19
Aug
By Todd Grey
Mortgage Tips, ,

The Mortgage Options That Make It Possible to Buy a Fixer-Upper

Buying a fixer-upper can be an exciting way to get into a desirable neighborhood at a lower price point, while also creating a home that reflects your style and needs. However, financing a property that needs significant repairs can be challenging if you are only looking at traditional mortgage products. The good news is there are several mortgage options designed specifically for buyers who are ready to take on a renovation project. Understanding these options can help you choose the right path to turn a home with potential into your dream property. FHA 203(k) Rehabilitation LoanThe FHA 203(k) loan is…
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15
Aug
By Todd Grey
Mortgage Tips, ,

The Pros and Cons of Mortgage Assumptions

When purchasing a home, buyers typically assume a new mortgage loan. However, in some situations, a buyer may opt to assume the seller's existing mortgage. Known as a mortgage assumption, this process allows the buyer to take over the terms and payments of the seller's current loan. While mortgage assumptions can offer benefits, they also come with certain drawbacks. Understanding the pros and cons of mortgage assumptions can help you determine whether this option is right for you. What is a Mortgage Assumption?A mortgage assumption occurs when a buyer takes over the seller's existing mortgage, including the remaining balance, interest…
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14
May
By Todd Grey
Mortgage Tips, ,

Creative Ways to Finance a Home Renovation with Your Mortgage

Renovating a home can be an exciting yet costly endeavor. Whether updating an outdated kitchen, adding more living space, or improving energy efficiency, homeowners often seek financing options that make renovations more affordable. One strategic way to fund home improvements is by leveraging your mortgage. Several loan programs and refinancing options allow homeowners to roll renovation costs into their mortgage, making upgrades more accessible and financially manageable. 1. Renovation LoansRenovation loans combine the cost of home improvements with the mortgage, allowing homeowners to finance both under a single loan. Some of the most popular options include: FHA 203(k) Loan –…
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09
May
By Todd Grey
Mortgage Tips, ,

Explaining Mortgage Options for Self-Employed Borrowers with Irregular Income

Securing a mortgage can be challenging for self-employed borrowers, especially those with irregular income. Traditional lenders typically rely on W-2s and steady paychecks to assess financial stability, which can make qualifying more complex for business owners, freelancers, and gig workers. However, several mortgage options cater specifically to self-employed individuals, allowing them to secure financing based on alternative income verification methods. Challenges for Self-Employed BorrowersLenders evaluate mortgage applicants based on income consistency, tax returns, and debt-to-income (DTI) ratio. Self-employed borrowers often face hurdles such as: Fluctuating income that makes it harder to demonstrate financial stability Tax deductions that reduce taxable income,…
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02
May
By Todd Grey
Mortgage Tips, ,

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: lawful permanent residents (green card holders) and non-permanent residents (visa holders). Each category has different requirements and eligibility considerations. Home Loans for…
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