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Seller Credits
In addition to the down payment, a buyer will pay closing costs in connection with their purchase. If the combined amount of cash required is more than a buyer is comfortable with, then they may attempt to negotiate a seller credit for some or all of the closing costs. For example: a sales price of $400,000…
Read MoreCondo Fees
If you purchase in a cooperative, condominium or homeowner’s association, you will pay a fee to the association. This fee is determined by the square footage your home represents in the overall square footage of the association – you will pay a percentage of the costs. The members of the association will get together to determine…
Read MoreGifts
I am not a tax advisor. But many clients have questions about how gifts both affect their mortgage application and their taxes. I am happy to explain: Gift amounts There is no limit to the amount of the gift. You may receive multiple gifts from multiple sources. 2. Gift sources A gift can be provided…
Read MoreStudent Loans
It’s important to understand how your student loans affect your ability to qualify for your mortgage. For most people, the monthly payment of your student loans is more important than the balance. How it affects your qualifying ability depends on which loan program you select. Make sure to check out this link for info on…
Read MoreHow do rate changes affect your payment?
When interest rates rise, you may be concerned about how that affects your affordability of your monthly payment. Let’s break down how a rate shift affects your monthly payment on a 30 year fixed loan. For every $100,000 you borrow, a 1% change in the interest rate will shift the monthly mortgage by about $60/mo.…
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