Credit History. Capacity. Capital. Collateral: These are the 4 C’s of credit. Lender’s use this when reviewing your mortgage application to determine whether you are a good candidate to lend a mortgage to. If you understand the “4 Cs” the further ahead you’ll be in getting the financing you need. Credit History Your credit history […]
Whether you’re a first-time homeowner or planning to move, buying a new home is an exciting process. You may not know this, but there are many opportunities for tax deductions on your home that can put some money back in your pocket. Below are the top three tax benefits of owning a house. Mortgage Interest Deduction […]
Getting a mortgage pre-approval can put you ahead of other buyers and speed up the mortgage process, helping you secure your dream home. Here are the essential steps to the mortgage pre-approval process. Difference Between Pre-Qualification and Pre-Approval It is critical to understand the distinction between pre-approval and pre-qualification because they are not the same. […]
If you’ve ever been denied for a mortgage or are starting the process of buying a home, you may be wondering how to avoid rejection. Here are some tips on how to avoid a mortgage denial. Recent Large Purchases Mortgage lenders will be evaluating your finances when you apply for a loan. If you make […]
If you are self-employed, you may think that getting a mortgage is out of your reach. However, working for yourself does not mean you won’t be able to own a home! With the right financial planning, documents, and time you can get the mortgage you need while self-employed. Work History & Income It’s important to […]
One of the toughest parts of the home buying process is coming up with a down payment for your new mortgage loan. One way of doing this if you don’t have the cash on hand is by using gift funds. However, if you aren’t careful, using gift funds for your home purchase can lead to […]
When it comes to downsizing your home, sometimes less means more. Many Americans are opting to cut out all of the clutter by downsizing their home. There are many benefits to downsizing, such as extra cash, less maintenance, less debt and reduced consumption. However, it’s important to also be aware of the disadvantages. Here is […]
For those who want to get out of debt, pay off a mortgage loan or save up for a nice vacation, there are two ways to accomplish this. Both options allow you to take control of your spending. The 50/20/30 rule is great for those who want to follow a simple way for budgeting. The […]
It’s exciting for first-time home buyers to start the process buying a home. As you start to look at your options, you may wonder if you should buy or build your first home. Here are some pros and cons of building a home and buying a pre-existing home. Hopefully, this will give you some insight […]
If you’re 62 or older, and want money to pay off your mortgage, supplement your income, or pay for healthcare expenses, you may consider a reverse mortgage. A reverse mortgage allows you to convert part of the equity in your home into cash without having to sell your home or pay additional monthly bills. Here […]
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Ken Venick
Phone: 443-471-4310
kvenick@equitymortgagelending.com