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Divorce and qualifying income for a new mortgage

Determining qualifying income is Part 4 of E5’s Divorce Mortgage Guidance series. Regardless of the spouse, qualifying for a new mortgage requires consistent and ongoing income that can be verified. For a purchase, the source of the down payment funds also needs verification. We review various scenarios and pitfalls. Qualifying Income To calculate income, lenders […]

Divorce housing scenarios – Selling the marital home and buying a new home

Part 3 of the E5’s Divorce Mortgage Guidance series covers selling the marital home and finding a new home. Selling the old home is the most common outcome and can also be the easiest solution. In this case, the next decision is to rent or buy a new house. Selling the house and splitting the […]

Divorce housing scenarios – Retaining the marital home

Part 2 of E5’s divorce series covers one spouse retaining the marital home. This Divorce Mortgage Guidance series focuses on navigating the credit, income, and home financing process during divorce. There are many living scenarios after divorce. Both partners may opt to sell the marital home and go find new homes to buy or rent. […]

Divorce – where will you live?

One of the most significant questions when considering divorce is “where will you live?” E5 developed this multi-part series on navigating the credit, income and home financing process during divorce. E5 Home Loans Divorce Mortgage Guidance Series Part 2 – Divorce Housing Scenarios – Retaining the Marital Home Part 3 – Divorce Housing Scenarios – […]

How much does credit score impact a mortgage payment?

Answer: Your credit score has a HUGE impact on your available mortgage rate. To put a dollar figure on that rate difference, a realistic number could be more than $7,000/yr. Let’s look at a likely home loan scenario. The actual cost difference between a buyer with excellent credit versus someone with fair to good credit […]

Credit Score: What makes up your FICO score

Your credit score can mean the difference between qualifying for a home loan or being denied. Even more so, it can impact the interest rate you might qualify to receive. So, what makes up your credit score? Your FICO score is a three-digit number generated by a mathematical algorithm using your prior payment history as a benchmark, […]

Reasons why a mortgage application is denied

Redfin recently feature E5 Home Loans’ Owner, Larry Cappelletti in an article on underwriting. Larry’s guest contribution discussed reasons why a mortgage application might be denied. There’s some great info in the following excert and things to watch out for in the process. To read the entire article, visit Redfin Income, assets, and credit history […]