Keith Riley's Blog
Breaking Barriers to Homeownership: Bank Statement Loans for Self-Employed Borrowers
For self-employed professionals, entrepreneurs, and freelancers, achieving homeownership can sometimes feel out of reach. Traditional mortgage lenders often require tax returns and W-2s, which may not accurately reflect your income due to business deductions and write-offs. If this sounds familiar, VanDyk Mortgage has a solution for you. What is a Bank Statement Loan? A Bank …
5 Common First-Time Homebuyer Mistakes (and How to Avoid Them!)
Buying your first home is exciting, but it can also feel overwhelming, especially in a fast-moving housing market. Whether you’re wanting a cozy starter home or a long-term family haven, it’s important to go into the process feeling prepared and confident. To help, we’ve outlined five common mistakes many first-time homebuyers make and how to …
Cash-Out Refinance vs. HELOC: Understanding Your Options
If you’re a homeowner looking to access extra cash, you may have come across two common options: a cash-out refinance and a home equity line of credit (HELOC). Both allow you access to your home’s equity, but they work differently. Knowing the differences can help you decide which one suits your needs. What is a …
The Power of Getting Pre-Approved
Navigating the homebuying process can be both thrilling and overwhelming. Getting pre-approved for a mortgage is one key factor that can significantly ease stress when starting the journey. But what exactly is a mortgage pre-approval, and why is it considered a crucial step? Unlike pre-qualification, which provides a rough estimate, pre-approval involves thoroughly examining your …
The Five Factors Behind Your FICO Score
A FICO score is a type of credit score that is the industry standard for determining a person’s credit risk. While many lenders rely on FICO Scores to make faster, fairer, and more accurate lending decisions, it’s important to note that not all credit scores are FICO Scores. Five different categories play into your FICO …