Posts with tag 'Home Loans'
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22
Self-Employed? 5 Things to Know About the Mortgage Process
Applying for a mortgage means your financial situation is under close scrutiny and that applies even more so when you're self-employed. But that certainly doesn't mean that you can't get a mortgage or that you'll never be able to buy Beavercreek homes for sale. Many self-employed people successfully buy houses every year. But you may encounter a few more stumbling blocks along the way. So what can you do to make the process go as smoothly as possible? These tips can help.
- Keep good records and have the right documentation available. Lenders need to assess your ability to pay back the loan before you get approved. It can be a little more difficult to prove you have that ability when you're self-employed. You don't have the paper trail of pay stubs and W-2s other borrowers can rely on. You will need to produce more verification of your consistent income. In general, lenders will want at least two years of tax returns, a 1099 form, and a profit and loss statement if you are a business owner. You will also need monthly or quarterly statements from your bank and investment accounts.
15
FHA Loans - What First-time Home Buyers Need to Know
Securing a mortgage is one of the most important steps in buying a house, and there are programs available to help all home buyers find a loan that fits their needs. FHA loans, backed by the Federal Housing Administration, are often an appealing option for first-time home buyers, shoppers in the process of rebuilding credit, and for others who may have difficulty securing a traditional mortgage.
These loans were designed specifically to help more people own homes, while also providing protection for lenders. Our REALTORS® are happy to explain the basics of FHA loans, and why they're an attractive option for home buyers.
10
Mortgage Mistakes You're Too Smart to Make
When it comes time to choose a mortgage loan, there are many factors that determine whether it's a good deal for you. Selecting the right mortgage loan at the right moment will help you meet your financial goals, potentially saving thousands of dollars over the lifetime of the mortgage.Of course, there are also many pitfalls that can come along with the wrong mortgage loan. When you are buying a first house, it often seems like a race against time and this can cause issues if you don't get the right advice or overlook important opportunities.
Let's look at some of the most important mortgage mistakes to avoid: