You have checkups every year for your health, your pets and your vehicles – now we recommend one for your finances and home, too! What’s A Mortgage Review? One of our mortgage experts will work with you and review your monthly payment in detail, including your credit, mortgage insurance and income. Next, we’ll discuss any…
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Did you know that Fannie Mae and Freddie Mac both offer competitive low money down products as well? FHA is not your only option to get into a new home with less than 5% down. Down payment as low as 3%, even for first-time buyers Typically faster, easier and with a lower monthly payment than…
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Getting pre-approved before speaking to a real estate agent can save you time, money and frustration. You’ll know what you can afford. Getting pre-approved before you shop is imperative, as it allows you to shop within your price range. It gives you negotiating power. Having a pre-approval always puts you ahead of a buyer…
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Loan-to-Value An acronym often encountered in the home buying or refinancing process, LTV describes loan amount as a percentage of the purchase price or value of property. For example, an $80,000 loan on a $100,000 property equals an 80% LTV. You can also think of LTV as the inverse of your down payment. If you…
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In most cases, an appraisal is required to buy or refinance a home. The appraisal protects you and your lender from paying for or financing a home for more than it’s worth. Your appraisal takes place once your application is filed and your initial documentation is reviewed. We’ll take care of placing the order for…
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Not all home buyers are alike. If you’ve had difficulty qualifying for a traditional mortgage, we have a smart option: a nonqualified mortgage. A nonqualified mortgage can be a great choice if you don’t meet traditional lending guidelines, opening up more options for you. You could qualify if you: • Are self-employed • Have fluctuating…
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Protect yourself with a home inspection. When it comes to buying a home, the more you know about it, the more confident you can be in making the right decision. That’s why home inspections are a must for every buyer. Home inspections give you detailed information on the physical condition of the house and can…
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Loan estimate documents are issued within three days of receiving your mortgage loan application. In them, you’ll find all the costs associated with your particular loan. Some of these costs may change before you close on your loan, while others are set unless you’re provided a revised document. Let’s take a look at the three…
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Individuals who are not so savvy to homeownership may face some confusion when paying their first couple mortgage statements. They first may be skeptical about why their statement not being serviced by the same financial institution that they signed so many documents with. Well… that’s not so abnormal. The truth is, most mortgages are sold…
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Here are a few important things to consider when making this major life decision: Understand your finances. • Talk to a professional loan advisor about your assets, debts, and credit history to see if you prequalify for a mortgage. Get your paperwork in line. • Your lender will require a lot of personal information to…
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