Vacant Land Lending or Land Loans share many similarities with mortgages. Both are forms of financing used to obtain property; however, unlike a traditional mortgage, there is no home to use as collateral. Many homebuyers and investors consider this option if they have the expertise in building homes from scratch. Lenders like Mortgage Equity Partners …
What are Non-QM loans?
What are Non-QM loans? Non-QM loans are for borrowers ready to buy a home but may not qualify by traditional standards. When applying for a mortgage, you will either apply for a “QM” or a “Non-QM” loan. A qualified mortgage (QM) is a mortgage that meets specific requirements for lender protection and secondary market trading …
How to maximize your home equity
Maximizing your home equity The last few years have entirely reshaped the housing market, and for most homeowners, this has resulted in significant accumulated home equity. Home equity is the difference between what you owe on your mortgage and the market value of your home. The average homeowner has more than $274,000 in equity, according …
Tips for buying a home with student loan debt
Tips for buying a home with student loan debt Buying a house with student loan debt can be difficult, but it’s not impossible. Understanding the potential impact of student loan debt on your financial health and ability to qualify for a mortgage is essential. Student loan debt can increase your debt-to-income ratio and potentially affect …
What to watch out for after getting pre-approved for a mortgage
A pre-approval is the first step in the homebuying journey for most people who need financing to purchase a new home. A pre-approval involves a mortgage lender reviewing your income, assets, credit, and debt to determine whether you qualify for a mortgage and how much you can receive. Getting a pre-approval letter gives you the …
What are the most common loan types?
Mortgage Loan Programs 101: What are the most common loan types? When buying a home, finding the right type of mortgage is critical. With so many options available, from 30-year fixed-rate loans to adjustable-rate mortgages (ARMs), Government loans, and other loans for non-traditional borrowers, it’s easy to feel overwhelmed. However, understanding the basics of the …
