Knowledge Base

Last Week in Review: US/China uncertainty

Last Week in Review: Americans favor owning

When it comes to looking at money you owe, not all debt is created equal. While there are many shades of gray in life, there is absolutely good debt and bad debt. And the difference matters, whether you’re taking financial steps to buy a home or prepare for retirement. Let’s take a look at some of the distinctions between them.

We live in an automated world where you can buy groceries with the press of a button and apply for a mortgage online in minutes. The underwriting process can be nerve wracking for potential homeowners as they search for bank statements, credit card statements and pay stubs and submit them wondering if there is something hidden that will cause their mortgage application to be rejected. Underwriting is often an automated process – provide information and wait to find out if you’re approved or rejected. Sporadic income, bad credit or lack of credit history generally will negatively impact chances of getting a mortgage. Luckily, there’s a way to move beyond the automated process and put your loan application into the hands of a lender that understands your situation: manual underwriting.

It doesn’t matter whether you are getting ready to sell your home or refinance your existing mortgage; if you are working with a lender, they will likely require an estimate of the fair market value of your property. That means they will request an appraisal to find out how much your home is currently worth to help determine the loan amount you may qualify for.

With 2019 just a blink away, it’s time to start thinking about those resolutions – promises to ourselves to achieve certain goals and objectives. For homeowners, this is the perfect opportunity to ask yourself, “how can I get the most out of my property?”.

The holidays are almost here, but are you financially ready? If you have equity in your home, you may be able to convert it into cash. Many homeowners are taking advantage of low cash-out refinance rates to avoid accumulating further debt, giving themselves and their families the gift of financial flexibility.

The smell of pumpkin spice is in the air, which means the scent of peppermint is not far behind. With the holiday season rapidly approaching, now is the time to start swiping your credit cards and clicking those “Buy Now” buttons.

While it is true that student loan debt impacts many parts of your life, it does not entirely impact your choice to obtain a mortgage. According to Student Loan Hero, 44.2 million Americans have student loan debt. You may be wondering, how exactly do student loans affect the mortgage process? On the downside, the more loans that you have, the harder it may be to afford a home. Don't worry, paying attention to these factors will increase your chances of obtaining a home:

Self-employed? You already know that getting a mortgage loan is a challenge, even if your business is doing well.