The Home Ownership Myth: Debunking the Investment Misconception
The phrase that ‘owning a home is an investment’ is tossed around a lot, but here we want to dive in a bit more deeply into the debate. Homeownership is often touted as the quintessential American Dream, symbolizing stability, success, and financial security. However, a pervasive misconception persists: the idea that owning a home is a surefire investment.
The Benefits of a Credit Score Above 720
A high credit score is more than just a number; it’s a gateway to numerous financial benefits and opportunities. For many, achieving a credit score above 720 is a significant milestone, opening doors to better loan terms, lower interest rates, and a range of financial perks. This blog post explores the advantages of maintaining a credit score above 720 and how it can positively impact various aspects of your financial life.
The Harrowing Mortgage Qualification Process: A Call for Transparency
Sept. 15, 2008: Lehman Brothers laid off employees as it filed for bankruptcy. MARY ALTAFFER/AP PHOTO The mortgage qualification process is often perceived as a labyrinthine journey, fraught with complexities and opacity. For many prospective homeowners, this convoluted system presents significant barriers, making the dream of owning a home seem unattainable. At Revve, we learned […]
The Unseen Struggles of Self-Employed Workers: A Critical Examination of Bank Statement Loans
The Complex Reality of Bank Statement Loans Bank statement loans are a type of mortgage that lenders offer to self-employed individuals who may not have the traditional income documentation, such as W-2s or tax returns, required for a conventional mortgage. Instead, lenders rely on bank statements to verify income. On the surface, this might seem […]
The House that Friends Built: How Loved Ones Shape Our Homebuying Decisions
Homebuying is one of life’s grand adventures, much like embarking on a quest for the Holy Grail or trying to assemble a piece of IKEA furniture without the instructions. It’s a journey filled with excitement, uncertainty, and, if you’re lucky, a bit of humor. But if there’s one thing that can turn this quest into […]
On Becoming a First Time Landlord and Staying Above Water
As a first-time landlord, stepping into the world of real estate investment was an exciting but ultimately all-consuming harrowing experience. While I was eager to become a real estate investor, there were many things I wish I had known before taking the plunge. In this post, I’ll share my thoughts as a first-time landlord and […]
The Millennial Housing Struggle: Contrasting Homeownership Challenges with Our Parents’ Generation
As millennials, we often find ourselves caught in the crosshairs of economic challenges that make achieving traditional milestones, like homeownership, feel like climbing Mount Everest. While our parents’ generation may have purchased homes with relative ease, our journey to homeownership is fraught with obstacles that previous generations didn’t face. So, why is it so much […]
Navigating the Currents: Understanding Steering in the Mortgage Industry
In the vast ocean of the mortgage industry, borrowers often find themselves navigating through complex currents, trying to secure the best possible deal for their home financing. However, amidst the waves, there’s a term that borrowers need to be aware of: steering. But what exactly is steering, and why does it matter? Let’s dive in. […]
Reevaluating Lending Practices: The Flaws of Relying Solely on Gross Income and Understanding the Risks of W2 vs. Non-W2 Employment
The current practice of lending based solely on gross income without considering a borrower’s expenses can be flawed for several reasons, particularly in today’s economy: Cost of Living Disparities: Gross income does not account for variations in the cost of living across different regions or individual circumstances. A borrower with a high gross income in […]
Understanding the Financial Struggles of Generation Z
Generation Z, often defined as those born between the mid-1990s and early 2010s, is facing unique financial challenges as they enter adulthood. From navigating student loan debt to entering a competitive job market and grappling with rising living costs, Gen Z is encountering a host of obstacles on their path to financial stability. In this […]