It is every American’s dream to buy a home they can call their own. However not all can buy their own home, in fact only a few percentage of the American population was able call the place they stay as their own. The reason behind why people don’t have their own home is that they are not able come up with the entire amount of their dream home in cash. Several banks and lending institutions however started granting loans to the public specifically you purchase a new home. This was in the early part of the 20th century and became what we now call as a mortgage loan.
A mortgage loan is simply a loan granted to an individual that makes the home that you are purchasing as the collateral. The Read more…
Summary: Refinancing A Mortgage Loan Without A Job
As the real estate market worsened, mortgage underwriting requirements went from loose to tight. Now, getting a real estate mortgage is more painful than having a tooth pulled. If you don’t have a job, you had better have other steady income that you can use for your loan application. These days lenders go down their checklist looking for each item to check off. One of those items is a job. If you don’t have a job, you probably won’t be able to get a loan. If you are between jobs, you might have to start the job in order to move a loan application down the line.
Refinancing A Mortgage Loan Without A Job
Q: We would appreciate your advice on a challenging real estate situation we’re facing.
My husband bought a rental property in 2005 using a first and second mortgage. T