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Mortgage Loan

Escalation Clause: Love It or Hate It, Here’s What Homebuyers Need to Know

With buyer competition reaching new heights, it’s no wonder homebuyers feel they need to pull out all the stops to ensure their offer rises to the top. There’s nothing like the frustration of losing out on a house that checked all your boxes—especially if it turns out to be a matter of a few thousand dollars you would be willing to throw into the deal, if given the chance. Pursuit of the top...

What it Takes: Preparing to Make a Winning Offer on Your Next Home

It’s never fun to lose out on the house you had your heart set on. Unfortunately, when inventories are tight, that scenario can play again and again. The result of not being able to move when you want to can make the whole scenario very challenging. So, how do you get the edge over other buyers and land the home of your dreams?  As your real estate agent, there are a number of strategies and...

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...

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