Supporting home ownership for the next generation – Part 2 Mark Wells at Preferred Financial Services continues the discussion on how parents and grandparents can help the next generation become homeowners. Sometimes it seems like my children are not that interested in owning a home. What should I tell them that might encourage them to take a look at the benefits...
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Many borrowers have questions about how retirement assets are counted in the mortgage process – do they count as income? As reserves? Knowing how they are used can help you as you are preparing to qualify for a purchase or a refinance mortgage. Here, I’ll answer questions about retirement assets. I have a substantial 401-K account, and my loan officer...
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Of all the questions that I field each week, this is by far the most common: how much house can I afford? What does the industry mean by “Affordability”? It is simply whether the house payment, along with the borrower’s other debt obligations, will be at a level where the borrower will not be in financial distress, possibly resulting in missed payments or...
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