Mortgage Loan

Avoid Doing These 10 Things While Your Mortgage is in Process

Buying a home can be a lengthy process. So, it’s understandable that once you’ve provided all the proper documentation to your lender, you feel like you can relax a bit an enjoy the more fun parts of buying a house.  But, if you’ve got a big purchase in mind–maybe some new furniture and electronics–think twice. It’s important that once you’ve completed the application and the...

Self-employed? Here’s What You Need to Know About Applying for a Mortgage

The number of self-employed individuals across the country continues to grow, with an estimated 16 million people opting to be their own boss. While the gig economy is booming and self-employment has become increasingly commonplace, the hurdles faced with obtaining a home mortgage remain. Ask any lender and you’ll learn the stark truth: it’s easier to qualify when you can show a W-2. That...

Making Sense Out of Loan Program Jargon

If you are in the market for a new home, you may be wondering exactly what type of loan is right for you? In some instances, you may be able to eliminate a few options right out of the gate. If you or your spouse have no military history, you can eliminate a VA loan. Or, if you’re looking for a home in the city or most suburbs, the property won’t qualify for a USDA loan. The majority of...

Apples to Apples: First Steps to Take in Comparing Mortgages

There’s no getting around it: financing a home can be full of acronyms and jargon. So, how do you sift through all the language to understand your loan options? Your lender is an invaluable resources when you have questions about your mortgage application or loan. But to give you a head start, here is a primer on two facets of your potential new mortgage you’ll need to understand in order to...

Do’s and Don’ts When Applying for Your Mortgage

If you’ve just applied for a mortgage–or are getting ready to do so–you probably know what to do ahead of your application, to ensure your financial house is in order. But what about after you’ve submitted your application?  You may be surprised to learn there are some important do’s and don’ts for how you address your spending and income, even after you’ve made your mortgage...

6 Questions You Can Expect to Answer When Applying for a Mortgage

Applying for a mortgage as a first-time homebuyer seems so simple these days. Upload some information online, hit submit and you’re good, right? Maybe not so fast. There are certain questions you can expect to be asked in one form or another, whether it’s during your online app or in follow up. It’s always best not to be blindsided, so here is a heads up on what you’re likely to be...

Down Payment Fact or Fiction: What You Need to Know

Down payments can be the bane of many would-be homeowners. Add to the challenge all the free advice many would-be homeowners are bombarded with by well-meaning friends and family. In many cases, the information isn’t true or is only partially so.   Here’s a look at three of the most common myths surrounding down payments: Fiction: You can’t buy a house unless you’ve saved 20% of...

Credit Card Debt: How it Affects Your Mortgage Loan and What You Can Do

Getting your financial house in order before applying for a mortgage includes a lot of things, from saving your down payment to pulling together your paystubs. But one thing that may not be so evident is the need to pay down credit card debit and avoid opening new lines of credit. That’s because too many open lines of credit and balances that are over 30% of your available credit limit can...

Breaking the Rules: 5 Reasons It’s All Right to Search For Homes Above Your Price Range

It’s one of the hard and fast rules of buying a new home: know how much you can afford and stick within your budget. Conventional wisdom says that looking at homes outside of your price range will only set you up for frustration because you’ll want what more house and more amenities than you can afford. For the most part, all that is true. But, there are certain situations in which you may...

Ready, Set…Win! How to Buy a House in a Highly Competitive Market

Saying that the housing market is highly competitive is an understatement. Continued tight inventory means buyers can expect conditions to continue. But if you’re looking to make a move, whether first-time homebuyer or not, don’t let frustration rule the day. As with any challenge, being prepared is often the key to coming out on top. Someone is getting an offer accepted—it may as well be...

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