rose, but new home sales remained well below the 1.04 million sales peak reported in August 2020. Pending home sales rose by 2.5 percent in December, … [Continue Reading...]
There is a common misconception that someone who is self-employed will not have the tax records or income necessary to qualify for a mortgage; however, that is not necessarily the case. In reality, if you are self-employed, there are a lot of home loan options available to you. It is true that it might require some additional paperwork and planning, but as long as you have the necessary information, you should be able to qualify for a mortgage. What Is Necessary To Qualify For A Self-Employed Mortgage Loan? If you are interested in taking out a mortgage when you are self-employed, you will be held to the same standards as everyone else. This means that the lender is going to require a … [Continue Reading...]
Are you the type of person that struggles with remembering to pay their bills on time? You're not alone. People across the country regularly submit late monthly payments, inflicting terrible damage to their credit. Let's take a quick look at how paying your loan or other monthly payments late can have a negative impact on your mortgage. Your Credit Score Is At Risk As you already know, almost all banks, credit cards, mortgage companies and other lenders rely on your credit score to help assess the risk of lending money to you. Paying any of your payments late – even something as small as your mobile phone bill or a department store credit card – can result in negative marks … [Continue Reading...]
If you are in the process of looking for a new home, you need to find the right one to meet your needs. Sometimes, you want to learn more about specific properties before you decide if it is right for you. As a result, a lot of prospective buyers will include contingencies in their home offers that may allow them to back out without losing their earnest money. What are a few examples of loan contingencies, and how can you use them to protect yourself during the process? Examples Of Common Loan Contingencies Even if you have agreed on a purchase price for the house, the closing date is probably not going to be for one or two months. This will provide you with time to complete your due … [Continue Reading...]
Last week’s economic reporting included readings from the National Association of Home Builders on U.S. housing markets, and Commerce Department data on housing starts and building permits issued. The National Association of Realtors® reported sales of previously owned homes, and weekly readings on mortgage rates and jobless claims were also released. NAHB: Homebuilder Sentiment Rises in December The National Association of Home Builders reported increased homebuilder confidence in U.S. housing market conditions in December; this was the first time in 12 months that homebuilder confidence rose. Builder confidence in current housing market conditions rose by four points; builder … [Continue Reading...]