28 Mar 2025
By Aadil Nathoo

Can I Get a Mortgage Without a Credit Score By Using Alternative Credit History?

Mortgage, , ,
If you've been managing your finances responsibly but don’t have a traditional credit score, you may be wondering whether homeownership is still within reach. The good news? It is! While most mortgage lenders rely on credit scores to assess your creditworthiness, alternative credit history—like rent payments, utility bills, and other recurring expenses—can help you qualify for a mortgage. What Is Alternative Credit History? Alternative credit history consists of financial records that demonstrate your ability to manage debt and make payments on time, even if you don’t have a credit card or traditional loans. Some examples include: Rent payments – A…
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25 Mar 2025
By Aadil Nathoo

Navigating Mortgages as a Self-Employed Professional

Mortgage, ,
Securing a mortgage as a self-employed professional can be more challenging than for traditional W-2 employees, but with the right preparation and documentation, it is entirely achievable. Here's a guide to help you navigate the process: Document Your IncomeLenders need to assess your financial stability and income consistency. To do this, you'll need to provide: Tax returns for the past two years Profit and loss statements Bank statements Client invoices or contracts Consistency is key, so showing steady or increasing income over time strengthens your application. Manage Your Tax ReturnsMany self-employed individuals minimize their taxable income through deductions, but this…
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19 Mar 2025
By Aadil Nathoo

How Mortgage Amortization Works

Mortgage Tips, ,
When you take out a mortgage, you commit to a long-term financial obligation. Understanding mortgage amortization can help you make informed decisions about your loan and how your payments impact your financial future. What is Mortgage Amortization? Mortgage amortization refers to the process of gradually paying off your loan over time through fixed monthly payments. Each payment is divided into two parts: Principal: The portion that goes toward reducing your loan balance. Interest: The amount paid to the lender for borrowing the money. At the start of your loan, a larger percentage of your payment goes toward interest. Over time,…
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13 Mar 2025
By Aadil Nathoo

What Sellers Need to Know About Becoming a Lender with Creative Financing

Home Financing Tips, ,
Creative financing can be an attractive option for sellers, especially those with significant equity. One popular approach is carrying back a second mortgage, where the seller effectively becomes a lender to help the buyer complete the purchase. While this can be a beneficial arrangement, it’s essential to understand the risks and the protections available, particularly regarding lender’s title insurance. Why Consider Carrying Back a Second Mortgage? Let’s say you own a home worth $150,000 that you’ve held for 15 years, and you have substantial equity built up. If you receive an offer from a buyer who can put down $20,000…
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07 Mar 2025
By Aadil Nathoo

How to Buy a Home with Zero Down Payment

Home Mortgage Tips, ,
Buying a home without a down payment is possible, but it requires exploring the right loan programs and financial assistance options. While lenders have tightened their requirements since the 2008 housing crisis, there are still ways to achieve homeownership with little to no upfront cash. Loan Programs That Require No Down Payment VA LoansIf you are a current or former member of the U.S. military, a VA loan may be an excellent option. Backed by the Department of Veterans Affairs, VA loans require no down payment and typically offer lower interest rates than conventional loans. They also come with no…
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