For most homeowners, their monthly mortgage payment encompasses more than just the principal and interest on their loan. A significant portion often g...
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For many homeowners, the ability to deduct mortgage interest on their tax returns is one of the most significant financial benefits of owning a home. ...
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The journey to homeownership is often symbolized by the quest for the perfect mortgage rate, but the financial responsibility extends far beyond that ...
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Before you embark on the journey of applying for a mortgage, there is one crucial number you must know: your debt-to-income ratio, or DTI. This single...
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A cash-out refinance is a powerful financial tool that allows homeowners to access the wealth they have built in their property. Unlike a traditional ...
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The moment you receive the keys to your new home is a monumental achievement, but it also marks the beginning of a new financial chapter. The transiti...
Read MoreWhile you interact with your Broker, the Aggregator supports the process behind the scenes by ensuring the broker has access to efficient application lodgement systems, up-to-date lender policy manuals, and dedicated support lines to resolve any issues with lenders quickly, which ultimately benefits you.
No, for most homeowners, PMI is no longer tax-deductible. The deduction for mortgage insurance premiums expired at the end of the 2021 tax year and has not been renewed by Congress for subsequent years. Always consult a tax advisor for the most current information.
Yes, you can potentially reduce costs by:
Shopping around for service providers like title companies (where lender-allowed).
Negotiating with the seller to cover some costs.
Asking the lender if any fees can be waived or reduced.
Looking for first-time homebuyer programs that offer closing cost assistance.
Rates are determined by your credit score, loan-to-value (LTV) ratio, the amount of equity you have, your debt-to-income (DTI) ratio, and the overall perceived risk of the loan. Because they are in second position, rates are almost always higher than first mortgage rates.
Yes, you can. The process may require more documentation to verify your income, as it can be less stable than a salaried employee’s. Lenders will typically ask for two years of personal and business tax returns, profit and loss statements, and may calculate your income based on the average of the last two years.
