Author: super_admin

There are a lot of benefits to being self-employed - you're your own boss but when it comes to getting a mortgage secured, its a slightly different process than traditional mortgages. It often comes with additional requirements and red tape. Here are some tips to help you get organized and approved if you’re self employed. Apply for a mortgage when your income is up (we know this is easier said than done) but lenders will look at your last two years income most closely, and if you’re income fluctuates its best to apply on an up year. This can help you qualify for a greater loan amount and lower interest rate. Get That DTI lower, your debt-to-income ratio is one of the key factors in getting approved. So you’ll want…

You likely heard the the Federal Reserve Board increased the federal funds rate by three quarters of a percentage point this week, in response to rising inflation (most obviously felt when going to the gas station!). The Fed wants to combat too much liquidity by making borrowing more expensive. As a result mortgage rates have increased from near record lows of the last few years. With higher rates more borrowers are looking into adjustable rate mortgages (ARMs). ARMs were not a favored option with record low rates, but now they are looking more appealing to many borrowers. As we know the Fed is reacting to a number of factors, as mentioned trying to reign in liquidity, as well as global events that were not anticipated (Russia invading Ukraine the primary…