Saving for a down payment may seem like a daunting task to many home buyers. The good news is that there are plenty of mortgages that require little to no down payments. Here’s what you need to know about buying a home with a small down payment, or no down payment at all. Pros and […]
Getting a mortgage pre-approval is a crucial first step in the home-buying process that can sometimes be overlooked. A mortgage pre-approval helps you understand how much house you can afford, makes you more attractive to sellers, and alerts you to problems that may affect your ability to get a loan. Why should you get pre-approved […]
Debt to income ratio is a calculation of the percentage of your monthly debt payments, compared with your gross monthly income. Monthly debt payments include mortgage payments, car payments, and any other minimum loan or card payments. Living expenses like gas, groceries, and utilities are not included. Debt to income ratio is an important factor […]
Homeowners across the country are seeking mortgage forbearance as unemployment numbers continue to rise amid the coronavirus pandemic. The CARES Act stimulus package requires servicers to provide forbearance — a temporary postponement of payments — to any homeowner with a federally-backed mortgage. Delaying one’s mortgage payments has proved exceptionally popular, as forbearance requests have significantly […]
When applying for a mortgage, your lender will ask to see your financial documents, including your bank statements. Lenders examine bank statements to check your eligibility for a mortgage. Read on to learn more about bank statements and ways to better your odds of being approved for a mortgage. What is a Bank Statement? A […]
Mortgage rates had hit all-time lows two weeks ago but have taken a sharp jump this week due to stock market changes, government spending and underlying stresses caused by the coronavirus pandemic. Mortgage rates were driven lower largely by the steady decline in bond yields in response to concerns about the economic impact the COVID-19 […]
Ready to purchase a new home? This checklist explains some of the most important steps you should take when applying for a home mortgage loan. Review this home buyer’s mortgage checklist to increase your chances of getting a mortgage approval. Check your credit and strengthen it if necessary When you apply for a mortgage loan, […]
Many homebuyers need a mortgage to buy a home, so it’s important to prepare so you have the best chances of getting approved for a loan. Here are some things you should try to avoid when you apply for a mortgage. DON’T: Make major purchases (especially on credit). Buying something expensive, like a […]
When you’re in the process of getting a mortgage, you often need to make a down payment to cover a portion of the purchase price. A down payment is an important part for getting approved, and it can affect your borrowing costs throughout the life of your loan. Here are the advantages and disadvantages of […]
When shopping for a mortgage, you’re bound to encounter the term “conventional mortgage” or “conventional loan.” Here are some answers to the most frequently asked questions about conventional mortgage loans. What is a Conventional Loan? One of the most common types of loans that home buyers come across is the conventional loan. A conventional loan […]
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Ken Venick
Phone: 443-471-4310
ken@kenvenick.com