Saturday, April 9, 2022 / by Jerry A
What is a comfort letter, and why might you need to submit one?
The mortgage process when purchasing a home can be tricky. There’s a ton of paperwork to read through and sign–so much that your hand might cramp up from the vast amounts of signatures required. But don’t worry if your mortgage lender requests that you write a “comfort” letter—it’s just a statement clarifying your financials so the lender can get you to the closing table with minimized risk.
As to what the mortgage lender might want to clarify, it could be a number of things:
Is there a period of time in which you weren’t working recently? The lender may ask you about this lapse to ensure you’re still a stable loan candidate and financially comfortable with paying back the loan once you close on the home. You may have worked freelance during this time, in which case the lender may ask for proof of income.
Large Bank Deposits
Did you recently co4 ...
Saturday, April 2, 2022 / by Jerry A
Ants are among the most common pests found in homes across the U.S., climbing up walls or marching across kitchen counters. During the spring and summer, ants might try to invade your home, and fighting an infestation can be an uphill battle.
However, according to the National Pest Management Association (NPMA), there are five simple steps homeowners can take to prevent unwelcome ants from moving in.
1. Know the Popular Hangouts
It’s probably not surprising to hear that ants most frequently infest kitchens. After all, kitchens are full of food and water–everything ants need to survive. Other common ant hangouts include bathrooms, bedrooms, living rooms, basements, inside walls, and in or around air conditioning and heating units.
2. Eliminate Water Sources
Reducing moisture and standing water around your home can significantly help prevent the appearance of ants. Repair leaky pipes, and routinely check under sinks for areas of moisture. Consider using a dehumidifier in4 ...
Saturday, March 26, 2022 / by Jerry A
Homeownership is a dream for many people, but some take on more debt than they should. If you’re thinking about buying a house, consider your income and current and potential expenses.
How Mortgage Lenders Decide How Much Applicants Can Afford
Lenders look at the total gross income of all individuals applying for a mortgage. This can include income from work, alimony, child support, disability benefits and Social Security.
Lenders typically allow borrowers to devote 28 percent of gross income to pay for a mortgage and associated costs, including taxes and insurance. Some lenders accept higher percentages. Where you live and your credit score will affect your interest rate, taxes and insurance premiums.
Lenders also consider applicants’ debt-to-income ratios. Debt can include loans, credit card balances, child support and other recurring monthly bills. Mortgage lenders generally want applicants to have a debt-to-income ratio at or below 36 percent of their monthly gros4 ...
Saturday, March 19, 2022 / by Jerry A
A fresh coat of paint can give new life to a home. Whether you’re a seller aiming to impress potential homebuyers, or you just want to change things up, painting is an easy and effective way to revamp your home’s look for relatively cheap. That said, a bad paint job that results in uneven edging, stained floors or peeled paint can inadvertently make a home less attractive, making the whole effort counterproductive.
According to HomeAdvisor, you can avoid common DIY painting problems by taking these four simple steps:
Step 1: Choose the Right Paint. Most paint falls into two categories: water-based and oil-based. Water-based paint is easy to clean up, resistant to fading and works with different materials. Oil-based paint requires more cleanup and prep time, but works well for specialty jobs like painting wallpaper.
Accidentally choosing water-based paint over of an oil-based paint—or vice versa—won’t ruin your painting job. But mixing outdoor and indoor4 ...
Saturday, March 12, 2022 / by Jerry A
A job loss can be devastating, especially if it happens unexpectedly and you don’t have a lot of money saved and can’t find another job right away. Aside from the anxiety associated with being out of work and trying to find a new job, there’s typically an added level of concern when it comes to figuring out how to manage your mortgage so that you don’t fall behind on your monthly payments.
Insurance Coverage Against Job Loss
If you have mortgage insurance, the policy might include coverage in case of unemployment. Depending on the terms of your policy, mortgage insurance might cover your loan payments, taxes and homeowners insurance premiums for a limited period of time. Review your policy or contact your insurance company to ask about coverage.
Options Available Through a Private Lender
If you think you’ll be unable to make your mortgage payments on time, or you can only pay a portion of what’s due, contact your lender immediately. Explain you4 ...