Whether you're just out of college, recently married or simply haven't jumped into the market yet, buying your first home is an exciting prospect. It can also be an expensive one, which is why most people will take out a mortgage to help finance the cost. If you are planning on engaging with a mortgage lender, you'll need to have your finances in order. In today's post, we'll share a few key reasons why you'll want to check your credit score well in advance of buying your first home. Your Credit … [Read more...]
The Five Most Common Overlooked Expenses When Selling a House
Most homeowners are so enthusiastic about putting their home on the market and getting the price they're hoping for that the expenses involved in selling a home are forgotten. However, it's often said that one has to spend money to make money, and selling a home is no exception! If you're wondering what kinds of overlooked expenses will cut into your home sale, here are some costs to consider. Minor Renovations There are always a few things to fix-up when it comes time to sell your home, but by … [Read more...]
Avoiding Becoming House Poor: A Path to Financial Security and Balance
As the housing market continues to evolve, it becomes increasingly crucial for aspiring homeowners to tread carefully and avoid falling into the trap of being house poor. The dream of owning a home should not come at the expense of financial stability and overall well-being. Here are some essential tips to steer clear of this precarious situation: Setting a Sensible Budget: Before even considering purchasing a house, it's imperative to create a comprehensive budget that includes all your income, … [Read more...]
The Impact of Your Employment History on Mortgage Approval
When it comes to applying for a mortgage, lenders take various factors into account to determine your eligibility. One crucial aspect they consider is your employment history. Your employment history provides lenders with valuable insights into your financial stability, income consistency, and ability to repay the loan. Lenders evaluate your income consistency to ensure that you have a reliable source of funds to cover your mortgage payments. They typically request pay stubs, W-2 forms, and tax … [Read more...]
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