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 […]
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 […]
Understanding Home Insurance and Maximizing Your Coverage
Home insurance is a vital component of protecting your investment and providing financial security for your family. Yet, understanding what home insurance covers and how to get the most out of your plan can be daunting. In this blog post, we’ll delve into the basics of home insurance, what it typically covers, and practical tips […]
Insider Tips: Understanding Which Bank Is Right for Your Mortgage Needs
Choosing the right bank for your mortgage is a crucial step in the homebuying process. Each bank caters to different types of customers, and understanding their specialties can help you secure the best deal. Here are some insider tips on what types of customers various banks cater to when it comes to mortgages:
Financial Literacy for Homebuyers: A Short Guide
Meet Sarah. She’s been dreaming of owning her own home for years, but she’s not quite sure where to start. With determination and a desire for financial security, Sarah embarks on her homebuying journey armed with important financial literacy concepts.