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ITIN Loans: Are These Loans Right For You?

February 8, 2023 by Michael Addison

As you take a look at your mortgage options, you might find that a conventional mortgage presents a few qualification challenges. Fortunately, there are other options available, and you might be able to pursue an ITIN loan. This stands for Individual Tax Identification Number, and Individual Tax Identification Number loans could be beneficial for people cannot get approved for a qualified mortgage. What do you need to know about the process? What Are The Requirements Of An ITIN Loan? First, you need to get an Individual Tax Identification Number. While you do not need a Social Security Number, you might need to fill out Form W-7. Then, you need to provide supplemental … [Read more...]

Filed Under: Mortgage Tagged With: ITIN, Mortgage, Mortgage Loans

Do You Need Mortgage Insurance Even If It’s Not Required By Your Lender? Let’s Take A Look

December 29, 2021 by Michael Addison

Finding a proper mortgage loan and understanding the processing procedures behind the loan is the basis of good research. The down payment on a mortgage loan is typically significant when dealing with mortgage insurance. Most loan applications with less than 20% down payment are required to include mortgage insurance with the loan. However, mortgage insurance may still be required even if it's not typically required by your lender. Underwriting Requirements Most home mortgage applications undergo a strict set of standards for approval. These standards are known as underwriting and make up the bulk of time spent on a mortgage application. Unique situations in employment or credit history may … [Read more...]

Filed Under: Home Buyer Tips Tagged With: Mortgage, Mortgage Insurance, Mortgage Loans

You May Need More Than You Think To Buy Your First Home

September 9, 2020 by Michael Addison

Those who are thinking about buying their first home soon are likely saving up for a down payment. This can be a challenging process because, for many people, this is the largest amount of money they have ever saved in their lives. Sadly, the amount that people might need to buy their first home is more than they think. There are numerous other costs that go along with buying and maintaining a home. As a result, people need to save up more than they think. Even for starter homes that are usually less expensive than family homes, there are numerous costs that need to be included. Think about a home that is $250,000. A 20 percent down payment is $50,000. That is already a lot of money. Even … [Read more...]

Filed Under: Mortgage Tips Tagged With: Down Payment, Home Loan, Mortgage Loans

The Top 3 Reasons To Invest In A Reverse Mortgage

September 1, 2020 by Michael Addison

For seniors who have equity built up in their home, they might have heard about something called a reverse mortgage. There are plenty of TV commercials for reverse mortgages; however, there is still a lot of confusion regarding what they are. Simply put, many seniors have already paid off their homes completely. With a reverse mortgage, people can access the equity they have in their home and use this as a quick source of cash. Then, they can pay back this loan when they can without giving up ownership of their home. Who should use this tool? There are a few reasons to note. A Quick Source Of Cash Without Great Credit For those who don’t have a strong credit score but need a quick … [Read more...]

Filed Under: Mortgage Tagged With: Mortgage, Mortgage Loans, Reverse Mortgage

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