Answer: It depends on the interpretation of investor guidelines by individual underwriters. I had always used the “2 years in the same profession or now working in a field of study” rule of thumb but the underwriters where I am currently say that their interpretation does not require that 2 year history.
Tag Archive: year
If I foreclose on a rental property, can a mortgage company come after my other home?
if I currently own a home, and rent it out, then purchase another home to live in, and after a year the renters move out, and I can’t make the payments, and am forced to foreclose on my rental, can the mortgage company come after my new home? I live in MD. Answer: Yes, if …
Is it better to borrow against home equity when you still have a first mortgage?
Our house will be paid off next year. We have some major home improvements to do in the near future. Will borrowing costs be more if we borrow against the equity after the first mortgage is paid off, or does it matter? Answer: It all depends on the specific terms. Sounds like you have tons …
How much equity does someone have to have in their home in order to qualify for a reverse mortgage?
My elderly family member owns a home (paid it off years ago) but now has a line of credit against the house for 100K. I am concerned that this member of my family is running out of money and will need a reverse mortgage in the next year or two as they will require an …
Is it better to pay your home taxes & insurance yourself or let the mortgage pay it?
Right now our home taxes & insurance are spread out through each month. Would it save any money if we just pay it ourselves each year instead of spreading it through the mortgage? I know it would obviously lower our monthly payments but I mean is there any other way it would be better. I’m …
I just took out my first mortgage on a home. How long do I have to wait before I can refi for a lower rate?
With the average mortgage rates dropping, I am wondering if there is a minimum amount of time you have to pay on your mortgage before you can refinance? 1 year? Answer: You can refinance now. There is no set time you have to wait unless you have a pre-payment penalty on your existing loan. Refinancing …
I had to pay my mother in laws home mortgage all last year can I claim this on my tax return?
Answer: – It comes under you Personal Expenses. – Consult with a good Auditor in your region. – Happy tax savings…! —————
Can I refinance my mortgage and home equity line of credit together?
For example, I take both loans and refinance them together as 1 loan with a 30 year loan? Answer: Sure….as long as your value in your home has not depreciated under the amount that you owe.
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