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What Are My Mortgage Options If I Have Strong Assets but Variable Income? You may have substantial savings, retirement accounts, investments, or business ownership, but your monthly income doesn’t necessarily reflect your overall financial strength. Maybe you’re self-employed, retired, a business owner, or someone whose income fluctuates from year to year. So what happens when…
Does the Divorce Decree Happen Before the Refinance? The answer is: it can depend on the circumstances. There isn’t necessarily one required order for every divorce refinance. In many situations, the divorce agreement or decree will spell out what is supposed to happen with the house. For example, it may state that one spouse will…
Keeping Your House After Divorce – What You Need to Know About the Mortgage One of the biggest questions we hear from homeowners going through a divorce is pretty simple: “Can I keep my house?” For many people, the answer is yes. But keeping the house after a divorce usually involves more than deciding who…
Can Retirement or Investment Assets Be Used to Qualify for a Mortgage? When most people think about qualifying for a mortgage, they think about pay stubs, W-2s, tax returns and employment income. But what if you have substantial money in a 401(k), IRA, brokerage account or other investment account? Can those assets actually help you…
10 Things to Know About Lake Home Financing Buying a lake home is a little different from buying a typical house. Whether you’re looking for a Michigan lake house, cottage, or cabin, understanding the financing before you start shopping can save you time, money, and headaches. Here are 10 things to know about lake home…
10 Reasons Michigan Is the Best State to Own a Vacation Home — and Finance It With JPAL Mortgage Thinking about buying a second home, cottage, lake house, or cabin? Look no further! Michigan gives you plenty of reasons to make it your vacation destination—and JPAL Mortgage gives you plenty of reasons to make us…
What Happens If I Can’t Refinance After Divorce? One of the most common concerns after a divorce is what will happen to the family home. Many divorce agreements state that one spouse will keep the home and refinance the mortgage into their own name. But what happens if that refinance doesn’t go as planned? If…
What Are Considered Assets When Applying for a Mortgage? If you’re planning to buy a home or refinance, you may hear your lender ask about your assets. That often leads to another question: “What are considered assets when applying for a mortgage?” The answer is simple: Assets are financial resources you own that have value…
Can I Use a Cash-Out Refinance to Build a Pole Barn or Detached Garage? If you’re a homeowner in Michigan and you’re dreaming about adding a pole barn, detached garage, workshop, or storage building to your property, you may be wondering: “Can I use a cash-out refinance to build a pole barn or detached garage?”…
Cash-Out Refinance vs. Home Equity Loan: Which Is Better for Michigan Homeowners? If you’re a homeowner with equity in your property, you’ve probably wondered: “Should I do a cash-out refinance or a home equity loan?” Both options allow you to access the equity you’ve built in your home, but they work very differently. Neither option…