MHQ - Mortgage HeadQuarters

The standard documentation needed for buyers employed by someone else is typically six to 12 months’ worth of personal tax returns for the approval process. For the self-employed, the burden is a bit greater. If you work for yourself, and are looking to remortgage or buy a new home,  getting approved for a mortgage loan  isn't impossible, but it does mean you'll likely have to jump through many more hoops to prove your income than someone who's steadily employed and on a company payroll. So, what can you do to help your chances of getting approved for a mortgage loan when your self-employed? Here are some tips for you to go by: Proving Your Income When lenders determine how much to lend to you, they generally base their calculations on your average profit in the past few years.  That being said, one of the most important factors for self-employed workers is being able to prove your income to any mortgage lender you apply to. Most will want to see at least two years’

In the world of mortgage lending , the details can get to be pretty confusing for those who don't work in the industry every day. The verbiage of mortgage loan documents can be a bit overwhelming, especially when seemingly random acronyms are thrown into every document as if everyone should be born with the knowledge to know what they mean. We understand that sometimes loan documents can be difficult to understand. That's why we encourage you to contact us with any mortgage questions you might have. This week, we're sharing with you 5 common mortgage acronyms you'll likely see on documents if you're getting a loan. 1. PMI is Private Mortgage Insurance. PMI allows you to finance a home with less than a 20% down payment. For an extra monthly cost to you, PMI provides default insurance to the lender. Thinking of saving more to avoid PMI? Accumulating what can be tens or even hundreds of thousands of dollars for a down payment is a challenge for even the most indu

All too often, buyers run into snags in the approval process because they were unaware of a document they needed to provide to the lender. This can hold up the approval process and potentially put the buyer at risk for not meeting necessary contract deadlines on financing. There are several items that you'll need to provide to the lender so they can begin processing your application.  MHQ - Mortgage Headquarters is sharing with you a list of items you'll need to provide to your lender to ensure a smooth application approval process. Take a look. In general, the documentation you will need includes:   Income & Assets: Pay stubs for the last 30 days Last two W-2s Last two checking and savings Statements for each bank, mutual fund, and/or investment account (all pages even if bank) If Self-Employed or own more than 25% of a corporation or partnership or have rental properties:  Last two years of federal Tax returns (with schedules, all pages) Last two years of

Retirement is the ultimate goal for many people as they consider their futures. What many people don't consider is how they'll continue to afford the cost of living once they retire. While you may have a retirement plan in place, it may not be enough to supplement your current income for an extended period. Thankfully, if you own a home, you may have a built in safety net. If you’re 62 or older – and want money to pay off your mortgage, supplement your income, or pay for healthcare expenses – you may consider a reverse mortgage. Here are a few things you need to know about reverse mortgages and your options. What is a Reverse Mortgage? When you have a regular mortgage, you pay the lender every month to buy your home over time. In a reverse mortgage, you get a loan in which the lender pays you. Reverse mortgages allow you to convert part of the equity in your home into cash without having to sell your home or pay additional monthly bills. A reverse mortgage is a financial