An assumable mortgage provides a buyer the opportunity to purchase a home by taking over the seller’s mortgage. One reason buyers decide to buy a home with an assumable mortgage is to take advantage of financing with a lower interest rate if rates have risen since the seller originally purchasedRead More →
You can consolidate your debt before you apply for a mortgage. As long as you always make your repayments, consolidating shouldn’t affect your mortgage eligibility. In some cases, it may even help you get approved. Can you get a loan if your on a debt management plan? It’s certainly possibleRead More →
Whether you can negotiate a car payoff balance for a lower amount depends on the lender and what you’re willing and able to do. It takes two to tango, as the saying goes. But it could be worth the effort — you might save money and free up your budgetRead More →
A directors’ loan account can be in credit or it can be in debit. If the directors’ loan account is in credit, the company owes you money. If it’s in debit, you owe your company money. … If you owe money to your company because it has lent you money,Read More →
What counts as “payroll costs”? Payroll costs under the PPP program include: Salary, wages, commissions, tips, bonuses and hazard pay (capped at $100,000 on an annualized basis for each employee) What counts as payroll costs for PPP forgiveness? Include: The sum of gross salary, gross wages, gross tips, gross commissions,Read More →
Will conventional loan limits increase in 2022? Most likely. Conforming loan limits are set annually based on national home prices, which skyrocketed in 2021. Usually, the Federal Housing Finance Agency (FHFA) releases the coming year’s limits in November or December. What is the max conventional loan amount 2020? Washington, D.C.Read More →
The Appraisal Is Too Low A lender cannot lend more than the appraised value of the home. If the appraisal value comes back lower than the sale price, you’ll either need to pay the difference out of pocket or renegotiate to a lower price. If you can’t do either, yourRead More →
A loan officer will screen you to determine if you qualify for underwriting. They’ll factor in your annual salary, credit score, debt-to-income ratio and total debt amount, but the numbers aren’t the only important factors in your ability to qualify for a mortgage. Do loan officers and underwriters work together?Read More →
Mortgages — The home or real estate you purchase is often used as collateral when you take out a mortgage. Car loans — The vehicle you purchase is typically used as collateral when you take out a car loan. Secured credit cards — A cash deposit is used as collateralRead More →