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 Whether updating an outdated kitchen, adding more living space, or improving energy efficiency, homeowners often seek financing options that make renovations more affordable.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 –…
Read More
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,…
Read More
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…
Read More
10
Jan
By Todd Grey
Mortgage, ,

How to Choose Which Mortgage Is The Right One for You

When it comes to buying a home, selecting the right mortgage is one of the most important financial decisions you'll make. The type of loan you choose will impact your monthly payments, interest rates, and overall financial stability. To make the best choice, it’s essential to understand the different types of mortgages available and how they align with your financial goals and circumstances. 1. Conventional Loans Conventional loans are the most common type of mortgage and are offered by private lenders such as banks and credit unions. They come in two main forms: Fixed-rate loans: These have a stable interest…
Read More
17
Oct
By Todd Grey
Mortgage Tips, ,

Shared Equity vs. Traditional Loans

When it comes to purchasing a home, most buyers tend to opt for traditional financing methods like Conventional, FHA, or VA loans. These tried-and-true options have been the cornerstone of home financing for decades. However, an alternative called a Shared Equity Agreement (SEA) is also available, which some may find appealing. Let’s discuss what a Shared Equity Agreement is and why traditional financing options are often a better choice for homebuyers. What is a Shared Equity Agreement (SEA)? A Shared Equity Agreement is essentially a partnership between a homebuyer and an investor. In this arrangement, the investor provides a portion…
Read More