Market Review

Blog Image: Will an Employment Gap Hurt My Chances for Mortgage Approval?

Will an Employment Gap Hurt My Chances for Mortgage Approval?

Employment history is a very important aspect of a mortgage application. Mortgage loans are usually for substantial sums of money and lenders want to reduce the risk that borrowers will default. One sign that a borrower will be consistent in making their mortgage payments is if they have a stable two-year history of employment. But what if you have gaps in your work history? Can you still qualify for a mortgage? Gap Period Most lenders will only require a two-year work history, so if you had gaps prior to that period, you may not even need to inform your lender about it. If you have had ...

March 11th, 2020 | Mortgage Advice, Will an Employment Gap Hurt My Chances for Mortgage Approval?

Blog Image: What Costs Can I Expect as a Home Seller?

What Costs Can I Expect as a Home Seller?

When you bought your house, the fees you paid included the closing costs for your mortgage, your down payment, and maybe some mortgage points. Now that you are ready to sell, there are a few more costs that you need to anticipate. In fact, according to Realtor.com, sellers often pay between 6% -10% of the sale price in fees and commissions. Real Estate Agent Commission Fees It is customary for home sellers to pay both the seller’s and the buyer’s real estate agent commission fees out of the proceeds of the sale. The standard rate is 3% for each, totally 6% of the sales price ...

January 15th, 2020 | Mortgage Advice, What Costs Can I Expect as a Home Seller?

Blog Image: Is a Bigger Down Payment Always Better?

Is a Bigger Down Payment Always Better?

In the homebuying process, if you find yourself in the enviable position of having more cash than needed for a minimum down payment, it may be difficult to know just how much you should put down. A larger down payment can bring plenty of benefits, but is it always best to contribute the biggest down payment possible?  First, remember that every loan program has its own down payment requirements. FHA loans for example require a minimum of 3.5% while jumbo loans will require at least 10%. To get a conventional loan without PMI you’ll need 20%. USDA and VA, by contrast, do not requi...

September 25th, 2019 | Purchasing a Home, Preapproval, Mortgage Advice, Is a Bigger Down Payment Always Better?

Supreme Lending NMLS 2129

Troy Shannon
NMLS: 1325916

10801 West Charleston Blvd, Ste 520
Las Vegas, Nevada 89135
Phone: 702-815-6317
Fax: 725-333-9268

http://www.nmlsconsumeraccess.org/ This website is not authorized by the New York State Department of Financial Services to accept mortgage loan applications for properties located in New York. For New York applicants, please visit our New York authorized website: www.supremelending.com

© 2018 EVERETT FINANCIAL, INC. D/B/A SUPREME LENDING NMLS ID #2129 (www.nmlsconsumeraccess.org) 14801 Quorum Dr., #300, Dallas, TX 75254. 877-350-5225. All rights reserved. Supreme Lending is an Equal Housing Opportunity Lender. This is not an offer to enter into an agreement. Information, rates, & programs are subject to change without prior notice and may not be available in all states. All products are subject to credit & property approval. Supreme Lending is not affiliated with any government agency. Intended for Nevada customers only.