The good faith estimate, when it comes to real estate, was developed to lay out the basic terms of a home loan for a home buyer. It was developed as a way for a buyer to contemplate the best loan agreements. To avoid any surprises when buying a home and securing a home loan, it’s important to familiarize yourself with many things, including what...
As you get ready to buy a new home, you’ll likely need to get a mortgage lined up. Commonly, a loan approval will come with a lot of paperwork. Because of this - and to make working with your lender as smooth and stress-free as possible, it’s helpful to understand these 5 things your mortgage lender wishes you knew. Insights from your Mortgage...
Before you head out to shop for a home, it’s a good idea to interview and meet with at least one mortgage professional to discuss your home buying budget and home purchase interests. From paperwork to costs to deadlines, we want to discuss what to know before applying for a home mortgage. Be Prepared when Applying for a Mortgage When you meet...
Your credit score is a vital part of securing a home loan when you are ready to buy your new house. While it might seem like some elusive number that can’t be adjusted, raising it can give you a better interest rate to work with and lower your home loan payments in the long run. At the same time, there are things you may be doing that actually...
As you start working through the process of finding and buying a new home, you are probably going to come across many new terms and topics that are otherwise unfamiliar to you. Some of them will likely be about the purchasing process and your loan details. For example, do you know what a home loan origination fee is? Home Loan Origination Fee:...
Buying land to build your new home is an exciting adventure! It’s also a more involved project than shopping for an existing home. From deciding where to buy, how much land to buy, and how to design your new house, a good starting point in the process will be to determine how to finance buying land to build a house. Let's take a look. There are a...
Are you wondering what a mortgage pre-approval letter is and how to get one when you are preparing to buy a house? Often a mortgage pre-approval letter will be one of the requirements asked for when you begin working with a real estate agent to start shopping around for a new home, and you'll likely be asked to submit this when you put in an...
With all the mortgage loan options available, are you having trouble figuring out which one is right for you? Understanding the differences between various mortgage loan types, terms, and rates can certainly be confusing. Let's take a closer look at mortgage loans with a discussion about the difference between a fixed-rate and adjustable-rate...
Your mortgage broker or loan officer will be a key person in your home buying process. Your relationship with your mortgage broker or loan officer will begin even before you start shopping for your new home, and continue all the way through to the closing day. They will be there to answer all your financial home buying questions, facilitate your...
If you're a potential home buyer and have chatted with a loan officer or two, or have been doing some internet research about how mortgages work and what to expect during the home buying process, you've likely heard the term "private mortgage insurance" also called PMI. The real estate process is full of terms to learn and understand. In this...
There are many questions prospective home buyers have when getting ready to buy a new home... from the home selling and buying processes, to staging your existing home to sell, to your new mortgage plus more. One of the most common questions about your mortgage and the home buying process might be about the pre-approval letter and what is...
Financing a home will require some standard information about your income, debt, credit, and credit scores, along with a number of other items specific to your purchase situation. You will need to work with a mortgage loan officer to review what your financial plan is before you head out to shop for your new home. While you probably know about...