23 Apr 2025
By Tawnya King

How Child Support and Alimony Payments Affect Mortgage Qualification

Mortgage Tips
When applying for a mortgage, lenders carefully assess your income and debt to determine your ability to repay the loan. If you receive or pay child support or alimony, these payments can significantly impact your mortgage qualification. Understanding how they factor into your debt-to-income (DTI) ratio, income calculation, and overall loan approval process can help you better prepare for home financing. How Lenders View Child Support and Alimony Lenders evaluate child support and alimony payments in two key ways: If You Receive Child Support or Alimony—These payments may be considered additional income, helping you qualify for a higher loan amount.…
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11 Apr 2025
By Tawnya King

The Top 3 Home Loan Programs First-Time Buyers Should Consider

Mortgage Tips
Buying your first home is an exciting milestone, but navigating the mortgage process can feel overwhelming. With so many loan options available, it is important to choose one that best suits your financial situation and long-term goals. Here are three of the most popular home loan programs that first-time buyers should consider. 1. FHA Loan: Ideal for Buyers with Lower Credit Scores and Small Down Payments The Federal Housing Administration (FHA) loan is a popular choice for first-time buyers because of its flexible requirements. FHA loans allow for lower credit scores and smaller down payments, making homeownership more accessible. Down…
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10 Apr 2025
By Tawnya King

Why Your Mortgage Rate Isn’t the Same as the One Advertised Online

Mortgage Tips
Shopping for a mortgage can be exciting, but it can also be confusing when you see a low advertised rate online, only to be quoted a different rate when you apply. While this can be frustrating, there are several reasons why your actual mortgage rate may differ from what you initially expected. The good news is that understanding these factors can help you make informed decisions and secure the best possible rate for your financial situation. Personal Financial Profile Matters Advertised mortgage rates are typically based on ideal borrower profiles—those with excellent credit, low debt-to-income ratios, and substantial down payments.…
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09 Apr 2025
By Tawnya King

The Airbnb Factor and How Renting Out a Room Can Help You Qualify for a Mortgage

Mortgage Tips
With rising home prices and strict lending requirements, many aspiring homeowners are looking for creative ways to strengthen their mortgage applications. One potential game-changer? Renting out a room on Airbnb or another short-term rental platform. This additional income stream could help you qualify for a mortgage and make homeownership more affordable. How Lenders View Rental Income Lenders primarily assess your mortgage application based on your income, credit score, debt-to-income (DTI) ratio, and financial stability. While traditional employment income is the gold standard, many lenders are now recognizing rental income as a legitimate source of earnings. However, how they factor in…
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08 Apr 2025
By Tawnya King

How Your Netflix Subscription Might Affect Your Mortgage Approval

Mortgage Tips
When applying for a mortgage, you expect lenders to scrutinize your income, credit score, and debt-to-income ratio. But did you know that your Netflix subscription—or any other recurring expense—could play a role in your approval? While a $15-per-month streaming service may seem insignificant, lenders are increasingly looking at all aspects of your financial behavior, including discretionary spending. Here’s how something as small as your entertainment subscriptions could influence your mortgage approval. Open Banking and Subscription SpendingThe rise of open banking has allowed lenders to gain deeper insights into your financial habits. Instead of just looking at credit reports and pay…
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03 Apr 2025
By Tawnya King

The Importance of Communication Between Mortgage Originators and Clients

Mortgage Tips
Effective communication between mortgage originators and clients is essential in ensuring a smooth, stress-free home financing process. Purchasing a home is one of the biggest financial decisions a person can make, and navigating the mortgage process can be overwhelming. Strong communication helps clients understand their options, stay informed, and ultimately secure the best loan for their needs.Here’s why maintaining open and clear communication is vital in the mortgage process: Setting Clear Expectations — One of the biggest reasons for miscommunication in the mortgage process is a lack of clarity on what to expect. A mortgage originator should provide a roadmap…
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02 Apr 2025
By Tawnya King

Creative Ways to Use Mortgage Pre-Approval to Your Advantage

Mortgage Tips
When shopping for a home, securing mortgage pre-approval is one of the most important steps you can take. Not only does it show sellers that you are a serious buyer, but it also gives you a clearer picture of your budget and financing options. However, many homebuyers do not realize that mortgage pre-approval can be leveraged in multiple ways to maximize their home search and negotiation power.Strengthen Your Offer in a Competitive MarketIn today’s fast-moving real estate market, multiple offers are common, and homes sell quickly. Having a mortgage pre-approval letter in hand can set you apart from other buyers.…
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