Simply put, it’s a way to use real estate to borrow money. Want the longer answer? Click here 🙂
All posts by sarah sloane
sarah sloane
Can I just show you my bank balance to prove I have money for a down payment?
If only it was that easy! We’ll need a recent 90 day transaction history of the account(s) that your money is saved in. If there are any large deposits to the account(s) in the last 90 days, we will be required to show where the money came from.
I receive child support/alimony. Can I include that in my income?
Yes, you can 🙂 Here’s what you’ll need to have ready: legal separation/divorce agreement that states the terms of the support payments transaction history from your bank account showing the payments being made regularly if the separation agreement is not brand new
I pay child support/alimony. Do I need to include that in my mortgage application?
Yes, you do 🙂 How it’s included can make a difference in what you qualify for though. Talk with one of us to get things sorted out for you.
What should I do if I can’t make my mortgage payment?
Image courtesy of http://www.lookhuman.com It happens to the best of us, but how you handle things might help soften the blow. Most importantly, don’t hide! Contact your mortgage broker or your mortgage provider as soon as you know there will be a problem. Let them know why you’re behind and there may be something […]
When I buy a house, can I put some other debt into the mortgage at the same time?
When you’re buying a house, the most you’re able to finance on a purchase (of a primary residence) is 95% of the property value, even if you are qualified for a higher mortgage amount. So we can’t add any more money on to the loan…even if we really, really want to. If you have other […]
What’s the difference between an “open” mortgage and a “closed” mortgage?
no penalty if you pay your mortgage off in full before the end of your term there will be a penalty if you exceed any pre-payment options, or pay your mortgage out in full before the end of your term
Why do you call yourself happiness builders?
Because we do everything we can, all the time, to put a smile on your face. Wanna hear a joke? Ask away!
If I buy a house for less than what I qualify for, can I use the extra money for something else?
Truly, we wish you could, but it’s just not possible, no matter how you slice it. The most we can finance is 95% of the value of your home.
What does “cost to construct” mean?
Cost to construct refers to how much the total cost would be for you to get a property built. It would include everything from the land, to the permits, to the doorknobs and baseboards and everything in between. Here’s a handy sheet from our friends at Genworth Financial that list everything you’ll need to consider […]