If the house I am buying appraises for higher than what I’ve agreed to pay for it, does this unexpected equity in the home mean I can apply it towards my down payment and therefore put less of my own money down? If you’re in the middle of mortgage loan processing and you find out the home you’re buying appraises for more than the amount you agreed to purchase it, one would only think you could use that “unanticipated equity” to not… 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
Can I exclude debts that I co-signed (contingent liability)? This question is incredibly common, especially for parents who have been a co-signer for one of their children — either for a car loan or a student loan. If you’re a co-signer on a loan, and you’re looking to get… 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
Can I use a 401K loan as part of my down payment? If so, will I have to factor in the payment I need to make to repay my 401k in my debt ratio? This is an incredibly common question, especially from first time homebuyers. Because the money needed for a down payment is not always easy to come by, lenders of all types allow borrowers to apply money from a 401K loan to… Read Full Article Share FacebookTwitterLinkedIn
