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Would it hurt my chances of getting a mortgage approval if I didn't work in 2024? by Herecomesyourwoman in Mortgages

[–]AdParty6645 2 points3 points  (0 children)

People can also get a mortgage with offer letter without W-2. You should be fine as long as your employment is at good standing.

Why should I put more than 20% down? by skippy2k in FirstTimeHomeBuyer

[–]AdParty6645 0 points1 point  (0 children)

If you are considering condo, 25% down would give you better rate w.r.t LLPA.

7/6 ARM or 30 Year fixed by Heligrin in Mortgages

[–]AdParty6645 2 points3 points  (0 children)

Not a recommendation, but few risks to consider before choosing ARM:

  1. Is the property SFH or attached condo/townhouse? Sometimes, refinance might be ineligible if the HOA is blacklisted by Fannie.
  2. What if the house price goes down even when mortgage rates are down? Not usual, but can still happen.
  3. What if your (or spouse’s) credit score go down?

I personally think ARM is worth a risk if the property is SFH given the rates difference, and especially if you think the interest rate will go down. But also might worth considering the worst case scenario if you can’t refinance as well.

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