When you close on a home loan, you’ll likely hear the term “escrow account” mentioned—and if you’re like most buyers, you may not be entirely sure what it means. While it might sound complicated, an escrow account is a helpful tool that simplifies homeownership and protects your investment. What is an Escrow Account?An escrow account is a separate account set up by your mortgage servicer to hold funds for specific home-related expenses, most commonly property taxes … [Read more...]
Mortgage Options as a Visa or Green Card Holder
Buying a home is an exciting milestone, but if you are on a visa or have a green card, you may wonder how your immigration status impacts your mortgage options. The good news is that many lenders offer home loans to non-citizens, though the process may involve additional requirements. Understanding your options can help you navigate the path to homeownership with confidence. Mortgage Options for Green Card and Visa HoldersLenders generally categorize non-citizen applicants into two main groups: … [Read more...]
Can I Finance Home Renovations Into My Mortgage at Closing?
Purchasing a home that needs renovations or upgrading your current home can be costly, but financing home improvements through your mortgage can be an effective solution. Instead of taking out a separate loan for renovations, some mortgage programs allow you to roll the cost of home improvements into your home loan at closing. This strategy can help you spread renovation costs over time while securing a potentially lower interest rate compared to personal loans or credit cards. How Financing … [Read more...]
How Child Support and Alimony Payments Affect Mortgage Qualification
When applying for a mortgage, lenders carefully assess your income and debt to determine your ability to repay the loan. If you receive or pay child support or alimony, these payments can significantly impact your mortgage qualification. Understanding how they factor into your debt-to-income (DTI) ratio, income calculation, and overall loan approval process can help you better prepare for home financing. How Lenders View Child Support and Alimony Lenders evaluate child support and alimony … [Read more...]
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