Mark's Mortgage Minute

How to Qualify for a Mortgage When Your Income Isn’t Steady

Mortgage lenders love to see borrowers with consistent, steady incomes. But not all borrowers have jobs that send a paycheck every two weeks. Of course there are plenty of self-employed entrepreneurs, but there are also people who are depend on tips for income, those who get paid by contract and also individuals who work per diem or on call. All of these situations can make it very challenging to provide proof of the steady income that mortgage lenders adore.  Fortunately, those with more creative incomes can still qualify for a home loan and it is getting easier. For example, in recen...

October 10th, 2018 | Purchasing a Home, Conventional Loans, How to Qualify for a Mortgage When Your Income Isn’t Steady

What is a Piggyback Mortgage?

In order to achieve the dream of homeownership, many buyers look for creative financing to aid them in their quest. One such option is a piggyback mortgage, which actually involves taking out two separate loans to make homeownership more affordable. These loans can be very helpful, but borrowers must know the risks in order to be succesful. Piggyback Definition Here’s how a piggyback mortgage works. You take out a traditional home loan for 80% of the home purchase price. You put down 10% of your own cash as a downpayment. Then in order to cover the remaining 10%, you take out a sec...

September 12th, 2018 | First-time Homebuyers, Conventional Loans, Preapproval, Purchasing a Home, What is a Piggyback Mortgage?

Apps That Can Help You Monetize Your Home

Houses are expensive. In addition to the mortgage, insurance, garbage, electricity, lawn maintenance, HOA’s, repair and upkeep, a home can take a large part of your paycheck. However, it is an excellent long-term investment. While it seems like you work hard, so you can pay for a home, you also have a few opportunities to make a little side money as well to help pay for your house. Some apps are now available to help your home pay for itself. Roomi A home can be a good source of income by using the rooms you have for rent. Roomi is an app that allows you to connect with renters who...

September 7th, 2018 Apps That Can Help You Monetize Your Home

Apps That Can Help You Monetize Your Home

Houses are expensive. In addition to the mortgage, insurance, garbage, electricity, lawn maintenance, HOA’s, repair and upkeep, a home can take a large part of your paycheck. However, it is an excellent long-term investment. While it seems like you work hard, so you can pay for a home, you also have a few opportunities to make a little side money as well to help pay for your house. Some apps are now available to help your home pay for itself. Roomi A home can be a good source of income by using the rooms you have for rent. Roomi is an app that allows you to connect with renters who...

September 7th, 2018 Apps That Can Help You Monetize Your Home

What you Need to Know About HOA Fees

What you need to know about HOA fees… If you are thinking of buying a condominium or a home that is part of a planned community, you have likely come across the term “homeowners’ association” or HOA. In short, the HOA is a coalition of local homeowners who have banded together to manage the needs of the local community. Let’s explore the concept of the homeowners’ association, why they charge fees and what you can expect from your HOA if you buy a home that is part of one. HOA Fees Should Make Things Easier HOA fees are meant to make your life easi...

August 28th, 2018 What you Need to Know About HOA Fees

Are Fixed Rate Mortgages or Adjustable Rate Mortgages better for me?

When you are in the market for a mortgage, one of the many decisions you’ll have to make is whether to apply for a fixed-rate loan or an adjustable rate mortgage (ARM). Both can be beneficial, depending on your situation. Learning the difference between them can ensure you get the right product for your financial goals. Fixed-Rate Mortgages Fixed-rate mortgages (FRMs) are just as their name suggests - loan with a fixed interest rate, a rate that never changes over the course of the mortgage. The obvious benefit of this type of loan is that your monthly payment, as well as your inte...

August 15th, 2018 | Purchasing a Home, Fixed Rate Mortgages, Adjustable Rate Mortgages, Refinancing a Home, Are Fixed Rate Mortgages or Adjustable Rate Mortgages better for me?

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Mark Moyes (NMLS# 267431)

Phone: 801-999-0886 | Fax: 888-835-4067
7730 South Union Park Ave Ste 200,
Midvale, Utah 84047
Veritas Funding (Corporate NMLS# 252108)
www.nmlsconsumeraccess.org

Veritas Funding NMLS 252108