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Are Mortgages Different for Properties that you’re Intending to Rent?

Posted onJanuary 09/2015By

Mortgages for buildings you’re planning on renting depends on the property. If a property is used primarily as a personal residence, but includes rental units, then your mortgage will be similar to a normal home mortgage. Alternatively, if the property is only intended to be rented out to others, you will need a different and often more difficult-to-obtain mortgage. Mortgages for Personal Residences with Rental Units Many houses have outbuildings, basements, or additional floors that can be used as rental properties. Even if you are intending to rent these out, the mortgage process will be similar to a normal personal residence. This also applies to second homes that are rented out to lodgers during some months of the year. Like a standard mortgage, you must provide 5% money down. You will also need to provide proof of income. Fortunately, you can add in projected rental income. This income may help…

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Is it Hard to get Approved for a Mortgage if You’re Self-Employed?

Posted onDecember 31/2014By

In today’s entrepreneurial-focused economy, a lot of people have left their cubicles to pursue a path of self-employment. In a lot of cases, this means more money and a more flexible work environment! Unfortunately, in spite of all the perks to self-employment, there are also a few pitfalls—one of those being the ability to easily qualify for a mortgage. Self-employment doesn’t make getting a mortgage impossible, but it does make it more challenging. With the right steps and savvy, getting a mortgage can be just as easy for you as it is for someone with a high-paying desk job, but the steps you’ll have to take to get there will just be slightly different. What to Expect Unfortunately even if you’re bringing in as much money annually as somebody with a traditional, stable job, a lot of lenders will be wary of offering you a mortgage. This shouldn’t turn you…

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Multiple Credit Cards: The Good and Bad

Posted onDecember 24/2014By

Credit is a tricky beast. Falling into a black hole of credit card debt is very easy to do, and very dangerous. On the flip side, avoiding credit cards altogether is just as dangerous. If you don’t have at least one credit card, you won’tearn a credit rating, which means you won’t be able to secure a mortgage, a loan, or even store credit without a co-signer. So when should you use it, and how many credit cards should you have? Unfortunately, the answer isn’t simple, but this is a general overview of how it breaks down: Don’t Think of Credit Cards as Supplemental Income If you can manage this, then it doesn’t matter how many credit cards you have. But as soon as you start thinking of your credit card(s) as your own money to spend, you’re stepping on a slippery slope. When people max out their first credit…

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Is it Easier to Get a Mortgage for a Condo than it is for a House?

Posted onDecember 17/2014By

If you’re trying to buy your first home, you have to ask yourself a lot more questions than would-be homeowners did twenty years ago. One of these questions is, “Should I invest in a house or a condo?” This is especially true in large metropolitan cities where traditional house prices are soaring and the condo market is booming. But the question is a lot more complex than deciding whether a backyard or concierge is more important to you. In fact, one thing that a lot of homebuyers don’t consider is whether or not they’ll be able to secure a mortgage for the home they want to buy. Contrary to popular belief not all mortgages are made equal, and one factor that can make a big difference is whether you’re trying to buy a house or a condo. Is it easier to get a mortgage for a house or a condo?…

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Is There an Age Limit to Qualify for a Mortgage?

Posted onDecember 10/2014By

Many people are under the impression that once you reach a certain age, you won’t be able to qualify for a mortgage. Although there is some logic tied to that myth, it doesn’t make it true. In fact, as long as you’re a legal adult (over the age of 18), it’s illegal for a mortgage lender to decline you based on your age—regardless of being 21, 60, or 99-years-old, you can’t be denied a mortgage because of your age. But this isn’t to say that mortgage lenders are obligated to offer you a loan. Even if you’re in the prime of your life, you’ll have to prove to your lender that you can afford your mortgage and that the odds of you going into foreclosure are slim. Here are the factors that lenders do look at: Debt to Income Ratios Most lenders expect that your total monthly debts will equal…

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