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Mortgage Videos
We've talked about W2 income and Self-employment types and this week we throw off the shackles of work and talk about qualifying income during the retirement years.
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Income from self-employment often has the widest margin between what a person actually takes home and what can be used for qualifying for a mortgage. While this video won't get into the nitty-gritty of actual calculations Ruby does go over how a lender is going to evaluate the income and what documentation will generally be...
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The order in which you things when buying a home can really impact whether you are able to look back on your experience as a low-stress success. So let's talk about what to do BEFORE you find your dream home (and the order that you should do it in).
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Your income does not directly translate to the income your loan officer or an underwriter can consider when qualifying you for a home mortgage. This video is a quick overview of some of the most common types of income and in subsequent weeks we'll take a more in-depth look at the different income types.
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What is W2 income? Simply put it's income earned by working for a business you don't own (and at the end of the year or earnings and deductions are reported to you on IRS Form W2). Tons of income types fall into the Wage Earner or W2 category and this video, part 1 of 2,...
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Last week we looked at the basics of W2 income; fixed and variable, salary, hourly, seasonal, and contract employment. This week we're diving into the funky stuff... This is anything outside of your base pay, so overtime and shift differentials, tips and commission, and bonus income - both cash bonuses and restricted stock unit awards.
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Let's talk about impounds. Also called an escrow account or tax and insurance reserves (reserve account) this is the portion of your mortgage payment that pays your property taxes and homeowner's insurance premium when they are due. In most cases, the lender collects these as a part of your payment and pays them on your...
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From the time you apply until the time you close on your new home, you're going to be asked for documentation. That feels like a lot, and it can be. This week let's break all that down into bite-sized chunks and talk about the different milestones and reasons for documentation.
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While the complexity of your personal financial situation can be reflected (generally) in the complexity of your pre-approval, requirements for asset documentation tend to be a source of frustration for all home buyers regardless of the complexity or simplicity of their finances. Let's talk about what is needed and why.
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There are a lot of voices out there looking at rates and saying that now is a bad time to buy a home BUT there are enough factors in the market that make now exactly the right time to buy a home. Let's use a little story to highlight some of the considerations to remember...
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