Recognizing Subtle Signs of Discrimination in Financial Institutions
Revve has excitedly shared that we’ve officially onboarded our first customer who is interested in improving his credit profile in order to get mortgage approval. One of the first steps I recommended is to pull his credit report and see if there are any derogatory remarks against you.
Understanding the Equal Credit Opportunity Act (ECOA): Promoting Fair Access to Credit
Every prospective homebuyer should know about the ECOA. Often we think about protecting ourselves in a workplace setting, but we fail to recognize the other hideous ways we may be undermined especially when it comes to how lenders determine giving out credit.
Why I’m Choosing Not to Buy a House This Year
As someone who has experienced firsthand the shortcomings of the mortgage industry, I’ve come to the difficult decision of postponing my plans to buy a house this year. The systemic challenges and injustices within the mortgage industry have left me disillusioned and wary of entering into such a significant financial commitment. In this article, I […]
The Meaning of Sustainability in Everyday Life
Sustainability is often a term thrown around a lot in the media, but what does it mean in the most basic sense? At its essence, sustainability is about meeting the needs of the present without compromising the ability of future generations to meet their own needs. For instance, can I meaningfully enjoy my life if […]
Unveiling the Philosophy of Mortgage Lending: Exploring the Complexities of Financial Decision-Making
Welcome to the intriguing world of mortgage lending – where financial pragmatism meets philosophical inquiry. Join us as we unravel the layers of complexity surrounding this cornerstone of homeownership. Balancing Risk and Reward In the realm of mortgage lending, risk and reward are intertwined like threads in a tapestry. Lenders must strike a delicate balance […]
On the Intangible Psychological Benefits of Homeownership
Owning a home is often viewed as a significant financial milestone, providing stability, equity, and a sense of accomplishment. However, beyond the tangible assets, there are numerous intangible psychological benefits that come with homeownership. In this post, we’ll observe into some of these less-talked-about advantages that contribute to the overall well-being and fulfillment of homeowners.
The Power of Aesthetics: Why It Matters and How the Mortgage Industry Falls Short
In today’s visually-driven world, aesthetics play a crucial role in shaping our perceptions and experiences. From the sleek design of our smartphones to the inviting ambiance of our favorite coffee shops, aesthetics influence how we interact with the world around us. Yet, when it comes to the mortgage industry, aesthetics are often overlooked, resulting in a missed opportunity to engage and empower customers.
Addressing the Homeownership Gap: Introducing Revve
Did you know that 1099 contractors should be preparing their finances at least 2 years in advance of buying a home to qualify successfully, compared to their W-2 counterparts who could qualify right away? This startling fact underscores the significant challenges facing contractors in the mortgage qualification process—a challenge Revve is committed to addressing head-on. […]
Navigating the Pros and Cons of NACA for 1099 Contractors and Small Business Owners
Embarking on the journey towards homeownership as a 1099 contractor or small business owner can be both exciting and challenging. While programs like the Neighborhood Assistance Corporation of America (NACA) offer promising opportunities for underserved communities, it’s essential to understand the limitations alongside the benefits. Here’s a closer look at the pros and cons of NACA for individuals in non-traditional employment situations.
Understanding Why Lenders Decline Home Loans for Small Business Owners and 1099 Contractors: Top 10 Reasons
For small business owners and independent contractors, the dream of homeownership can sometimes feel out of reach, despite having a stable income. One of the major hurdles they face is securing a home loan. While lenders have varying criteria for approving loans, there are common reasons why applications from this demographic might be declined. Understanding these reasons can help applicants better prepare and increase their chances of success. Here are the top 10 reasons why lenders might decline a home loan for small business owners and 1099 contractors