As a home buyer, it is recommended that your rebate agent only represents you. The way to find out is to make sure that your agent isn’t representing the seller at the same time. If they are, then one of their goals is to help the seller get the highest Read more
Lenders depend on credit scores to determine the overall risk of the person receiving the loan. First, your credit history is reviewed to see if you have been making good on payments owed to perhaps an auto loan or a student loan. The history of repaying your loans without lateness Read more
Getting your homeowners insurance policy is one of the final steps of home ownership. Your rebate real estate agent will have the referrals you need. Or you can go to your car insurance agent, and they will probably have homeowners insurance policies available for you to choose from as well.
Generally, mortgage lenders will require 2-years of self employment income records to qualify for a loan. However, a No-Doc or Low-Doc loan is available to borrowers who can provide other supporting documentation when income documentation is not available. A No-Doc loan is designed for self-employed individuals with hard-to-verify incomes, and Read more
Get a home inspection, the peace of mind knowing that the home was given a proper home inspection by a professional is worth the small fees you pay for the service. A few hundred dollars can save you tens of thousands dollars if home inspection finds a bad roof or Read more
Owning a home comes with a big financial responsibility such as mortgage payments. Lenders like to see a debit-to-income ratio under 43%. The best recommended route is to tighten up your debts such as credit card balances. Clear any loans you may have outstanding. You don’t want to have outstanding Read more
BUYER REBATES ARE NOT CLASSIFIED AS INCOME BY THE IRS A buyer rebate is not classified as income, and a Form-1099 will not be issued. A similar example is the rebates you receive on a cashback credit card. The points and cash rebates that you redeem on these credit cards Read more
Hybrid adjustable rate mortgages (ARM) generally have a fixed term / variable term such as 5/1 ARM. 5 would be 5 years at the fixed teaser rate. 1 would mean it adjusts ever 1 year after the initial 5 years is over. Once the adjustment period starts, the new rate Read more
The debt-to-income ratio helps determine the maximum amount that lenders are willing to lend to you. Debt is everything that you currently owe including credit cards (food, entertainment, transportation, health care), car payments, and student loans. Income is the gross income amount before taxes including salary, investment income, and royalties. Read more
After your initial conversations with a rebate realter, they will suggest neighborhoods where you might be interested in living at whether it is Manhattan, Brooklyn or Queens. Then the search begins with the type of house you are looking for where the real estate agent shows you inventory of homes Read more