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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SELLER CONCESSIONS WHAT ARE THEY AND SHOULD YOU ASK FOR THEM WHEN PURCHASING A HOME? The whole mortgage process can have many components. I’m going to address the closing costs area first. Closing costs are fees associated with your home purchase that are paid at the transfer of the property from seller to buyer. Some…
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To determine whether a borrower is credit worthy, lenders require borrowers to provide past and present financial documentation. The format of the documentation being submitted must be exact, providing evidence of the ability to repay your loan. Here are some things to know when preparing documentation to for a home loan. Core Documents for Preapproval…
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I bet you still think you need 20% down on your first-time purchase. Well that is just not true. There are many different programs available to all buyers with less than 20% down payment. Below is the list of programs offered to first time homebuyers. Conventional Options: The options available for Conventional vary based on…
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JUMBOS ARE BACK with a VENGEANCE, WITH UP TO 89.99%* LOAN TO VALUE, and NO MORTGAGE INSURANCE REQUIRED High loan amounts can be a real challenge for borrowers due to a lack of options from lenders. With our lenders,we have innovative jumbo loan products, with simplified guidelines and minimum FICO scores of 680. We offer…
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When applying for a mortgage, you may want to see what your credit is BEFORE you apply. Many people rely on Credit Karma or other companies like them to track their credit and keep an eye on their credit scores. What most people don’t know is that the algorithm, (the procedure the Lender uses to…
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Purchasing a home is one of the biggest financial decisions one makes in their lifetime. Buying your first home can be an exciting experience, so it’s a good idea to have a solid plan in place. As exciting it can be to own a home, it can also be a burden without a plan. Thus…
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Learning the ABC’s of mortgage terminology Before tackling the mortgage process for the 1st time or the 5th time, understanding the mortgage language will help in the steps of your home purchase journey. Adjustable Rate Mortgage (ARM): A mortgage that will have an initial fixed rate for a set period of time and then the…
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There is a general consensus that you have to put 20% down to buy a home. Well, I’m here to debunk that myth. The 20% down was a need many years ago, which led to the remnants of the thought that still echoes today. The truth is, you don’t need to have 20% to put…
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If you currently have an FHA loan, you may find that refinancing into a conventional mortgage may be a great choice to save money. Conventional loans can offer lower interest rates than comparable FHA loans. By refinancing into a conventional mortgage, you may be able to reduce both your monthly housing expenses and the total…
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