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Information on mortgages, home equity loans, and consumer credit to help you use the power of financing to your advantage.
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Mortgages > Purchase
Relocating? The case of the trailing spouse.
In the process of a long-distance move, one spouse may be temporarily between jobs. How will this impact the process of financing a new home?
The prior income of your “trailing spouse” may still be considered to qualify for a home mortgage.
If a trailing spouse was employed continuously for the two years immediately preceding the move, 50% of his or her prior income can help qualify you as a couple.
The income of a trailing spouse cannot represent more than one-third of the income used to qualify a couple.
You will also need to have six months’ cash reserves after closing for principal, interest, taxes and insurance (PITI).
• Apply now for a home loan!
The tips on this website should be considered food for thought only. Lendingtips.com is a clearinghouse of ideas, not a professional adviser. Before any important decision, please consult the appropriate professionals (lawyer, accountant, real estate agency, broker etc.).
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• Mortgages > Purchase Articles Archive
• Mortgage Loan Calculator Use this calculator to determine your monthly payment and amortization schedule.
• Mortgage Qualifier Can you buy your dream home? Find out just how much you can afford!.
• Refinance Breakeven Should you refinance your mortgage? Use this calculator to determine when you will breakeven!
• Rent vs. Buy Are you better off buying your home, or should you continue to rent?.
• Amortizing Loan Calculator Enter your desired payment - and let us calculate your loan amount. Or, enter in the loan amount and we will calculate your monthly payment!
• ARM vs. Fixed Rate Mortgage Use this calculator to compare a fixed rate mortgage to two types of ARMs, a Fully Amortizing ARM and an Interest Only ARM.
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