What is a Net Tangible Benefit?
A requirement that the result of a refinance of an existing mortgage has a benefit or is advantageous to the borrower.
What is the FHA Self Sufficiency Test?
The FHA Self-Sufficiency Test ensures that a multi-family property with three or four units generates enough rental income to cover its
What is home equity?
The portion of the house that you own vs the bank. Equity is the value of the home minus the balance of any mortgages you owe.
Can I roll closing costs into my purchase mortgage?
Most likely not. For almost all purchase mortgage transactions, closing costs can not be rolled into a mortgage when purchasing a mortgage.
Can I switch jobs after closing on my mortgage?
The journey to homeownership is a significant milestone, often involving meticulous planning and financial scrutiny.