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 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 […]
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. […]
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 […]
Understanding the Cook County Community Reinvestment Act (CRA) Law: Benefits for Homeowners
One of the lesser known benefits for first-time homebuyers I recently discovered was around the Community Reinvestment Act, which provides access and benefits to buy a home in underserved communities. In Cook County, Illinois, the Community Reinvestment Act (CRA) is a vital piece of legislation aimed at promoting equitable access to housing and economic opportunities […]
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:
The Value of Healthy Skepticism in Home Purchases
Buying a home is a significant financial decision that often comes with its fair share of complexities and uncertainties. While it’s natural to approach the process with optimism and excitement, maintaining a healthy level of skepticism can be a valuable asset. In this discussion, we implore you to adopt a cautious but curious mindset can serve you well when navigating the intricacies of a home purchase.
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.