But what if your income and savings are tied up in retirement accounts, such as 401(K), mutual funds, and other investment accounts? This is somewhat confusing, yet surprisingly simple way to establish your income, and it may be the best strategy for securing your loan.
When searching for a home, one of the most important decisions you’ll have to make is the time period for your loan. In this case, the two most common are 15-year mortgages and 30-year mortgages. Each one has its own advantages, and understanding the difference will make you a better borrower.
If you are a business owner, you need to use all the tax benefits that are available to you. This includes the 1031 exchange, a useful option that allows you to lower your overall tax liability when buying and selling homes.
Purchasing a home is not quite as simple as it looks on television. There are numerous fees and costs associated with the purchase, and, while most are affordable, they add up in total price. Make sure you are prepared by understanding the upfront costs for purchasing a home.
The truth is simple: you can get a mortgage loan even if you have no credit score. While a score (specifically a good score) increases the convenience of getting a high-quality loan, there are still options.