When you apply for a mortgage working with a loan officer is optional, but it is a smart move. Loan officers are ready to assist clients from the time they decide to buy a property through the closing, and even after they have closed on their new home. Here are…continue reading
Getting A Mortgage As a Single Applicant Vs. As A Couple
You and your wife are ready to purchase your dream home and are in the process of applying for a mortgage. Now comes the difficult question, should you apply alone or with your spouse? Before you make this decision you must understand all your options and conduct any necessary background…continue reading
Private Mortgage Insurance: How It Can Save You Money
Homeownership is a dream for many Americans, but saving money for a down payment might be difficult, especially if it is 20% of the buying price. It can be considerably easier with private mortgage insurance (PMI) which allows the buyer to buy a house with as little as a 3%…continue reading
5 Surprising Things That Can Affect Your Mortgage Interest Costs
When shopping around for a mortgage most borrowers will gravitate to a lender that offers the lowest interest rate and the best terms. A low mortgage rate means increased purchasing power and a lower monthly payment. But, how is your mortgage interest rate determined? Most first-time homebuyers might acknowledge the…continue reading
Things To Do Before You Apply For A Mortgage Pre-Approval
There are several processes that a buyer has to go through before obtaining a mortgage and the first big step is getting pre-approved. A mortgage pre-approval helps you understand how much home you can afford and is also advantageous during the home buying process. It demonstrates to sellers that you…continue reading
A Mortgage Closing Document That Homebuyers Need To Check Before Signing On The Dotted Line
You have found a house and after due diligence and planning, you are finally on your way to become a homeowner. However, the most time-consuming part before you close is the tons of paperwork that you need to review and sign. One such document that you will receive if you…continue reading
Parts Of A Mortgage: Understanding The Loan Estimate
If you are a first-time homebuyer you may be apprehensive about whether you could afford the mortgage payments or other costs associated with buying a home. Therefore, the more you know of the mortgage process the more prepared you will be to make the right decision. One important document that…continue reading
Should You Lock In or Float Your Mortgage Interest Rate?
When you start your mortgage process, your lender or loan officer will want to know whether you want to “float” or “lock-in” your interest rate. It is important that you fully understand these terms before you pick one over the other. Your decision will determine what you pay each month…continue reading
What Are The Conforming Mortgage Loan Limits For 2021 And Why They Matter?
The year 2020 had been unusual in almost every way and the most unpredictable was the increased demand in the housing market across the U.S. So, it is not surprising that the Federal Housing Finance Agency (FHFA) has increased the 2021 “conforming” loan limits. Let us take a look at…continue reading
Refinance And Loan Modification: Which Is The Best Mortgage Relief Option For You?
A Survey by the Consumer Finances in 2019 revealed that about 30% of homeowners do not have assets of even a minimum of $14,000 to cover up for any drop in their income. Now with the COVID-19 pandemic and its undeniable impact on finances, many Americans are struggling to be…continue reading
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