Posts Tagged ‘mortgage loans’
Buying a Home With a Co-Borrower Who Has Lower Credit
Buying a home with a spouse, partner, or family member often means combining finances, but what happens when one borrower has excellent credit and the other does not? This is a common situation, and the way it’s handled depends largely on the type of mortgage you choose. Understanding how different loan programs treat credit scores…
Read MoreHow Student Loans Affect Mortgage Qualification in Texas
If you’re thinking about buying a home and you have student loans, one of the most common questions is whether those loans will count against you in the mortgage approval process. The short answer is yes—student loans are almost always included, even if they are currently deferred. Understanding how student loans are calculated can make…
Read MoreWhat 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 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 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 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 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 MoreWhen Should You Start The Home Buying Process?
Many people know they want to buy a home, but aren’t sure when they should make that move. It’s a future goal, but figuring out when to start can be tricky. One thing is clear: the best time to call a loan officer is right now, even if you’re still in the early stages of…
Read MoreWhat to Do If Your Home Appraisal Comes in Lower Than the Purchase Price
An appraisal is a key step in the home-buying process, determining the fair market value of the property. But what happens when the appraisal comes in lower than the agreed-upon purchase price? This scenario can create challenges, but with the right strategy, you can navigate them smoothly. How Does a Low Appraisal Affect Your…
Read MoreBuying a Home with a Low Credit Score: What You Need to Know
If you have a low credit score, you may be wondering if homeownership is possible. The short answer? Yes, you can buy a home with a low credit score. But the real question is… should you? That depends on your financial situation, loan options, and long-term goals. What is the Minimum Credit Score to…
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