Last week, I explained how to calculate personal income from business entities which are filed through your personal tax returns, namely the Sole Proprietorship and the LLC. This week, I have decided to tackle the more complicated corporate structures. I started the week with the S-Corp, which is most like the other 2 structures, and […]

Last week, I explained how to calculate your personal income from an LLC and a sole proprietorship, at least from a mortgage underwriting perspective. This week, I will tackle the two corporate entities: the S-Corp and the C-Corp. The C-Corp is the standard “corporation,” and is what most people think of when they think of […]

On Tuesday, I discussed ways to calculate income for a sole proprietorship. Today, I will discuss how you calculate your personal income if you are a member of a LLC. This information is important if you are planning to purchase a new home, as that income is what will ultimately qualify you for the house. […]

Many small (and no-so-small) business owners have difficulty understanding what their income is for the purposes of buying a house. There was a time when business owners could simply state their income and banks would accept that, understanding that “actual” income is not always what they show on paper. Unfortunately, those days are long gone […]

On Tuesday, I discussed mortgage recasting. I explained that it is a reevaluation of your current mortgage which can be used to lower monthly mortgage payments based upon any large principal reductions made to the mortgage. In the post, I mentioned that many of my clients have used this strategy to buy a new house […]

There are a number of ways to lower your monthly payments on your mortgage. The most popular is certainly refinancing, because you can lower your rate, extend your mortgage back out another 30 years, or eliminate mortgage insurance. But refinancing often carries fees and can be an intensive process. Another common way people lower their […]

When buying your first house, it is important not to get overwhelmed by the questions which will be asked and the information which will be thrown your way. In order to help prepare yourself, you should consider a few key things – by doing so, you will save yourself a lot of time and grief […]

After my post last week on letters of explanation, which I explained are a common stipulation for a mortgage, I was surprised by the feedback from some readers of my blog who asked, “What is a stipulation?” And while I explain the mortgage process in detail to my clients, I realized that if you are […]

As you move through the mortgage process, you will eventually reach a point where the underwriter begins to ask you for supporting documentation to clarify something which is not 100% clear. These requests, known as stipulations, or “stips,” allow the underwriter to make a final decision on whether or not to approve the file. These […]

It is pretty common knowledge that the spring is the best time of year to list a house for sale. As the weather clears up, your home will show better. Buyers start coming out of their winter hibernation. And if others are listing their houses for sale, it means there will be more potential buyers […]