How Debt Consolidation Can Make Sense For You...

 

If you have credit card debt it’s a good time to consider a consolidation loan.

If you have $20,000 in credit card debt your monthly payment on that could be between $400 and $800, depending on the minimum payment your credit card company requires.

That same $20,000 as part of a mortgage payment would only cost around $82 a month.

This can free up alot of monthly cash for you and your family, which you can then use to pay off debt or whatever you want.

If you would like to see how your numbers look for a consolidation loan – contact our offices.

That’s it for today!

Thanks for reading!

Brett

Get Pre Approved For A Loan Here
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Here's A Cool Calculator That Can Help You Decide If It's The Right Time To Buy A House...

 

If you are thinking about buying a house, but you aren’t really sure if it’s the right move for you – I have something you might be interested in.

MGIC came out with this Buy Vs Wait Calculator.  It helps give you information on whether you should go ahead and buy now or wait.  This is based on your numbers.

Try it out and see how it works for you:  https://host.visualcalc.com/mgiccalcs/buywait.jsp

If any of your friends, family, or coworkers need help with financing – please have them contact our offices.  We love helping people buy and refinance houses!

Thanks for reading!

Brett

 

Get Pre Approved For A Loan Here
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How To Get A Loan With Foster Care Income...

 

If you receive money from the State or a County sponsored organization for providing foster care for children you can use this money as income to get a mortgage.

Foster care income is considered acceptable stable income as long as the borrower has a 2 year history of providing foster care services.

To prove this income we would need…

• Letters from the organizations providing the income.

• Copies of the borrower’s signed federal income tax returns that were filed with the IRS, or

• Copies of the borrower’s deposit slips or bank statements that confirm the regular deposit of the payments.

That’s it for today!

Have a good day today! …and thanks for reading.

Brett

Get Pre Approved For A Loan Here
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Two Ways To Help Pay Your Property Taxes...

 Your property tax bill usually comes out in late November, or early December.

There are two issues I see every year with regard to property taxes. …Issues that put people in tough spots.

1) Some people who have non escrowed loans just don’t have the money saved up to pay their property taxes. …They might have had the money, but had to use it in an emergency. …Or any number of other things.

2) Some people have an escrow account on their mortgage – but their mortgage company didn’t collect properly. This often results in an arrearage… Which means your payments go way up until the escrow is caught up.

If you are in either one of these situations – there’s usually an easy fix for it. …Refinancing.

We can often refinance someone in either one of these situations, and we pay the property taxes through the new refinance loan.. …Not only that, but usually at a lower rate and payment than they have now.

Please let us know if you have more questions about how this refinance works.

That’s it for today!

Have a good day today! …and thanks for reading.

Brett

Get Pre Approved For A Loan Here
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How To Buy Rental Property Without Proving Income...

 

If you want to acquire rental properties, but you are having issues proving your income – here’s one tool you can use…

It’s called a Debt Service Coverage loan.

We take the estimated amount the property would rent for, and as long as that number covers the mortgage payment – you are ok income wise.  (No more income docs needed)

Down payments average around 20% on these types of loans – credit score depending.

If you think this might be a useful tool for you to acquire rental property – please let us know!  We are happy to help!

Thanks for reading!

Have a great day!

Brett

Get Pre Approved For A Loan Here
My Previous Blog

How To Get A Loan With Foster Care Income...

 

If you receive money from the State or a County sponsored organization for providing foster care for children you can use this money as income to get a mortgage.

Foster care income is considered acceptable stable income as long as the borrower has a 2 year history of providing foster care services.

To prove this income we would need…

• Letters from the organizations providing the income.

• Copies of the borrower’s signed federal income tax returns that were filed with the IRS, or

• Copies of the borrower’s deposit slips or bank statements that confirm the regular deposit of the payments.

That’s it for today!

Have a good day today! …and thanks for reading.

Brett

Get Pre Approved For A Loan Here
My Previous Blog

Who Can And Can't Give A Gift On FHA Loans...

 FHA gift questions come up often.

I wanted to give you the rules on FHA gift giving. Here ya go…

Acceptable gift donors for FHA loans…

1) Borrower’s relatives.
2) Borrower’s employer or labor union.
3) A close friend with a clearly defined and documented interest in the borrower.
4) A charitable organization.
5) A governmental agency or public entity that has a program providing home ownership assistance.

Unacceptable gift donors for FHA loans…

1) The seller.
2) The real estate agent or broker.
3) The builder or an associated entity.
Gifts from these sources are considered inducements to purchase, and must be subtracted from the sales price.

That’s it for today!

Have a good day today! …and thanks for reading.

Brett

Get Pre Approved For A Loan Here
My Previous Blog

Who Can And Can't Give A Gift On FHA Loans...

 FHA gift questions come up often.

I wanted to give you the rules on FHA gift giving. Here ya go…

Acceptable gift donors for FHA loans…

1) Borrower’s relatives.
2) Borrower’s employer or labor union.
3) A close friend with a clearly defined and documented interest in the borrower.
4) A charitable organization.
5) A governmental agency or public entity that has a program providing home ownership assistance.

Unacceptable gift donors for FHA loans…

1) The seller.
2) The real estate agent or broker.
3) The builder or an associated entity.
Gifts from these sources are considered inducements to purchase, and must be subtracted from the sales price.

That’s it for today!

Have a good day today! …and thanks for reading.

Brett

Get Pre Approved For A Loan Here
My Previous Blog