When you apply for a mortgage loan, the lender will look at your debts and income to see if you qualify. You will be required to declare all current sources of income, including salary, business income, investment income, and other sources of income. You must also report any debts that you are currently paying. The…
Mortgage forbearance is a temporary financial relief that allows homeowners to remain in their homes while deferring their monthly mortgage payments until they can get back on their feet financially. For many borrowers, forbearance is a viable option that can help them avoid going into default and facing foreclosure. It is unmistakably a compassionate concept…
The need to secure a loan to purchase a home is a given for most home buyers. While waiting for a mortgage approval might be stressful, you will usually feel a sense of relief after the approval has been granted. But can a mortgage be revoked after funding? In some situations, it seems that it’s…
A VA loan is a specific kind of mortgage loan made available by the Department of Veterans Affairs (VA). It was previously known as the Veterans Administration. The VA provides eligible service members, veterans, and surviving spouses with assistance in purchasing a property. VA loans are provided by private lenders such as mortgage firms or…
Mortgage lenders and insurance providers often screen out people with a history of paying late or unreliability. The reason for that is because they are in the business of limiting the amount of risk they take when loaning someone money. And those who have a bad payment history pose a more significant risk to lenders.…