Home Loan Learning Center

Home equity is a topic that may sound more complicated than it actually is. Due to questions we’ve had, we’ve decided to make a blog post talking about what equity is, how it’s helpful to have, what you can do with it, and how it affects the home buying process! We’ll also throw in some tips on how to increase equity in your home! What is Home Equity? Equity is a mortgage loan term that

So you’ve heard that buying a house after the Fall months is a terrible idea, right? However, the best time where you can find your dream home at the best possible price is during the winter months. This may go against every single thing you’ve heard about the real estate market, but here are some reasons why it’s a fantastic idea to buy a home in the winter! Sellers Are Motivated To Sell Even though

For this blog update, we’ll discuss the other types of IRAs, SEP IRAs and Simple IRAs. We’ll also go into detail what your mortgage lender will require from you if you choose to use these IRA accounts to help get into your home! SEP IRA Accounts SEP IRA Accounts, also known as Simplified-Employee-Pension IRA Accounts, is a retirement plan that an employer or self-employed person can open. SEP IRA retirement plans are mostly used by

Asset documentation is one of the most stressful parts of the mortgage loan process. Having to supply the most recent 2 months of bank statements, and also having to keep providing additional statements every time a new one comes out can be stressful. But the most stress-inducing part is if you have any large deposits that need to be sourced. However, one of the good things about all of the loan programs in general, is

We live in an age now where it can be easy to think that you cannot do anything without a credit history. From buying cars, buying homes, to having a friend lend you a pencil, you need proof that you are credit-worthy. And most of the time, it seems like people won’t even lend you a pencil without references. Fortunately, buying a home is not one of those items. You can actually get a home

When it comes to buying a new home, there are plenty of options for borrowers. Buying an existing home is the most common practice currently. However, it newly built home may offer a more cost effective approach to home ownership. Buying a newly constructed condo or home can ensure that you get the features and amenities you want in that home. However, buying a brand new home also means that you need to research more

During the home buying process, you have to decide whether or not what is best for your family in the short and long term. And with all of the options available between buying a single family home, condos and townhouses, this can be very fairly difficult to do. The fabled townhouse is a choice that has been rising in popularity for the past couple years. But is it right for you? Townhouse Is A Jack

In our current age, we’ve become accustomed to having options. When there’s a need or a desire for a specific thing, people strive to bring a solution to that need. The townhouse is a perfect example of solving a problem. A townhouse is the perfect solution for a person who wants the best of both condo and single family home living when buying a home. In this blog update, we will define what a townhouse

Should you buy or rent? As much as I wish I had a straightforward answer for you, I don’t. Instead, I hope to guide your analysis in order to make things just a bit more clear for you. Let’s run down the major benefits of each. Renting Most often, those that choose to rent want or need flexibility based on one or more of the following factors: Shorter-Term Commitment If you’re the type of person

Considering changing jobs, but curious how that might affect the mortgage approval you’re hoping for? Or, maybe you already have a new job and are wondering what your odds are. The general rule of thumb is that you should have a two-year history at your current job, but this is far from necessary in all cases. However obvious it may seem, the main question you need to ask yourself is: Can I prove that I

Buying a home with student loan debt is a possibility. The experts at CREFCO explain what you need to consider and how to go about the process for buying a home.

Introduction to Tax Returns For this blog update, we will be discussing the first time home buyer’s need to provide Tax Returns for the home loan. There are many different reasons why a first time home buyer will need to provide tax returns. These reasons can range from sourcing large deposits on a bank statement to comparing income from self-employment income. Reasons Why A Tax Return May Be Requested One of the primary reasons why

An Introduction to Profit and Loss Statements and Balance Sheets For this blog update, we’ll be going into detail about Profit and Loss Statements, Balance Sheets, the differences between them, and when the first time home buyer will  be needing them for the home buying process. Profit and Loss Statements as well as Balance Sheets are only a part of the mortgage lending process if the borrower has a business that they own. Profit And

For the third and final part of this blog, we’ll be discussing some more documents as well as giving additional tips that may help the first time home buyer speed up the mortgage-lending process. In the last blog update, we talked a bit about some additional income documentation that will be needed if the first time home buyer has pay stubs and W-2 forms, as well as sources from third parties like Social Security Administration income,

For this blog update, we will be discussing the mortgage term “escrow,” and what it means for the first time home buyer’s mortgage lending process. Escrow in the mortgage lending process is essentially an account that is created during the lending process that holds items such as the Earnest Money Deposit and Due Diligence checks. This account is created by a third party, such as an agent, attorney, closing escrow officer, or title company escrow