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Using Multiple Bank Accounts When Closing Your Loan
Sometimes we have more than one account we like to hold money in. This can be a savings, retirement, 401K, checking account etc… When you go to close your loan, the account you wish to use may have some documentation requirements from the lender. Here I’d like to go over some of those requirements and…
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Breaking Down a Monthly Mortgage Payment
Every monthly mortgage payment consists of a few different expenses. The type of loan you chose will determine if some of these expenses are a part of your mortgage or not. For instance, if you’re going with a conventional loan, you can put 10% or more down to remove the need for anything other than…
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Ordering Your Own Homeowners Insurance vs. Working With a Broker
Homeowner’s insurance is a requirement regardless of the loan product you’re going with. As a soon-to-be homeowner, you’re going to want to save money where ever you can and homeowners insurance is a cost you can shop for! I’d like to extend a warning your way though. Working with an insurance broker instead of directly…
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The Importance of a Verification of Employment
When it comes to calculating income, there are some numbers and categories that can bring uncertainty into the total picture. When you review a paystub, you may see 2 – 3 categories of pay; sometimes you can see upwards of 10-12. As a buyer you may understand exactly what you take home each week, month,…
