Your credit score is far more than just a number; it is the cornerstone of your financial profile and a critical factor in the mortgage application pr...
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Navigating the mortgage landscape requires understanding the fundamental categories of home loans, primarily the distinction between conventional conf...
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When purchasing a home, particularly a condominium, townhouse, or a property in a planned community, prospective buyers must account for more than jus...
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In the complex landscape of home financing, the concept of mortgage points offers a strategic tool for long-term savings. Essentially, mortgage points...
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When you begin the journey of purchasing a home, you quickly learn that your credit score is more than just a number—it is the financial passport th...
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When embarking on the journey of homeownership, most prospective buyers focus intently on the mortgage itself—the interest rate, the monthly payment...
Read MoreThis income can be used to help you qualify, but it must be consistent and likely to continue. Lenders will typically average this “variable income” over the last two years. You’ll need to provide documentation like tax returns and pay stubs that detail these earnings.
The loan term is a primary driver of your monthly payment. A shorter term means you’re paying back the same principal amount in fewer payments, so each payment is higher. For example, the monthly principal and interest payment on a 15-year loan is roughly 40-50% higher than on a 30-year loan for the same amount and a similar interest rate.
Our primary methods are email and phone calls. Email is perfect for sending documents, providing detailed updates, and creating a written record. Phone calls are ideal for complex discussions, answering immediate questions, and ensuring we fully understand your unique situation. We can also utilize secure text messaging for quick, time-sensitive alerts.
You will typically need to provide proof of identity (e.g., driver’s license, passport), proof of income (recent pay stubs, W-2s, and tax returns), proof of assets (bank and investment account statements), and information on your debts (credit cards, auto loans, student loans). Self-employed individuals may need to provide additional documentation like profit and loss statements.
It can be, especially if you have a unique financial situation. Credit unions are known for their personalized service and may be more flexible in their underwriting. They often consider your entire financial relationship with them, not just a credit score, which can be beneficial for self-employed individuals or those with non-traditional income.
