Do I have to pay mortgage insurance for the life of the loan? The answer is: Yes, and No. It ultimately depends upon whether you use conventional or nonconventional financing. See below: Fannie Mae (Conventional): Private Mortgage Insurance (PMI) will drop off once the loan balance reaches 78% of the original purchase price…. Read Full Article Share FacebookTwitterLinkedIn
My ex-spouse got our home in the divorce, but my name is still on the mortgage, do I have to factor that housing expense in my debt ratio when going to buy another home? If you were a co-borrower who is now divorced and your ex-spouse got the home in the divorce settlement, you should be able to omit that debt when going to apply for a future home mortgage loan. To have one… Read Full Article Share FacebookTwitterLinkedIn
Should I dispute any accounts listed on my credit report? Disputes have become a big issue as of late — especially since borrowers now have even better access to their credit profiles through tools like Credit Karma. Consumers these days have the ability to dispute anything on there credit profiles… Read Full Article Share FacebookTwitterLinkedIn
How many months of bank statements do I have to provide? A lender will always require you provide bank statements as part of your mortgage application. Bank statements give a lender an up close and personal view of your finances — which is crucial when determining just how much money you… Read Full Article Share FacebookTwitterLinkedIn