27 Nov 2024
By Mark Feder

Why Tax Prep is Crucial for Mortgage Applicants

Taxes
When you are preparing to buy a home, tax season should be on your radar as it plays a significant role in your mortgage application process. Whether you're a first-time homebuyer or a seasoned investor, how you file your taxes can have a direct impact on the mortgage you qualify for. Understanding this connection can help streamline the process and potentially save you money on your loan. How Tax Returns Impact Your Mortgage Application The income reported on your tax returns is one of the most important factors in determining how much you can borrow for a home. For traditional…
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26 Nov 2024
By Mark Feder

A Deep Dive Into Bank Statement Second Mortgages for Self-Employed Individuals

Mortgage Application
If you're self-employed or have an income that doesn’t fit traditional molds, securing financing for a home renovation or debt consolidation can seem daunting. However, bank statement second mortgages are designed to provide a viable solution for homeowners who don’t rely on conventional pay stubs, W-2 forms, or tax returns. Let’s break down how these unique loans work and how they can benefit self-employed individuals. What is a Bank Statement Second Mortgage?A bank statement second mortgage is a specialized loan that allows you to tap into your home’s equity without the usual income verification documents. Instead of relying on tax returns…
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25 Nov 2024
By Mark Feder

What’s Ahead For Mortgage Rates This Week – November 25th, 2024

Financial Reports
Following the election results, the University of Michigan's Consumer Sentiment Report painted a less-than-stellar picture, reflecting stagnation in sentiment. The prior week was relatively light, aside from the Consumer Sentiment data. However, the S&P PMI Industrial Numbers provided a brighter outlook, indicating some acceleration in manufacturing activity as the holiday season approaches. Looking ahead, the coming week is expected to deliver more significant data on inflation, including the Federal Reserve's preferred inflation indicator, the PCI Index. PMI Services Index The economy sped up in November and kept the U.S. on track for another strong quarter of growth, fueled by optimism about…
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22 Nov 2024
By Mark Feder

Key Professionals to Know When Building Your Homeowner Network

Homeowner Tips
Owning a home is a rewarding milestone that symbolizes stability and personal achievement. It also comes with its fair share of challenges and responsibilities. Maintenance, emergencies, and long-term property planning require having the right professionals in your network to ensure a smooth homeownership experience. Here are the key individuals every homeowner should connect with early on. 1. Insurance AgentYour home is likely your biggest investment, making a dependable insurance agent one of your most crucial allies. Homeowners' insurance protects your property against risks like fire and theft, but additional coverage may be necessary for natural disasters such as floods or…
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