The unfortunate reality is that many individuals have a lower credit rating than they would like. For many, this is caused by issues related to high debt balances, late payments and other related issues.
The unfortunate reality is that many individuals have a lower credit rating than they would like. For many, this is caused by issues related to high debt balances, late payments and other related issues.
As a first-time home buyer, you may actively be seeking out information about your upcoming purchase. Buying a home is a huge financial move to make, and it can impact your financial situation and even your lifestyle for many years to come.
Typically, a mortgage lender will include a request for least the last two to three years of your income tax returns with this documentation. There are several reasons why a lender may need to review your tax returns and why you should provide requested documentation as soon it is requested.
If you are like many other seniors, you may not have a huge cash reserve available in your bank account, but you may have a sizable nest egg in your home. The fact is that you can tap into that equity without selling your home or taking on a mortgage payment when you apply for a reverse mortgage.
While you may feel as though you have taken the preliminary steps necessary to prepare yourself to buy a home, it is important that you also get a mortgage pre-approval letter for your financing before you starting hunting for that perfect house or condo.
If you pay attention to your credit rating, you may be well aware that a single late payment reflected on your credit report can result in a decline in your scores. In some cases, the decline can be rather significant, and you will have to work hard to make regular payments over a period of time to show that you remain creditworthy and to rebuild your credit score.
If you have heard nightmarish stories from friends and family members about the home mortgage application process, you are not alone. In fact, some of these stories may have even been a reason why you have held out on moving forward with your plans to purchase your first-home.
While there may be numerous benefits associated with the purchase of your second home, you may be concerned about how affordable it will be for you to manage the additional expense of a second mortgage payment.
If your personal budget is similar to many other people’s budgets, your home mortgage payment is by far the largest expense that you pay for each month. In fact, this payment may easily account for 20 or 25 percent or more of your take-home income. Understandably, you may be focused on trying to pay this expense off early.
If your goal is to purchase a home, you may find that it is challenging to save up enough money for your down payment. While this is something that many first time home buyers struggle with, it is by no means insurmountable.
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