It seems like everything is getting jumbo sized these days. Jumbo sized soft drinks. Jumbo sized fast food meals. Jumbo sized smartphones. But one thing that nobody thought would get jumbo sized? Is mortgages. So what exactly is a jumbo mortgage? How is it different from a standard mortgage, and what does that mean for your refinancing options? Here's what you need to know. Jumbo Mortgages: Larger Sums For Enterprises And Wealthy Buyers As the name implies, the main factor that sets jumbo … [Read more...]
FICO Scores 101: How to Shop for a New Mortgage Without Harming Your Credit Score
It's difficult to begin shopping around for a new mortgage without the facts on how this can affect your FICO score. Anybody who is holding off for fear that their credit score will be ruined by multiple credit checks has nothing to worry about. Mortgage brokers require this information to give an accurate quote, so many credit checks by different companies will have a miniscule effect on credit scores. The system has been designed this way because a mortgage is not considered to be 'bad debt' … [Read more...]
Looking Ahead: How to Ensure That You Are Taking Full Advantage of Mortgage Tax Credits
One of the major benefits to purchasing a home with a mortgage are the tax credits that can be taken advantage of when April 15 comes around. Many homeowners are unaware of what mortgage related expenses can be deducted and, more importantly, which ones can no longer be deducted. Receive A Tax Deduction For Interest Paid On The Mortgage The most common tax credit associated with mortgages is the interest paid credit. This allows borrowers to deduct the cost of the interest paid on their mortgage … [Read more...]
Critical Documents That You’ll Need to Have Ready Before Applying for a Mortgage
If not done properly, applying for a mortgage can be stressful and time consuming, but with the right preparation the entire process can be seamless. Here are some crucial pieces of information that almost any lender will require before approving a mortgage. Tax Information From The Previous Two Years One of the most important documents a borrower will be asked for is their federal tax return along with a signed Form 4506-T, which will allow the lender to contact the IRS directly for their … [Read more...]
