Last week’s economic reporting included readings on new and pending home sales, inflation, and consumer sentiment. Weekly readings on mortgage rates and jobless claims were also released. New home sales increase in December The Commerce Department reported new home sales rose to a seasonally-adjusted annual pace of 616,000 sales in December as compared to the expected pace of 615,000 new homes sales and November’s revised reading of 602,000 annual sales. December was the third … [Read more...]
Getting A Mortgage When Self-Employed: What You Need To Know
There is a common misconception that someone who is self-employed will not have the tax records or income necessary to qualify for a mortgage; however, that is not necessarily the case. In reality, if you are self-employed, there are a lot of home loan options available to you. It is true that it might require some additional paperwork and planning, but as long as you have the necessary information, you should be able to qualify for a mortgage. What Is Necessary To Qualify For A … [Read more...]
On Time, Every Time: How Being Late on Monthly Payments Can Affect Your Mortgage
Are you the type of person that struggles with remembering to pay their bills on time? You're not alone. People across the country regularly submit late monthly payments, inflicting terrible damage to their credit. Let's take a quick look at how paying your loan or other monthly payments late can have a negative impact on your mortgage. Your Credit Score Is At Risk As you already know, almost all banks, credit cards, mortgage companies and other lenders rely on your credit score to help assess … [Read more...]
What Is A Loan Contingency: An Overview
If you are in the process of looking for a new home, you need to find the right one to meet your needs. Sometimes, you want to learn more about specific properties before you decide if it is right for you. As a result, a lot of prospective buyers will include contingencies in their home offers that may allow them to back out without losing their earnest money. What are a few examples of loan contingencies, and how can you use them to protect yourself during the process? Examples Of Common … [Read more...]
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