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Posted by Hillman Homes on 9/9/2019

The process of applying for a mortgage is tedious and time-consuming; it requires you to answer personal questions about your finances. To ascertain your credibility for a mortgage, lenders structured the application process in such a way that allows them to get as much information about borrowers either directly or indirectly. 

Before you decide to apply for a mortgage; it's best you familiarize yourself with some of the possible questions the lender would ask about your finances. Because it involves a considerable amount of money, you should be prepared to answer questions about disparities in your income, why you defaulted in making any accrued payments and questions about your credit history. 

Below are some of the possible questions your lender would ask relating to your finances. 

How long have you earned your present income?

Lenders want to ascertain if you have earned your present pay for over two years. If you just got promoted or got a salary raise recently, this is good. However, what most lenders are looking out for is a consistent income amount for the last year. If they are not sure of your income, they would take a look at your W-2s for previous years and your pay stub for the present year. Before you go ahead to make an offer for a house, ensure it's an amount your current income will support.

How often you get paid?

A lender wants to ascertain how much income you earn, how your pay is derived, and the steadiness of your salary or irregularity of income. If you receive a steady means of income, your annual salary would determine how much mortgage you get – if your income varies, you might be required to provide details. 

The disparities in your income

If your income keeps changing each year either positively or negatively, come prepared to explain the reason behind the fluctuation. If your revenue decreased from the previous year, there is every possibility the underwriter would select the worst period in the last two years to determine how much you get on a mortgage. However, if your income increased in the previous year, the underwriter would take the average of the last two years to determine your mortgage value. If your income rises yearly either due to promotion or a new position, get someone from your human resource department to write a letter to that effect. 

If you are new at your job

Being new at a job doesn't affect your application for getting a mortgage – as long as you are receiving either a salary or a full-time hourly rate. Some lenders even grant loans to individuals who haven't gotten their first paycheck if they have a fully executed employment contract. 

If you earn commissions 

If you are a salesperson who earns a commission, you would need to provide two full years of tax returns to determine non-reimbursed business expenses you wrote off. 

Before applying for a mortgage, ensure you take a second look at all your finances and identified anything that could act as a deterrent so that your application has the best chance of being approved.




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Posted by Hillman Homes on 7/8/2019

Moving is a big deal. You spend money to have people take your stuff from one place to another. You pay more to get the supplies into which you pack your belongings. Then don't forget you spend the time to put all of your possessions into the hands of said people to move your items. Man, that is a lot of spending! If you are hoping for some creative ways to spend a little less read on for some ideas.

Boxes 

If you have ever gone into your local store at odd hours, you have no doubt come across somebody stocking shelves. Stores go through many, many boxes while trying to keep their products stocked. If you go to your local stores, varying stores will mean different kinds of boxes, and ask them to set boxes aside for you. Most stores will do this if you come to get them within specified time frames. Another source of boxes nowadays are friends who purchase items online. Let store managers know that you are moving and in need of boxes so that when they receive a product through shipping, they can save the boxes for you. Again make sure to pick them up quickly so that it does not become a burden to them or they may not offer next time.

Fragile items 

No one wants to get to their next house only to find that the fragile items that you packed did not make it in one piece. One way to avoid that without spending much is to use other items in your house. Things such as towels and washcloths or sheets and pillowcases make great buffers and wrapping for dishes, trinkets and the like that you want to protect through the process of moving. The added perk to this is that you don’t have to pack extra boxes for these items. 

Furniture protection 

Likewise, blankets and sheets that are not your best linens are great for protecting your furniture from point A to point B. They ensure that dings and scrapes stay at bay. Items used for this purpose have a chance of being ripped so keep that in mind when choosing to use this option. 

Keeping the cost of moving down is possible with a little ingenuity 

Moving costs enough on its own without the added expense of moving supplies. Although some items are not replaceable, like tape for your boxes and mattress covers, there are ways for you to be able to use other things at your disposal to prevent the cost of moving from exceeding your budget. Make sure to contact a local professional if you need help with your move.




Tags: moving tips   packing   homebuyers  
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