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 […]
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 […]
It’s important to have a relative understanding of what Private Mortgage Insurance (PMI) is when you are in the final steps of the mortgage approval process. Here is some information to learn what PMI is, how much it costs, and how to avoid or get rid of it. What is Private Mortgage Insurance? Private mortgage […]
If your mortgage approval has been stalled, you may be wondering what went wrong during the application process. There are factors that everyone should avoid to keep the mortgage application process on track. Here are five tips you should follow to avoid your mortgage approval from being stalled. Your Job Status An important factor to […]
If you’re trying to purchase a home after a foreclosure, you aren’t alone. In fact, many who lost their homes during the Great Recession are just starting to re-enter the housing market. If this is the case for you, you may already be qualified to get a mortgage. However, if you’ve lost your home more […]
The day you buy a house is without a doubt one of the most monumental days of your life, but the path leading to that day might not always be easy. We all know the situation: you are caught in a seemingly never-ending circle of trying to save for a mortgage while simultaneously forking out […]
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Ken Venick
Phone: 443-471-4310
kvenick@equitymortgagelending.com