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
Overcoming Fear: Why Small Business Owners and 1099 Contractors Should Analyze Their Finances Before Approaching a Lender
For small business owners and 1099 contractors, the prospect of approaching a lender for mortgage qualification can evoke a myriad of fears and concerns. From worries about being judged based on irregular income to the fear of rejection due to perceived financial instability, the journey to securing a mortgage can seem daunting. However, understanding these common fears and the strategic importance of analyzing one’s financial picture before approaching a lender can empower individuals in their quest for homeownership.
Demystifying Fannie Mae and Freddie Mac: Understanding Their Impact on 1099 Contractors and Small Business Owners in 2024
In the intricate landscape of mortgage lending, Fannie Mae and Freddie Mac stand as titans, shaping the borrowing experience for millions of Americans. Understanding their roles and underwriting guidelines is crucial, particularly for 1099 contractors and small business owners seeking homeownership.
Navigating the Mortgage Maze: A Journey with Revve
Embarking on the path to homeownership is often fraught with obstacles and uncertainties, especially when it comes to navigating the complex world of mortgage approvals. As an entrepreneur with a vision for change, I embarked on a personal journey to uncover the challenges and frustrations inherent in the mortgage approval process, all while laying the groundwork for my startup, Revve.
Discovering Revve: A Journey from Frustration to Innovation in Homeownership Financing
Allow me to share a personal journey that sparked the birth of Revve. I invite you to picture this: it’s late November 2023. I was on the cusp of closing a deal on my new dream home. Anticipation fills the air as I eagerly await the final steps to closing.
Why Mortgage Pre-Qualification Falls Short
In the realm of home loans, a mere “pre-qualification” often proves insufficient. While it provides a glimpse into your financial standing based on self-reported information, it lacks the comprehensive verification of your income and assets required for true approval. This cursory assessment, while convenient, leaves you vulnerable to losing out on your dream home as […]
How Much Mortgage Can You Afford If You’re Self-Employed?
Estimating how much of a mortgage you might qualify for is a relatively easy process with online mortgage affordability calculators. However, these calculators assume one major thing: that you are an employee of a company that provides you a consistent, standard paycheck and a W2 tax form at the end of the year.