Qualifying for a mortgage can be explained with 4 C’s. Capital indicates the borrower has the necessary funds for the down payment and closing costs without exhausting their savings. Capacity shows that the borrower has the ability from income to pay back the loan. Credit history reveals the borrowers FICO score, which is a composite… [Read More]
Why Put More Down
The least amount in a down payment is an attractive option when people are thinking of buying a home. A common reason is to have cash available for furnishing the new home and possible unexpected expenses. Some people don’t have any options because they only have enough for a minimum down payment and the closing… [Read More]
What goes with the house?
Sometimes, there can be confusion on what goes with the house and what goes with the seller when they move. Generally speaking, the house is the land and buildings and any fixed or attached property. Permanently installed and built-in items are considered real property. Some things are obvious such as built-in appliances, wall-to-wall carpeting, light… [Read More]
Gift the Down Payment
A legitimate source of a down payment can be from a gift as long as it meets certain requirements of the lender. The person making the gift needs to be related to the recipient. In most cases, you might think of a parent or grandparent making this gift, but it can work the other direction. … [Read More]
Buying a Home Early Can Significantly Increase Future Wealth
According to an Urban Institute study, homeowners who purchase a house before age 35 are better prepared for retirement at age 60. The good news is, our younger generations are strong believers in homeownership. According to a Freddie Mac survey, “The dream of homeownership is alive and well within “Generation Z,” the demographic cohort following Millennials. Our… [Read More]
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