When you apply for a mortgage, banks look at your debt-to-income ratios (DTIR), to determine how much they think you can afford to pay for your home. They also look at your total debt, including car loans, credit cards and student loans. If you have trouble getting a traditional loan, …
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Cancellation of Debt (COD)
Cancellation of debt (or COD) is the term used to describe a default on your mortgage through a foreclosure, short sale, deed in lieu of foreclosure or some other type of settlement. You may not have to pay the bank, but the money you are forgiven turns into taxable income according to the …
Recourse or Non-Recourse Loan?
Most homeowners assume all types of mortgages have similar terms and conditions. They don't, and when the housing bubble burst in the late 2000's, many learned a hard lesson. There is a huge difference between non-recourse loans and recourse loans. While the terminology is strange, the …
Is it Worth it to Refinance Your Home?
If you refinance your home, or at least think about it, you’re in good company. The mortgage that you’ve got right now might not be the best you could get, especially if it’s been a while since you financed your home. But a refi isn’t guaranteed, and there’s a lot to consider before you take the …
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Finances & Making Sure You’re Ready to Buy a House
When I saw the article, 10 Questions To Ask Yourself Before Starting The Home Buying Process, I thought it would be fun to answer the questions as I just bought a house and I really wasn't ready. We'd just started researching where to move, and expected to take one to two years from start to moving, …
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Managing the Home Mortgage Process
Getting a mortgage today is much more difficult than it needs to be. At least that's my perspective based on buying my fourteenth house in 2014, meaning I've got lots of experience with the home mortgage process. I just walked away from the first mortgage broker I was working with, a week before …
