Mortgage Guide

Mortgage Discount Points | Calculator

Paying discount points is a way to lower your mortgage interest rate. Essentially, you pay a lump sum at closing in exchange for a lower interest rate on your mortgage. Points..

Departing residence future rental income

How to calculate future rental income from a departing residence

With careful planning, you can use the future rental income you'll collect from your departing residence to get approved for a mortgage to buy a new home. I'll explain how in this..

Can I get approved for a mortgage with income from the marijuana industry?

How to get a mortgage working in the cannabis industry

Getting a mortgage and buying a home while working for a state-legalized marijuana business can be challenging due to the legal issues surrounding the cannabis industry.

Chicago real estate transfer tax calculator

Real Estate Transfer Tax Calculator | Chicago metro area

Real estate transfer taxes are fees that the state, counties, and local municipalities charge buyers and sellers when transferring property ownership. Use our real estate transfer..

Homeowners Insurance | How much do you need for a mortgage?

When buying a home, you must purchase a homeowner's insurance policy that meets the lender's requirements. Homeowner's insurance protects you and the lender in an accident or..

What is an FHA 203k loan?

An FHA 203k loan is a type of mortgage designed to help homebuyers purchase a property and finance the cost of renovations or repairs into a single mortgage.

Down Payment | How much for a down payment on a house?

If you're considering buying a home, you should know you have choices regarding a down payment. The popular belief is that homebuyers need 20% of the property's purchase price...

Gift Letter | How to use a gift to buy a home

In this article, I'll show you the best way to prove that your gift is from an acceptable donor so that everything goes smoothly with your home purchase. You can download the gift..

Seller Credit | Can the seller pay the homebuyer's closing costs?

Sellers can pay the buyer's closing costs. A seller credit is a sum of money the property seller agrees to give the homebuyer at closing. The buyer can use the credit to pay..

How a mortgage co-signer can help you buy a home

When your income, savings, or credit history falls short, adding a co-signer to your application can give you the boost you need to get approved for a mortgage. In this article,..

Can you get a mortgage if you're already a co-signer?

As a co-signer, you've committed to another person's financial obligation to the loan. You probably co-signed a car loan, student loan, or mortgage to help out a friend or..

How much are prepaid items & mortgage escrow?

Prepaid items are homeowner’s insurance, mortgage interest, and property taxes you pay at closing when you buy a home. In this article, I'll explain how to estimate the money..

How to buy a mixed-use property with an FHA loan

Home buyers can use an FHA loan to buy a mixed-use, multi-unit property with a down payment of only 3.5% of the property's purchase price. FHA's low down payment option and..

Debt-to-Income ratio | What is a good DTI for a mortgage?

Debt-to-income (DTI) is a measure that compares your debt to the income you receive. Mortgage lenders use this ratio to determine how much you can afford to pay for a home loan. A..

Mortgages for non-permanent residents with a pending asylum status

Can a non-permanent resident (pending asylum) buy a house?

In this article, I'll explain how to get approved for a mortgage to buy a home while waiting for the United States Citizenship and Immigration Services (USCIS) to decide on your..

Why a verified mortgage pre-approval is better

In this article, I explain how a verified pre-approval letter improves your chances of getting the home you want.

How a mortgage credit check affects your score

Multiple inquiries from mortgage companies within 45 days are grouped and counted as a single inquiry, which minimizes the impact on your credit score. In this article, I'll show..

When should you get pre-approved for a mortgage?

Getting pre-approved for a mortgage is generally a good idea before you start looking for a real estate agent or viewing homes to buy.

fha loan 3-4 units self-sufficiency test

FHA Self-Sufficiency Calculator | 3-4 unit properties

An FHA loan is a good option for financing the purchase of a multi-unit property. However, 3 and 4 unit properties must be self-sufficient. This means the property must have a..

Multi family property mortgage, 2-4 unit home loan

2 to 4 Unit Home | How to buy a multi-unit property

Multi-family, 2 to 4 unit homes are affordable and surprisingly easy to buy.

FHA MORTGAGE INSURANCE HOW MUCH? CAN YOU CANCEL IT?

FHA Mortgage Insurance | How much is it? Can you cancel it?

All Federal Housing Administration (FHA) loans require mortgage insurance. Homebuyers pay two types of mortgage insurance when purchasing a home using an FHA loan. First, you pay..

How to Get a DACA Mortgage Loan

Buying a home can be scary for homebuyers in the Deferred Action for Childhood Arrivals (DACA) program. In this article, we outline the mortgage process so you can avoid the..

Cash out refinance debt consolidation mortgage

Cash-out refinance | Consolidate credit card debt

In this article, I'll show you how you can take control of your finances by consolidating high-interest credit card debt with a cash-out mortgage refinance.

Mortgage Insurance | How much is PMI?

The cost of private mortgage insurance (PMI) varies depending on several factors, including the lender. Some lenders charge more than others for the same PMI. In this article,..

VA loan | VA cash-out refinance

The VA cash-out refinance loan gives veterans access to 100% of their home equity. With this mortgage program, you can replace your current conventional or VA loan with a new VA..

VA credit score, bankruptcy, short sale, judgment, foreclosure

VA loan | What is the credit score? [580]

This article outlines VA loan requirements for credit score, bankruptcy, short sale, judgment, and foreclosure.

VA loan | What is the VA funding fee for 2023?

The VA funding fee is a one-time charge that most military veterans, service members, and survivors pay to use a VA loan to finance the purchase or refinance of a home. The VA..

What is loan-to-value (LTV) for a mortgage? How to calculate LTV

Loan-to-Value | How to calculate LTV for a mortgage

Loan-to-value (LTV) ratio is a measure that compares the amount of the mortgage loan to the value of the property. Lenders use it to determine the risk of lending you money for a..

What does PITI mean? How to calculate PITI

PITI is an acronym for Principal, Interest, Taxes, and Insurance. Mortgage lenders use it to describe the four main components of a mortgage payment:

Earnest Money | How it works when buying a home

Earnest money is a deposit made by you, the homebuyer, to demonstrate that you are serious about purchasing a property. The earnest money is held in escrow and applied toward the..

Mortgage Contingency | How it works when buying a home

In this article, I'll explain the mortgage contingency, show you where to find it in a real estate contract, and tell you why you need to know about it when buying a house. First,..

FHA Single-Unit Approval | Buy a condo with an FHA loan.

Financing a condominium with a Federal Housing Administration (FHA) loan is challenging for many homebuyers. First, before you can buy a condo using an FHA loan, the condo must be..

What's the difference between mortgage interest rate and APR?

Because the APR represents the overall cost of your mortgage, it should make it easier for you to compare loan offers to find the best deal on your mortgage. However, APR can vary..

Notice of Intent to Proceed

The mortgage lender must honor the terms of the Loan Estimate for ten days. If you wait more than ten days after receiving a Loan Estimate to give your intent to proceed, the..

Mortgage Rate Lock | How an interest rate lock works

Like stock prices, mortgage interest rates constantly change. By locking in, you freeze the lender's rate and origination charges. As a result, you know how much your loan will..

mortgage loan purpose newcastle home loans

Loan Purpose | How loan purpose affects your mortgage rate

When applying for a mortgage, the first question on the mortgage application is, "what is the loan's purpose?" You have two options, purchase or refinance. I'll explain how the..

VA loan | How to read the VA Certificate of Eligibility (COE)

In this article, I’ll show you how to quickly read and understand the Certificate of Eligibility (COE). This information will make it easy to see if you’re eligible for a VA loan..

principal residence, second home, investment property

Principal residence, second home, or investment property?

When you buy a new home, who lives there will help determine how much your mortgage will cost.

Can you get a mortgage if you work through a staffing agency?

If you work for a staffing agency, you might need help buying a house. Most banks won't use your staffing agency income to approve your mortgage. And, unfortunately, without a..

Pay mortgage closing costs with credit card

Can I pay mortgage closing costs with a credit card?

As a rule of thumb, mortgage closing costs will cost you about 2% to 5% of the loan amount. They add up to thousands of dollars. Generally, you pay them when you buy the house at..

rental income investment property mortgage

How future rental income can help you buy an investment property

As a homeowner, you know that owning property is a stellar way to build wealth over time. But if you’re interested in expanding your homeownership with a rental property, we’ve..

Can I get a mortgage if I owe federal tax debt to the IRS?

Can you get a mortgage if you owe federal tax debt to the IRS?

Owing federal tax debt makes it harder to get approved for a mortgage, but it’s not impossible to get a home loan with this debt factored in. With careful planning, you can still..

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