When looking for a new home, it can be tempting to look for a “fixer upper.” These houses are usually offered at a steep discount, allow buyers to get into the neighborhood they want, and can offer some unique customization options. Aside from a custom built new home, these can be the best way to […]

Conventional wisdom dictates that the spring is a seller’s market. Houses show nicely in the spring. The holiday season has passed, tax time is over, and prospective buyers are ready to start shopping. And because we all hype the spring up as the time to buy a house, people come out in droves to buy […]

Many of my clients who are first time homebuyers, or who are coming back to the housing market after a (usually unwanted) hiatus, are curious as to when it makes sense to drop the rental and buy something. There are a number of things to consider as you make this leap, and as the short […]

As a follow up to my post on Tuesday which was about the difference between fixed and adjustable interest rates, I think it is important to cover how we calculate monthly mortgage payments. This will really show what the difference between an adjustable rate and fixed rate mortgage payment will be, while also helping to […]

When comparing mortgages, one of the most important decisions you will need to make is whether you want to go with a fixed or adjustable rate mortgage. There can be benefits to each type based upon what you are looking for in a mortgage. One will provide lower monthly payments and more flexibility, while the […]

A Good Faith Estimate is one of the most important loan documents you will receive in the entire loan process. Unfortunately, most borrowers either never look at it or can’t understand it, and simply throw it away. More than a few times early in my career, I ran into problems where, the day before closing, […]

When considering purchasing a new home, it is important to look beyond the aesthetics of the house. Sure, an old, charming Victorian might knock your socks off, but are the utility bills associated with that house in a cold Detroit winter as charming? Similarly, you need to consider whether or not a cozy cottage makes […]

During the last week and a half since I posted about common trip-ups for calculating income for wage earners, I have had quite a few inquiries about what, exactly, an unreimbursed business expense is. And while many of the concerns have been quite irrelevant, it is a common issue I run into for clients, and […]

As a final piece to this series on calculating income for mortgage purposes for both wage earners and self-employed borrowers, I thought it would be important to explain how we view other types of income. Many borrowers don’t realize which types of income can and cannot be considered for a mortgage, and in what situations […]

There are a number of reasons why people declare extensions on their taxes, but I have found that it is most commonly done by small business owners who have very complicated returns due to multiple income streams and a number of different types of write offs. These people are often earning a nice living, own […]