Can we roll closing costs into the loan on a purchase? This is one of the most common misconceptions in the mortgage industry. You may have heard a friend or family member mention they were able to roll their closing costs into their mortgage loan; however this is not entirely true…. Read Full Article Share FacebookTwitterLinkedIn
If I’m purchasing a property on a road that is private and therefore not maintained by the local municipality, do I need a Private Road Maintenance Agreement with my neighbors in order to qualify for a mortgage? This questions comes up most often when the property in question is located in a rural setting. And believe it or not, it’s not rare for the lack of a Private Road Maintenance Agreement to halt or hinder a borrower… Read Full Article Share FacebookTwitterLinkedIn
Do I have to provide cancelled rent checks if I’m a first time home buyer? This question comes up quite often — and surprisingly is a make-or-break factor for a borrower when looking to get approved for a mortgage loan. When it comes to first time home buyers borrowers applying for conventional loans, the answer… Read Full Article Share FacebookTwitterLinkedIn
Can I exclude an installment debt like a car loan if I have less than 10 payments left? Yes. This is a great question to ask your mortgage broker when looking for creative ways to improve your debt-to-income ratio in order to get approved for a mortgage. More often than not, an installment loan (i.e. car loan or… Read Full Article Share FacebookTwitterLinkedIn
Can we use his income but my credit? The answer is: No. If you are the borrower on a mortgage loan than it is your credit that will be used to determine the applicable interest rate. You are not able to mix and match. This is universal no… Read Full Article Share FacebookTwitterLinkedIn
Can we use my higher credit score to qualify for a better rate without using my spouses? The answer is: No. If you and your spouse are applying for a home mortgage loan, an underwriter will look at each of your three scores and select the lower middle lowest score when determining the applicable interest rate. This… Read Full Article Share FacebookTwitterLinkedIn