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
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
A good mortgage broker helps to make the closing of a mortgage loan as seamless as possible. Friends, who are homeowners, and your buyer rebate agent will be able to recommend mortgage brokers who they have worked with locally. Interview a few mortgage brokers before choosing to work with one Read more
Adjustable rate mortgages (ARM) often come with low initial interest rates, then the rate increases to a higher market rate set against some type of Fed index after the initial teaser period expires. An ARM may be right for you if you plan on paying off the full loan in Read more
The average real estate transaction in New York City is relatively large and can amount to millions of dollars. Collecting 1% of the total purchase price as commission is a reasonable fee on these transactions. At the same time, the difference of the broker commission split after collecting our 1% Read more
NY REAL ESTATE BUYER REBATES ARE LEGAL Real estate broker commission rebates are legal in 40 states, including New York state. NY Attorney General Eric T. Schneiderman issued a public letter confirming that commission rebates are legal. New Yorkers are encouraged to take advantage of lower commissions when buying a home. Changes Read more
Some homeowners are not ready to sell until you present them with the idea of someone wanting to buy their home because of the nearby schools or the family oriented community. Include your best family photo with the letter of intent. Letters help plant the seed in homeowners who have Read more
Your mortgage application requires an appraisal from an independent third party. The lender only wants to be in a position to be able to recover the amount of money loaned to you if they are forced to sell the home as collateral when the loan is in default. The appraisal Read more