23
Apr
By Todd Grey
Mortgage Tips, ,

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 payments in two key ways: If You Receive Child Support or Alimony—These payments may be considered additional income, helping you qualify for a higher loan amount.…
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22
Apr
By Todd Grey
Homeowner Tips, ,

The Pros and Cons of Using Gift Funds for Down Payments

For many homebuyers, especially first-time buyers, saving for a down payment can be one of the biggest hurdles to homeownership. Fortunately, gift funds, money given by family members, close relative, or even an employer can help bridge the financial gap. While using gift funds can make homeownership more attainable, there are important benefits and potential drawbacks to consider before relying on them. Pros of Using Gift Funds for a Down Payment Easier Path to HomeownershipOne of the biggest advantages of using gift funds is that they allow buyers to purchase a home sooner rather than waiting years to save enough…
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21
Apr
By Todd Grey
Financial Reports, ,

What’s Ahead For Mortgage Rates This Week – April 21st, 2025

While the week had a significant absence of impactful data releases, there are still the notable U.S. retail figures numbers, as the turbulent tariff policies that have been announced have sent shockwaves across many industries. This time the U.S. retail sales have seen a significant jump as consumers try to get ahead of the tariff policies, although it is suspected that the subsequent data will show a significant curtailing of purchasing power by consumers. This restraint in the future is what has most analysts concerned about the future in addition to inflation rising as a result of the tariff policies.…
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18
Apr
By Todd Grey
Mortgage, ,

What Every Buyer Should Know About Home Appraisals

Buying a home is an exciting yet complex process, and one critical step often catches buyers off guard—the home appraisal. This professional evaluation determines the fair market value of a property, ensuring that both you and your lender are making a sound investment. Understanding how appraisals work can help you navigate this stage with confidence and avoid potential roadblocks. What Is a Home Appraisal? A home appraisal is an unbiased, professional assessment of a property's value, conducted by a licensed appraiser. Mortgage lenders require an appraisal before approving a loan to confirm that the home's value aligns with the purchase…
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17
Apr
By Todd Grey
Mortgage, ,

Why Did My Mortgage Lender Change?

Buying a home is one of the most significant financial steps you’ll ever take. After securing a mortgage, you expect to send your payments to the same lender for years to come. So, when you receive a notice saying your mortgage has been sold and your payments should now go to a different company, it might feel alarming. However, this is a common practice in the mortgage industry, and it doesn’t change the terms of your loan. Understanding why mortgages are sold can help ease any concerns. Why Do Lenders Sell Mortgages? When a lender issues a mortgage, they provide…
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