02
Apr
By Jim Hasek
Mortgage, ,

How To Get A Mortgage If You Are A Gig Worker

Twenty years ago the economy was putting the dot-com bubble behind it, and people were buying homes. The high majority of folks worked for someone else; they received a paycheck, were given a W-2 from their employer, and filed their income tax returns accordingly. This also provided easy documentation to loan officers when folks wanted to borrow a mortgage to buy a home. As of 2019 36 percent of workers in 2020 were identified as bona fide gig workers per the federal government, or a bit more than 1 out of every 3 workers. That change translates to mortgage application…
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26
Mar
By Jim Hasek
Mortgage, ,

What Are The Most Common Mistakes Homeowners Make When Refinancing?

There are lots of people who are looking to take advantage of low interest rates to refinance their homes. This provides homeowners with an opportunity to save tens of thousands of dollars over the life of the loan. It could also allow homeowners to access equity to finance a home renovation or shave years off their mortgage. On the other hand, there are also a lot of people who make mistakes during the refinancing process. What are some of the mistakes that everyone should make sure they avoid? Avoid Saying Yes To Loan Forbearance On A Mortgage First, try to…
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23
Mar
By Jim Hasek
Mortgage, ,

Approved With Conditions: What Does It Mean?

Applying for a home loan might not be the most exciting part of purchasing a home; however, many homeowners need to go through a lender to purchase a home. It is exciting to hear that the approval letter has gone through; however, it is also possible for someone to see that they have been approved with conditions. What does this mean? What are some of the most common reasons why someone might have conditions? It Could Just Be Standard Procedure Sometimes, people see that they have conditions to meet as a simple part of the approval process. For example, someone…
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17
Mar
By Jim Hasek
Mortgage, ,

Interesting Facts To Know About Mortgages

Many people have heard that there are a lot of changes taking place in the real estate market right now. As a result, a lot of people are thinking about purchasing a new home or refinancing an existing mortgage. When looking at a mortgage, many people focus on the interest rate, the term of the loan, and the size of the loan. Even though these are all important factors to consider, it might be helpful to take a look at a few fun facts about mortgages as well. Where Did The Word Come From? When people take out a student…
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16
Mar
By Jim Hasek
Mortgage Application, ,

Understanding The Difference Between A Co-Borrower And A Co-Signer: What Do They Mean?

There is a lot of jargon that comes with purchasing a home. Even though this could be confusing, purchasing a home is also a significant decision. Therefore, it is critical for everyone to understand exactly what they are signing before they scribbled their name on the dotted line. In some cases, a co-borrower or a co-signer (also called a non-occupying co-borrower) could be needed to strengthen the application. What is the difference between these two terms?  What Is A Co-Borrower? First, a co-borrower is simply a co-owner. Both names are on the title of the home. The co-borrower also shares…
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12
Mar
By Jim Hasek
Mortgage Tips, ,

Moving On Up: Should You Buy Or Sell First?

It’s exciting to be able to move into a new home. But there are some tricky details to navigate when you already own a home and you’re ready to buy a new one. Should you buy or sell first? Don’t worry. There are viable solutions. Should You Sell First? Think about how selling your home first will impact your family. On the one hand, you’ll be in a better financial position. You’ll have cash in the bank. You may be able to negotiate better terms on your new house by putting more down. However, selling first may mean moving into temporary…
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