What is Mortgage Forbearance? Mortgage forbearance is not an uncommon arrangement between a loan servicer and their borrower, in which the borrower is granted a brief payment deferral, getting mortgage relief to overcome a temporary hardship. When the mortgage payment act of 2020 passed, officially known as the CARES Act, this allowed millions of homeowners to defer mortgage payments, immediately getting the mortgage relief they needed. Thanks to this mortgage… Read More
VA Loans: A Guide Explaining Veterans Home Loans
Veterans home loans are among the best benefits available to active duty and retired military servicemen and women. Designed to help Veterans achieve their dreams of homeownership, the program offers affordable options regardless of a person’s credit history or cash on hand. Because there is no down payment required or minimum credit score threshold to be met, Veterans can explore a host of options for home buying, construction, and renovations…. Read More
Industry Interview: How to Be Financially Prepared Before Buying a Home with a VA Home Loan
Let’s face it: buying a house is a big decision. For most people, including many Veterans, it’s the biggest financial choice they’ll make in their entire lives. This decision can also be one of the most rewarding when done right, and that means getting financially — and mentally — prepared for it. As part of our commitment toward educating Veterans about the VA home loan process, we reached out to… Read More
3 Ways to Obtain Your VA Certificate of Eligibility
The VA Certificate of Eligibility (COE) is one of the most critical documents in the VA home loan process. This certificate serves as proof of a Veteran’s military service and provides important information to the lender. If you want to get your hands on your COE but don’t know where to start, we’re going to take a look at three ways you can obtain your VA Certificate of Eligibility. #1:… Read More
Infographic: Debt to Income Ratio Explained
What is a debt-to-income ratio? Debt-to-income ratio is a percentage, a number that compares a buyer’s proposed housing costs and debt payments to their gross monthly income. The debt-to-income ratio is a metric that gives lenders a clear idea if a buyer will be able to afford future mortgage payments. How is your debt-to-income ratio calculated? The debt-to-income ratio is calculated by dividing monthly debt payments by monthly gross… Read More
How to Lower Debt-to-Income Ratio Before Applying for a VA Home Loan
Are you anticipating applying for a VA home loan and need to know how to lower debt-to-income ratio? This is an important topic because your debt-to-income ratio affects the kind of mortgage you will qualify for as a first time home buyer. What is the Debt-to-Income Ratio? Your debt-to-income ratio is a percentage, a number that compares a buyer’s recurring expenses and debt payments to their gross monthly income, the… Read More
