What is a Reverse Mortgage? A reverse mortgage is a loan that allows you to turn a portion of your home equity into cash without having to sell your home. The maximum amount you will be able to borrow will depend on your age, your home’s appraised value and the lender. With this long-term financing solution, you will have access to a dependable source of tax -free funds without the stress of having to make any payments until the loan is due. This is usually when you move out of your home, sell or the last borrower dies. How do I know if…

When it comes to applying for a mortgage, the current debts you have affects the mortgage amount you can qualify for. I often see buyers who have worked hard to maintain a good credit score and saved up their down payment only to be told they don’t qualify at the price they want to buy at due to their car payment. It’s not really something any potential home buyer wants to hear. Keep reading for some important information I believe all future home buyers need to be aware of Qualifying Ratios When calculating a mortgage that is affordable for you, we use…

Hopefully, all of the significant government mortgage rule changes are now in our rear-view mirror! Now more than ever, it is extremely important that potential homebuyers get pre-approved to buy a home as the maximum purchase price you may have qualified for in the past has now been reduced by at least 20%! Due to a higher mandatory qualifying rate regardless of your down payment amount and the contract rate that you have negotiated with the lender, using online calculators is not going to be accurate unless you know all of the new lending rules. While there is no guarantee of financing,…

Do you have mortgage questions? The MortgageGirl can answer today’s most commonly asked questions How much house can I afford to buy? I constantly get asked this question and due to recent mortgage rule changes, the answer is now quite different than it was last year at this time. Basically, the new house debts such as mortgage payments, property taxes and condo fees if applicable along with your other current debts relative to your “qualifying” income is what is used by lenders to evaluate how much you can afford. Using an online calculator most often does not simply give the answer as the answer…