Having enough money in the bank is an important part of buying a home, but during the mortgage process, the amount in your account may not be the only consideration. In certain situations, lenders may also need to understand where funds came from. That can surprise buyers who assume that once money reaches their account, its history no longer matters. Mortgage Funds May Need to Be DocumentedDuring the mortgage process, buyers may provide bank or asset statements showing money available for the … [Read more...]
Why Changing Jobs for More Money Can Still Complicate a Home Purchase
Getting a new job with a higher salary sounds like good financial news, especially when you are preparing to buy a home. But if the change happens while you are applying for a mortgage, the timing can create additional questions. Mortgage qualification is not based solely on how much you earn. Lenders also evaluate the stability, history, and documentation of the income being used to qualify.Higher Income Does Not Automatically Mean Easier ApprovalA substantial raise can strengthen a buyer's … [Read more...]
How a Seller Credit Can Change the Cash You Need Without Changing the Home’s Price
When buyers negotiate the purchase of a home, price often gets most of the attention. But the final sales price is not the only number that can affect how much money a buyer needs at closing. In some transactions, a seller credit can help with certain eligible closing expenses without requiring the seller to reduce the home's purchase price. What Is a Seller Credit?A seller credit, sometimes called a seller concession, is an amount the seller agrees to contribute toward certain buyer costs … [Read more...]
What’s Ahead For Mortgage Rates This Week – September 28th, 2026
With a light week the previous week, only a few data reports will have any far reaching impact, with the M2 money supply and the Federal Reserve Balance sheet giving the most insight. The M2 Money supply has really only increased ever since the COVID pandemic, and has more or less kept in line with the rate inflation has been impacting the costs of many sectors. While the Federal Reserve balance sheets show a trend of increasing lately, it has shown there is still restraint by the Federal … [Read more...]
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