Any time a home is purchased with a conventional loan and with a deposit of less than 20 percent, your lender will require the purchase to pay PMI, or private mortgage insurance.
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.
At the start of any New Year everyone likes to make new resolutions. Whatever your resolution is, we wish you all the best! But, if your resolution revolves around real estate and potentially buying or selling a home, we want to help you meet that goal.
It’s no wonder that the majority of homeowners dream of one day being able to pay off their home loan and live a life free from the shackles of interest rates, home finance and worries about meeting the monthly mortgage payments because the largest expense the majority of us take on in a lifetime is our mortgage and each month our home finance payments take a substantial chunk out of our take home pay.