What Happens If Your Income Changes During the Mortgage Loan Process?
When you’re in the middle of buying a home, stability is key—especially when it comes to your income. Lenders use your earnings to calculate your debt-to-income ratio (DTI) and determine whether you can qualify for a mortgage. Any significant change in your job or income during the loan process can create challenges, and in some…
Read MoreBuying a Home While Renting: How to Avoid Paying for Two Places at Once
Timing the purchase of your first home while you’re still renting can feel overwhelming. The last thing you want is to be stuck paying both rent and a new mortgage at the same time. With the right planning, though, you can make the transition smooth and even save money in the process! When Does Your…
Read MoreCan You Use Your 401(k) for a Down Payment on a House?
If you’re getting ready to buy a home and eyeing your 401(k) for help with the down payment, you’re not alone, but before tapping into your retirement savings, it’s important to understand how it works and what the potential impact could be. Yes, your 401(k) can be used toward your down payment, but there are…
Read MoreIs Waiting for Lower Interest Rates Costing You More?
At Liberty Star Mortgage in Fulshear, Texas, we understand that timing is one of the biggest concerns for homebuyers—especially when it comes to interest rates. Many buyers are holding off, hoping that rates will drop before they make a move. But what most don’t realize is that waiting for lower rates could actually end up…
Read MoreWhat Costs Are Actually in Your Monthly Mortgage Payment? Let’s Break Down the Total
At Liberty Star Mortgage, we’re often asked: “What exactly is included in my monthly mortgage payment?” Understanding the components of your mortgage can help you plan and budget with confidence, especially if you’re a first-time homebuyer. Here’s a breakdown of the four main costs that typically make up a monthly mortgage payment: 1. Principal &…
Read MoreFirst-Time Homebuyer Grant Programs: What You Need to Know About Help with Closing Costs
If you’re a first-time homebuyer wondering if there are programs available to help with closing costs, the short answer is yes there are. But at Liberty Star Mortgage in Fulshear, Texas, we want to make sure you know the full picture before committing to one of these programs. Can Grant Programs Help with Closing Costs?…
Read MoreHow to Lower Your Mortgage Payment Without Refinancing: What Is a Mortgage Recast?
When most homeowners think about lowering their mortgage payment, they immediately think of refinancing. But did you know there’s another option that doesn’t involve changing your loan term or interest rate? It’s called a mortgage recast, and it could be the solution you’re looking for. What Is a Mortgage Recast? A mortgage recast is when…
Read MoreTaking Time Off to Raise Kids? Here’s What It Means for Your Mortgage Approval
Many parents take time away from their careers to raise their children, but when it’s time to buy a home, they often wonder: will my employment gap affect my mortgage approval? The good news is, not necessarily! Lenders understand that life happens, and as long as you meet certain requirements, you may still qualify for…
Read MoreCan You Roll Closing Costs Into Your Mortgage?
One common question homebuyers ask is whether they can roll their closing costs and prepaid items into their loan. The answer? Yes and no; it depends on whether you’re purchasing or refinancing. How to Include Closing Costs in Your Home Purchase If you’re buying a home, you typically can’t add closing costs directly to your…
Read MoreBuying a Home While Separated in Texas: What You Need to Know
If you’re going through a separation and considering buying a home, you might be wondering how it will affect the mortgage process. In Texas, there is no legal separation—you are either married, single, or divorced. This distinction matters because Texas is a community property state, meaning your spouse may still have a legal and financial…
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