Tips on Getting a Loan if You’re Self-Employed 

December 23, 2019
0

Being self-employed has a lot of advantages. You have a more flexible schedule, but you also have to keep up with the administrative side of your business yourself. This is especially true when it comes to managing your own finances, which can make getting approved for a mortgage loan difficult. Lenders usually like to see […]

Read More

7 Terms to Understand When Taking Out a Non-QM Loan

December 13, 2019
0

As you may have found while looking for mortgage lenders in your area, some homebuyers don’t fall into the standard box for mortgage lenders. This can be for a variety of reasons, ranging from credit to income, and more. Potential homebuyers may even assume that they can’t even get a loan because they don’t know […]

Read More

How to Compare Bank Statement Loans from Different Lenders

November 29, 2019
0

Smart borrowers know to shop around for their mortgage. Many lenders offer bank statement loans, but not all programs offer the same benefits. Knowing which one is right for you can be challenging, but it’s important to understand how to compare the terms, rates, and programs offered by each lender. The more you know, the […]

Read More

Are Nonqualified Mortgages The Same as Subprime?

November 19, 2019
0

Subprime mortgages first gained popularity in the early 2000s. However, there’s a new type of mortgage loan out there building upon the success of subprimes. Non-qualified mortgages are not subprime, but they are similar as they do not conform to the typical underwriting guidelines of qualified mortgages.  Non-qualified mortgages are a confusing topic for a […]

Read More

Self-employed? You May Still Qualify for a Non-QM Loan

October 23, 2019
0

Many Americans know how difficult it is to buy a home. This is especially true if you are self-employed. Little-known fact: for most lenders to give a self-employed individual a home loan, the borrower will need to prove at least two years of self-employment.  Often, the typical mortgage loans are not designed for the self-employed, […]

Read More

How to Use Non-Traditional Credit to Get a Mortgage 

October 16, 2019
0

Finding your forever house can be difficult. What’s even harder is getting accepted for a loan to buy that dream house, especially if you have bad or no credit. That’s why many borrowers are looking to bank statement loans to help them finance their house.  Mainstream mortgage lenders will not grant you a home loan […]

Read More

Who Benefits from Bank Statement Loan Programs?

September 17, 2019
0

FHA loans are still the most popular loans for homeowners. However, as more and more people looking to buy their first homes, they are discovering other types of loans, including bank statement loan programs. These programs came about because there were no alternatives for those who were unable to verify their income the traditional way. […]

Read More

Can You Make a Mortgage Payment With Your Credit Card?

September 10, 2019
0

You pay all of your other bills with your credit card, so it makes sense to assume that you can pay your mortgage with a credit card. However, it can be difficult to find companies that will accept debt-for-debt payments. Whether you are allowed to pay your mortgage with a credit card will depend on […]

Read More

10 Terms First Time Home Buyers Need to Know

August 30, 2019
0

If you are a first-time home-buyer, you have probably started hearing jargon from your realtor, loan officer, family, and friends that might as well be from another language. Terms like “bank statement loan” and “qualified loans” are dropped in casual conversations. To be ready, here is a little vocabulary lesson in words you should know. […]

Read More

Characteristics of Today’s Non-QM Mortgages

August 28, 2019
0

Non-qualified mortgage loans, loans that don’t meet the standard criteria for qualified mortgages, are becoming more popular. Many potential home buyers do not conform to the standard workweek and paycheck and thus appear risker to traditional lenders. Non-QM loans allow for greater flexibility in determining which borrowers are worth the risk.   Who uses a […]

Read More