The Mortgage Brothers Show

Up to date news, tips, and advice, so you can make real estate decisions with confidence.

Will Commissions Count Towards a Loan?

02-28-2014About MortgagesEddie Knoell

One of the most common questions I hear from prospective home buyers goes something like this: “I made $40,000 last year and $20,000 of that was commission/bonus income. Can I use that the commission income to qualify for a home loan?”

For many people who work in sales positions, commission-based income is a fact of life. If you’re successful at your job, you can make a good living from commissions, but lending rules sometimes make this income difficult to use in the event that you want to qualify for a mortgage.


Which is Better: Getting a Mortgage As a Couple vs. As a Single Applicant?

02-17-2014About MortgagesEddie Knoell

Getting a mortgage can be a very trying time for you and your spouse, or even just you if you’re going at it alone. Choosing to co-sign a mortgage can be a very tough decision to make; even a simple Google search will show many mixed opinions on the topic. It’s crucial that you weigh the pros and cons before you make any decision and put your signature on the line.


5 Reasons You Should Consider a Private Money Mortgage

02-13-2014About MortgagesEddie Knoell

Sometimes, getting the home or commercial real estate loan you need is challenging. The good news is that if you can’t qualify for a conventional loan, there are other options.

Private money mortgages are an option that not everyone considers. Private money mortgages are sometimes referred to as “Hard Money” loans because they’re tied to a hard/tangible asset, like a home, as collateral. And while it’s true that these loans aren’t for everyone, for the right buyer in the right circumstance, they can be just the ticket to getting the funding you need.


Think It’s Impossible to Get a Mortgage With Little or No Income and a High Debt Ratio? Think Again.

02-07-2014About MortgagesEddie Knoell

Imagine this scenario: a buyer is in the market for a new home. They’ve found a place that they like, and they have some money in the bank. In fact, they have significant assets in their name and are living comfortably. And yet they come to a lender looking to get qualified for a mortgage, and they are turned down. Why? The key is documentable income. Basically, what that means is income that can be shown on a paystub.


Fixed-Rate Mortgages 101

02-03-2014About MortgagesEddie Knoell

A fixed-rate mortgage doesn’t have to be a confusing concept to grasp. Basically, a fixed-rate mortgage has the interest rate set the moment you take out the loan, and it will not change throughout the duration of you loan. Fixed-rate mortgages are the most common types of loans and are primarily given out in 15 or 30 year periods. The other kind of commonly received loan is an ARM, or adjustable rate mortgage. This type of loan changes with the rising and falling interest rates.


6 Things You Should Know About Refinancing Your Home

01-06-2014About MortgagesEddie Knoell

With interest rates at rock bottom, record lows, many homeowners are considering refinancing their mortgages to save cash. But there’s a right way – and a wrong way – to go about refinancing your home for maximum savings.

Most homeowners refinance to lower their monthly payment, avoid balloon payments on Adjustable-Rate Mortgages (ARMs), to get rid of Private Mortgage Insurance (PMI) or to cash out a portion of their home’s equity.


Arizona Real Estate Capital Gains is back

10-09-2013About MortgagesEddie Knoell

Remember good ole Capital Gains? Now that properties have been flying off the market for nearly 2 years, and home prices are on the rise, many Arizona homeowners might be anxious to sell and get the money out of their homes. Sellers need to be cautious about potential capital gains taxes. Below is a good recap on the Capital Gains rules.


Avoid Mortgage Insurance on Your New Arizona Home Loan

06-14-2013About MortgagesEddie Knoell

When you are applying for an Arizona home loan, you want to get the lowest rate possible, but you also want to keep as much money in your pocket for those unforeseen circumstances. If you are unfamiliar with mortgage insurance, it is essentially protection for the lender, not the consumer, in case you default on your loan.


Arizona Mortgage Delinquencies Drop

06-02-2013About MortgagesEddie Knoell

Realistically it would seem that it was only a matter of time until the Arizona mortgage delinquency rate dropped. However, it’s important to note that it has dropped below the national average, which is a great sign for the overall health and vitality of the Arizona real estate market.


Is Another Phoenix Real Estate Crash on the Horizon?

05-19-2013About MortgagesEddie Knoell

One would think that the devastation that struck the housing market nationwide only a few short years ago would be long behind us, that you wouldn’t have to worry all that much about a repeat event. However, the reality is that if you have a Phoenix home loan or any kind of Arizona-based mortgage, you need to realize what ultimately led to the collapse and that it could repeat itself again. There are steps you can take to help protect yourself and your investment, so education is the best first step.


What To Do About Securing A Home Loan In Arizona With A Low Credit Score

01-24-2013About MortgagesEddie Knoell

If you’re looking to move to Maricopa County in Arizona, or you already live here and want to own your home, you will need to apply for a mortgage. For many prospective homeowners, this process can be daunting, yet filled with excitement. However, if you want to secure a home loan in Arizona and have less than ideal credit, then you’ll be met with a series of challenges.


The Challenge of Securing and Arizona Mortgage if You’re Self Employed

01-22-2013About MortgagesEddie Knoell

Securing an Arizona mortgage when you’re self employed can be a frustrating challenge. There was a time when you could use your bank transactions as evidence of your income, but that’s no longer the case. Today, you need to show not only two years’ worth of income on your tax returns, but you also likely have to put down 20% or more and have up to six months’ worth of savings that can cover not only your mortgage payments, but also all of your other bills as well.


Can You Still Get an Arizona Mortgage with Little Money Down?

01-15-2013About MortgagesEddie Knoell

Once the housing market took a turn for the worse in 2007 and 2008, it seemed that the days of getting an Arizona mortgage with little to no money down were well behind us. That meant that a vast number of potential homebuyers (those that had qualifying credit and solid employment but not enough resources to afford a large down payment) would be left out of the market, at least for the time being.


Arizona Mortgage Rates and the Interest Deduction

12-08-2012About MortgagesEddie Knoell

During recent weeks, the mortgage interest tax deduction that has been discussed in Washington with regard to saving money, closing loopholes, and avoiding the ‘fiscal cliff’ has created a bit of controversy. While the interest deduction has no bearing on Arizona mortgage rates, it’s a good idea to become familiar with it: what it’s about, how it could save you money, and why losing it can cost you money over time.


Lawmakers Hint Mortgage Interest Tax Deduction Could Be On The Chopping Block

12-07-2012About MortgagesEddie Knoell

We’ve heard for years now the term ‘fiscal cliff’ and while the leaders in Washington battle to steer us away from that edge, a home loan in Arizona, as well as everywhere else, could be directly impacted by the decisions they make in D.C. There hasn’t been a major overhaul of tax codes in this country in decades, but with the economic crisis growing worse each year, it appears that homeowners who have been struggling since 2008 could be in for more rough seas ahead.