The Fair Housing Act (FHA), also known as the Civil Rights Act of 1968, was established in order to protect people who are renting or buying, applying to get a mortgage, or applying for housing assistance from discrimination.
Home equity is something that most, if not all, home owners have heard of, but it is important to fully understand what it is, how to take advantage of your home equity, and what you can use your home equity for.
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.
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.