The Internal Revenue Service has released the Applicable Federal Rates (AFRs) for May 2022. AFRs are published monthly and represent the minimum interest rates that should be charged for family loans to avoid tax complications. The Section 7520 interest rate for May 2022 is 3.0 percent. The Internal Revenue Service (IRS) recently announced the 2022 … Read more
The mortgage underwriting process is an integral part of the home financing process. It is the lender’s way of determining if the borrower meets the criteria to be approved for a loan. During the underwriting process, the lender will review the borrower’s credit history, income, employment history, and assets to determine whether or not they … Read more
A subprime mortgage is a type of mortgage loan offered to individuals with a low credit score or a high debt-to-income ratio. Subprime mortgages are often sought by individuals who do not qualify for traditional mortgage terms. Many lenders offer subprime mortgages as an alternative to the traditional mortgage option.Subprime mortgages are more expensive than … Read more
When it comes to owning a rental property, there are many advantages to understanding the mortgage interest deduction. For starters, it can decrease the total cost of your rental property and help you to reduce your taxable income. This blog post will explain the mortgage interest deduction rental property and how it can help you … Read more
When it comes to lending money to family members, the IRS has specific rules and regulations in place. Knowing the rules and regulations of the IRS when it comes to loans to family members is important to ensure that the loan is both legal and compliant. For 2021, the IRS has made several changes to … Read more
Are you a veteran in the market for a home? If so, you have access to a very special loan program designed specifically to help you become a homeowner. The VA loan program offers veterans a range of benefits, including no down payment requirement and no private mortgage insurance. One of the most important steps … Read more
If you’re looking to buy a car and you have a credit score of 660, you may want to consider getting a car loan. Having a credit score of 660 or higher is often considered to be a good score and may potentially help you secure a loan with lower interest rates. However, there are … Read more
When it comes to financing solutions, pawn loans offer an accessible, fast, and confidential way to access cash for those in need. As a type of secured loan, pawn loans are becoming increasingly popular due to the fact that they are easy to obtain and do not require a credit check. Thus, they can provide … Read more
The dream of owning a home is a reality for many in the United States, but it can be an intimidating prospect. There are many considerations to make and it can be difficult to know where to begin. Fortunately, for those seeking to purchase their first home, there are a variety of options available to … Read more
In simple terms, yes – you can roll closing costs into your mortgage, but not all lenders allow you to and the rules can vary depending on the type of mortgage you’re getting. If you choose to roll your closing costs into your mortgage, you’ll have to pay interest on those costs over the life … Read more