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What’s more important, the best rate or the best price?!

Most every consumer knows how to shop for a mortgage in one fashion. Call a lender and ask about their rate and points. They then compare that to 1 to 3 other lenders and choose the lender that’s best. While I have many reasons to not choose a lender just on rate, that’s not the purpose of this dialog. So, for the time being, let’s just pretend that every lender is created equal and will close your loan with no issues. So what’s left? The rate right??? Wrong. Allow me to differentiate between the best rate and the best price. One thing that really good lenders do is actively manage the loan of their borrowers with attention to the markets and how the subtle moves will affect interest rates. The problem is that many loan officers couldn’t give you an explanation on what moves interest rates, not to mention the…

Self-Employed? Here’s How to Qualify for a Mortgage!

When you work for yourself, the financials of owning a business can be complicated. Really complicated. For example, getting approved for a mortgage as a solo act requires a little more work on your part. Fortunately, you can prepare for this so you can navigate the mortgaging waters with a bit more ease. Consider this your checklist. This may be old news to some, but new to others! Register and license your business. You can register as a LLC (Limited Liability Company) or a DBA (Doing Business As). Note: With DBA, you need to have two months of recent business account statements—or creditor statements/invoices—to prove you’re self-employed. Speaking of proof, it’s always a smart move to keep good records with programs like QuickBooks. This way, you’ll always have the files and information lenders need. Here are a few things you can provide to verify your business: Current statement of bond…