Getting a Mortgage After Divorce from a Self-Employed Spouse

Divorcing spouses face unique challenges when trying to buy a new home.  And while getting a mortgage after divorce may seem difficult, it is possible.  However, one obstacle that could easily be overlooked is self-employed income of your former spouse.

Many people may think their ex-spouse’s self-employment income does not affect their ability to qualify for a mortgage.  After all,  the ex is not part of the new transaction, right?  It’s a little more complicated than that.

Tanya and her husband … Continue reading

How to Separate Your Marital Debt in a Divorce

When going through a divorce, marital debt is split up.  The way you go about it could cause you trouble down the road.

Most often when couples are going through divorce, money is involved – both assets and debt.  The main money focus is on the assets such as the bank accounts and retirement accounts. Don’t overlook your marital debt.  But just like the marital assets are split up in a divorce, so is the marital debt.

Perhaps the biggest myth … Continue reading

How to Improve Your Credit Score

Your credit scores usually determine the price you pay for your money (your mortgages, your auto loans and leases, your credit cards, business loans, etc.). Perhaps the most significant part of your credit report is your credit score. Credit scores range from 350 to 850, with 850 being the best possible credit score that you could receive, and 350 being the worst possible credit score. There are five factors that determine your credit score:

Your Payment History: 35% impact on … Continue reading

10 Questions Every Realtor Should Ask The Lender About TRID

As a real estate agent, it is important to understand the new mortgage rules – the TRID (TILA-RESPA Integrated Disclosure) rule and how it impacts your client transactions.  That includes checking with the lender with each of your transactions to become familiar with how the lender is implementing TRID. In fact, an interview of sorts is helpful to understand how prepared the lender is and how they intend to communicate with you throughout the transaction.

TRID has changed the landscape and … Continue reading

What Fees Are in the Annual Percentage Rate (APR)

It’s not uncommon for the Annual Percentage Rate (APR) to be confused with the interest rate when obtaining a mortgage. The interest rate refers to the rate charged on the amount borrowed and does not include the fees charged for the loan. On the other hand, the APR is the annual cost of the loan to a borrower including fees. Both are expressed as a percentage.

The following illustrates which fees are included, or not, in the calculation of APR. … Continue reading

New Mortgage Program Opens More Doors for Homeownership

Fannie announced earlier this week its HomeReady mortgage citing it as “an innovative lending option aimed at helping creditworthy borrowers with lower and moderate incomes have access to an affordable, sustainable mortgage.”

frontdoors“HomeReady will help qualified borrowers access the benefits of homeownership with competitive pricing and sustainable monthly payments,” said Jonathan Lawless, Vice President for Underwriting and Pricing Analytics at Fannie … Continue reading

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