In simple terms, the higher your credit score, the better the deal you’ll get on your mortgage. Mortgage lenders look at your score to figure out how “risky” you are as a borrower. The logic? If your credit score is solid, you’re more likely to pay back the loan, so they’ll reward you with a lower interest rate. But if your score isn’t great, they figure you’re a bit more of a gamble, so they’ll hedge their bets by offering you a higher interest rate.
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So, let’s face it: you might not be getting the 10-bedroom mansion, but that doesn’t mean you can’t find a home that’s just right for you. Whether it’s a starter home, a cozy condo, or a place with a backyard for your dog, there’s a perfect home out there that fits your budget.
When you’re ready to figure out how much house you can afford, the process doesn’t have to be scary. Pre-approval is your first step to making your dream a reality. And for expert help navigating the numbers, Maor Max Lavi at Superior Mortgage Lending can guide you through the mortgage maze and get you into a home that fits your life—and your budget. Owning a home might not come with a butler, but it’s still the dream.
At the end of the day, the best mortgage lender is the one who meets your needs, offers you a fair deal, and doesn’t make the mortgage process feel like pulling teeth. While there might not be a one-size-fits-all lender out there, with a bit of research and some patience, you can find the best mortgage lender for you.
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For commission based income earners, getting approved for a mortgage can be tricky, but it’s far from impossible. With the right approach and preparation, you can show lenders that your income is as reliable as any salaried employee’s, even if it’s not consistent every month. Here’s how to improve your chances of mortgage approval when working with commission income.
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Non-Qualified Mortgages (Non-QM) are mortgages that don’t meet the “qualified” standards set by the government. They cater to people who are just a little outside the norm – self-employed borrowers, those who write off all their expenses, or people without a standard paycheck. If traditional loans slam the door in your face, a Non-QM might be the back door you’re looking for.
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If you own investment properties, you might be able to use them to help you qualify for your next home loan. Leveraging rental income can improve your debt-to-income (DTI) ratio and show lenders that you have the income stability needed for approval. However, it’s important to understand how to properly document your rental income to make the process as smooth as possible.
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So, you’re ready to dive into the thrilling world of mortgage pre-approval, huh? Well, hold onto your calculators because we’re about to break down the steps you need to take to get pre approved for a mortgage—yes, it’s that delightful paperwork extravaganza everyone dreams about.
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If your credit score is looking rough, and you don’t have much cash for a down payment, FHA is probably your best bet. On the other hand, if you’re someone with a bit more financial padding, a Conventional loan could be the way to go. You’ll get rid of mortgage insurance faster, and with higher credit, those better rates are likely to save you money over time.
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Well, well, well… a mortgage rate cut, and suddenly everyone’s a real estate investor again. It seems like every few years, the mortgage industry turns into a carnival ride. You buckle up for what you think will be a pleasant journey through homeownership, and then BOOM! The rates go wild, and you’re either soaring to new highs or plummeting to new lows. As of right now, we’re in the middle of another one of those exciting dives – yes, current mortgage rates are dropping, and it’s time to decide if you want to cash in or sit back and enjoy the show.
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So, you want to buy a house, but your bank account is emptier than a ghost town at midnight. Fear not! The 0% downpayment FHA + DPA mortgage is here to save the day! Yes, you read that right – zero, nada, zilch downpayment. Sounds too good to be true? Well, let’s dive in and see what the fuss is all about.
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