When Installment Debt Can Be Excluded From Debt-to-Income Calculations Many borrowers preparing for a mortgage assume that paying off debt before applying will automatically improve their chances of approval. In some cases that is true. In others, the impact…
Mortgage Reserve Requirements Under Fannie Mae: What Borrowers Should Know When most borrowers think about qualifying for a mortgage, they focus on income, credit scores, and down payment. Another factor that plays an important role in many approvals receives…
Mortgage Job History Requirements: What Fannie Mae Actually Looks For Employment history is one of the first things borrowers think about when applying for a mortgage. A common belief is that a borrower must remain with the same employer…
Buying a home in California is exciting, but most buyers quickly realize that the biggest challenge is often the down payment. Home prices here are higher than the national average, and saving enough money upfront can feel like the biggest…
Did you know it's possible to use two mortgage loans when buying a home in California? It's called a "piggyback" mortgage strategy, and it could help you minimize your down payment while avoiding private mortgage insurance at the same time…
When you're buying a home in California, you often run into loan amounts that exceed what’s called the conforming loan limit. When that happens, you’ll need a jumbo loan. So, what is a jumbo loan in California, and how does…
California home buyers typically encounter closing costs when buying a home. These are the various fees and charges that occur when a person buys a house using a mortgage loan. On average, they can add up to 2% to 5%…
If you have a home loan, you may wonder whether refinancing is the right financial move for you. Refinancing just means replacing your current mortgage with a new loan that better fits where you are today. Sometimes, that means lowering…
When One Year of Bonus or Overtime Income May Be Enough for Mortgage Qualification Bonus and overtime income are common components of compensation. For many borrowers, they represent a meaningful portion of annual earnings. Yet when it comes to mortgage…
In this article, we will address one of the most common questions among first-time home buyers in California: Is earnest money refundable? Here are five things you should know right off the bat: Buyers often include earnest money when making…
