When you're applying for a mortgage, lenders scrutinize several aspects of your financial life to determine your eligibility. One crucial factor that can significantly influence the outcome is your employment history. Consistent and stable employment demonstrates to lenders that you have a reliable income stream, which reduces their risk in lending you money. However, job changes or gaps in employment can complicate the approval process. Let’s explore how your employment history affects … [Read more...]
What’s Ahead For Mortgage Rates This Week – July 22nd, 2024
The week after the inflation data reports was expected to be relatively quiet, with the most significant event being a meeting with Federal Reserve Chairman Jerome Powell. He remained tight-lipped about when rate cuts would happen, but given his demeanor, he did not deny that rate cuts were on the way — simply that he would not indicate when they would arrive. This has only confirmed to lending partners and the broader market that they were right to feel optimistic that rate cuts are … [Read more...]
How to Manage a Mortgage After a Career Change
A career change is usually an exciting journey, it offers new opportunities and growth. It can also bring challenges when you have a mortgage to manage. Balancing a new job and financial commitments can be stressful, but with the right strategies, you can stay on top of your mortgage payments and maintain your financial stability. 1. Assess Your New Financial SituationThe first step is to thoroughly assess your new financial situation. Understand your new income, any changes in benefits, and how … [Read more...]
Can You Refinance a Reverse Mortgage Loan?
When you first opted for a reverse mortgage, it might have felt like the perfect solution to tap into your home equity and enjoy your retirement without monthly mortgage payments. As time passes, your financial situation, goals, or the market itself can change, making you wonder: "Can I refinance my reverse mortgage?" The answer is yes, but it’s essential to understand what is involved before making a move. Why Consider Refinancing Your Reverse Mortgage? Lower Interest Rates: Just like … [Read more...]
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