What is the difference between a second home and an investment property?

A second home is a home for your own personal use. The mortgage process for a second home is very similar of that of your primary home . An investment property is a property you rent out as a landlord or buy to fix the property and then sell it for a higher prize. This [...]

2016-12-05T13:02:12-05:00October 3rd, 2014|Categories: |Comments Off on What is the difference between a second home and an investment property?

What does getting prequalified means? How does it work?

Getting prequalified means that the lender makes an estimate of how much you will be able to borrow based on your assets, income, and debts. The lender checks your information and gives you a general estimate of the amount of the loan and the monthly payments. With the preapproval done, the lenders review some basics [...]

2014-10-03T21:10:26-04:00October 3rd, 2014|Categories: |Comments Off on What does getting prequalified means? How does it work?

Could switching jobs affect my mortgage application?

When someone switches to a new position, a lender's primary concern is whether or not the new position is permanent, not temporary and that the borrower has not been placed on any type of probationary period. Underwriters also look to see that you have a history of working in the same field.

2017-06-04T23:24:17-04:00October 3rd, 2014|Categories: |Comments Off on Could switching jobs affect my mortgage application?

Can a 2nd job be used in qualifying?

A second job income can be included in your qualifying ratios as long as you have had the position for the past two years. If you have been employed for less than 24 months, it will be looked at only as a compensating factor.

2017-06-04T23:25:20-04:00October 3rd, 2014|Categories: |Comments Off on Can a 2nd job be used in qualifying?
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