Buying a home means making a lot of decisions. Before you even look at homes, though, you have one very big decision to make. You need to find a loan officer. While they are a dime a dozen, this isn’t a one-size-fits-all approach. You’ll want to look for certain characteristics of the lender and even the person handling your loan before you jump on board. Looking for Current Mortgage Interest Rates? Click Here. Consider these top questions before you choose someone to handle your next … [Read more...]
Tips for Choosing the Best Mortgage Lender
Today, finding the right mortgage lender may mean more than going to your local bank. Years ago, that’s all you had to do. Your local bank knew you and could get you approved for a loan. If they didn’t approve you, it was much harder to find a loan.Get today’s mortgage rates!Today, you have hundreds of options. Your local bank is still an option, but it’s not the only one. You can use other banks in the area, credit unions, and mortgage lenders. You can also try a mortgage broker. A … [Read more...]
Understanding the Arm’s Length Sale
Buying and selling real estate is expensive. In order to ensure that it’s conducted in a fair and practical way, there are certain regulations you must follow. One of them is the arm’s length sale. As the name suggests, you must have a ‘spaced out’ relationship with the seller. In other words, you can’t buy the home from your mom or uncle.Looking for Current Mortgage Interest Rates? Click Here. Why are Non-Arm’s Length Transactions Bad? You may wonder what the harm is in conducting a … [Read more...]
The Top Ways to Choose the Right Mortgage
You are ready to buy a house – congratulations! Before you start, though, you need to do the hard work of finding a mortgage. If this is your first home, you may not even realize how many mortgage programs are available today. It’s more than choosing the right interest rate or even the right term – you have to put all of the pieces together to choose the right loan.Get Matched with a Lender, Click Here. The Type of Loan First, you must choose the right type of loan. The choices … [Read more...]
The Steps to Making a Success Offer on a Home
You’ve decided on a home and are ready to make the offer. Do you know what you are doing? Do you know what sellers want?Looking for Current Mortgage Interest Rates? Click Here.Even if you work with a realtor (which we recommend), it’s important to know what makes a great offer. We outline the steps for you below. Get a Pre-Approval Before you look at homes, find a reputable lender and get pre-approved. This step saves a lot of time and frustration.Sellers will take your offer more … [Read more...]
What’s Better – Renting or Buying?
The American Dream makes us think we have to buy a home or we aren’t living life the right way. Is that the case, though? Today many people choose to rent (or are forced to do so), and is it really all that bad? Both buying and renting have their pros and cons.Get Matched with a Lender, Click Here.We help you understand both sides below. The Long-Term Commitment of Buying Buying can help you make money on your investment, but it’s a long-term investment. Do you know what you will be … [Read more...]
How Long Does a Title Search Take?
You don’t have control over a few components in the mortgage approval process, one of which is the title search. All mortgage companies require a clear title before they will clear your loan to close. But just how long does the title search take?Get Matched with a Lender, Click Here.Typically, the process takes two weeks, but each situation differs. The title company you use, their current workload, and the complexity of the search play a role in how long it takes. What is a Title … [Read more...]
Is it Possible to Get a Mortgage After Retirement?
Most people want to have their mortgage paid off before retirement, but that doesn’t mean that you can’t get a mortgage after retirement. All it comes down to is qualifying for the mortgage, just like you would if you were still working.Compare Offers from Several Mortgage Lenders.Keep reading to learn the qualifications to get a mortgage after retirement. Qualifying Your Income The hardest part of qualifying for a mortgage after retirement is qualifying your income. Lenders need … [Read more...]
Types of Bank Accounts you can Use for Bank Statement Loans
Bank statement loans have requirements just like any other loan. Just because they are an alternative documentation loan does not mean that there are not strict requirements you must adhere to in order to get approved. Aside from the general fact that you need to have decent credit, stable income verified on your bank statements, and a manageable debt ratio, you also need to have the right bank accounts in order to use them for qualification purposes. Get Matched with a Lender, Click … [Read more...]
The Types of Debts and How They Affect Your Mortgage Approval
All debts are not created equal. Lenders look at each type differently and with a different level of risk. Understanding the types of debts and how they affect your mortgage approval can help you prepare for your mortgage application.Looking for Current Mortgage Interest Rates? Click Here. What is a Debt Ratio? First, let’s talk about the importance of your debt ratio. Despite the type of debt that you have, a lender will calculate your debt ratio. This is the comparison of your gross … [Read more...]