Applying for and understanding mortgage loans can be a very confusing process for anyone. The terms, the lingo, and the paperwork can become very overwhelming very quickly, and the confusion often leads to misunderstanding important terms in the application process. There are two terms in particular that are used and referred to throughout the entire process, from the loan application review to the closing, and those terms are Interest Rate and Annual Percentage Rate (APR). Since these two words refer to the amount of money you will be responsible for paying, it is extremely important to know the difference between the two and how they relate to your mortgage payments.
It’s no secret that home buyers look for ways to save money regardless of whether they are buying their first home or their second home. And while there are certainly ways to cut corners and save a buck here and there, a good number of people choose to forego hiring a real estate agent to represent them in the home buying process... which could ultimately end up costing them more in the long run.
There is a common misconception that those who receive Social Security Disability Insurance (SSDI) do not qualify for home ownership. Fortunately for them, this notion is just not true. While there might be more steps involved and more paperwork to complete, those on SSDI often have the same chances at becoming a homeowner as anyone else. Below we will highlight what people on SSDI need to be aware of and what is available to them.
A staggering number of college graduates are saddled with student loans. Often times, these young adults believe home ownership is not possible and they continue to rent, assuming it is their only option. But in reality, this does not have to be the case. Buying a home while still paying on student loans can be a reality for many with the proper preparation and expectations.
When applying for a mortgage, your mortgage lender will require you to submit many forms and fill out various (never-ending) paperwork. Once of the financial documents you will be required to submit is your bank statement. As you will find below, your bank statement is just as important as your pay stubs and your tax returns when trying to get approved for a mortgage.