Can You Buy a Home in a Flood Zone with a Mortgage?
Yes, but you may be required to pay for flood insurance, which is different than homeowner's insurance.
How do homeowners access the equity in their house?
There are two ways to access the equity in your current home. First, sell the home. If you don't want to sell the home, the second option is to take out a mortgage to access your equity.
Will me paying the utilities on my parents house effect my debt to income ratio when purchasing a second home?
Paying utilities on your parent's house will not affect your debt-to-income ratio. Utilities are typically not considered debt, but rather
Can I use the current value of my home to eliminate mortgage insurance on my Conventional mortgage?
Yes, you can use the current appraised value of your house to help eliminate mortgage insurance on a Conventional mortgage. However, you will most likely need 25% equity vs the normal 20% for the mortgage servicer to approve the elimination.
Does It Make Sense to Pay Off My Student Loans Before Buying a Home?
Maybe. Paying off your student loans might help reduce your debt to income ratio allowing you to qualify for a higher loan amount. However, paying off installemnt debts like student loans and car loans might lower your credit score.