Budget Snob

Home Loans for the Self Employed

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Getting a mortgage while being self employed in some cases is more difficult but there are definite methods of receiving a home loan when it is required. It can be, however, quite different to when a person is employed by another company.

The Process of Getting a Mortgage while Self Employed

When a person is running their own home business, but they need a mortgage, the process is very different compared to a regularly employed person. The way that a person assesses their income can be complex. Many times as a result of this difficult process, individuals who are self employed have a hard time receiving the mortgage that they need using their tax returns.… Read the rest

Take Control of Your Home Loan

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Owning a home today is one thing many people strive for but aren’t aware of the burden a mortgage can become.  It is one of those payments that is necessary but you dread making it month after month for years on end.

When homeowners think about reducing their debt they typically do not include a mortgage as part of their bad debt. We are more concerned with the credit cards and personal loans that tend to acquire over a lifetime.

Though seeking a debt consolidation will greatly reduce your debt and the interest you pay by combining your additional debts within your home loan, focusing on reducing your home loan can also save you thousands.… Read the rest

Save Money on Your Home Loan

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Possibly one of the biggest accomplishments anyone experiences is the day a home is purchased. Once you have built up your finances and are ready to put a down payment and settle into a homeowner’s lifestyle, the next steps are critical in actually obtaining that excellent property.

To assist you in making the best choice, here are a few steps to follow that should guide you through the process and make you aware of what to look for.… Read the rest

Refinancing Rules of Thumbs

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I toyed with the idea of using the title, “If You Don’t Refinance with These Ridiculously Low Interest Rates, well, I Don’t Know How to Help You.” But then that just makes my title wrap around and nobody can read it anyway.

In all seriousness, the same details and research apply to your refinancing as did to your first mortgage. And to help with that, the Motley Fool came up with a few questions to ask before you rush out to the bank for a refi.… Read the rest

The $100,000 Home Discount

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I have a friend who will only buy foreclosed homes. He gets awesome deals because, unlike me, he’s not afraid to put in a little elbow grease (I shudder).

Shuddering aside, sometimes the deals are so good that even a fixer upper neophyte like myself can be tempted to buy. However, no matter how hard I’ve tried to bribe him, he’s never revealed his sources for finding these homes.

Well, now I can stop bugging him. Fannie Mae and Freddie Mac, now ubiquitous names in the American housing meltdown, are unloading foreclosed properties as fast as possible.… Read the rest