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Mortgage rates greatly affect how much you can afford to borrow and, ultimately, how much house you can afford. The best rates are for borrowers with excellent credit, great income, and only a few debts. But there are factors outside of your personal situation that affect mortgage rates. The economic conditions determine the rates banks … Continue reading The Impact of Economic Trends on Mortgage Rates
Buying a home is an exciting process, but it has many moving parts that can make it seem overwhelming. Here’s a step-by-step guide on the homebuying journey, what to expect, and tips to make it easier on yourself. #1 Evaluate your Finances Your finances are the number one factor when buying a house. You … Continue reading Navigating the Homebuying Journey: A Step-by-Step Guide
Down payments are essential in mortgage approval but aren’t the only factor. Saving money to invest in your home is important, but so is keeping money aside for emergencies. Owning a home is a big responsibility, so knowing the difference between a large and small down payment and how it affects your approval is important. … Continue reading The Role of Down Payments in Mortgage Approval
Home appraisals are often the scariest part of the mortgage underwriting process. Buyers fear losing their loan approval, and sellers worry the house won’t appraise high enough. While home appraisals aren’t a way to stop home sales, they do protect everyone involved in the process, including buyers and lenders. All lenders require home appraisals … Continue reading Home Appraisals: What to Expect and How to Prepare
When buying a home, you have many decisions, including the type of financing to secure. Most borrowers can choose between a fixed and adjustable-rate mortgage, but they have vast differences. Here’s everything you must know about choosing between the two loan types. What is a Fixed Mortgage Rate? As the name suggests, a fixed … Continue reading Choosing Between Fixed and Adjustable-Rate Mortgages: Pros and Cons
As the flowers bloom and the temperature rises, spring emerges as an ideal time to showcase your home to potential buyers. The vibrant atmosphere and increased daylight make it a prime season for real estate transactions. If you’re considering listing your home this spring, here are some valuable tips to ensure a successful and appealing … Continue reading Tips for Listing Your Home This Spring
The prospect of lower interest rates in the real estate market can be enticing for homebuyers, promising reduced borrowing costs and potentially more affordable monthly payments. However, with every silver lining comes a cloud, and a market characterized by lower interest rates brings its own set of challenges. In this blog post, we’ll delve into … Continue reading What Challenges Would Arise if Rates Decrease?
Buying a home is a significant life milestone, and navigating the complex world of mortgages can be both exciting and overwhelming. One key player in this process is often overlooked but plays a crucial role in making your homeownership dreams a reality — your loan officer. Let’s shed some light on the vital role your … Continue reading What Role Does Your Loan Officer Play in Buying a Home?
In the complex landscape of home financing, choosing the right mortgage lender is a crucial decision that can significantly impact your homebuying experience. While big-name national lenders may seem like a good choice, there are distinct advantages to working with a local mortgage lender that you might not be aware of. Let’s explore why opting … Continue reading The Benefits of Working with a Local Mortgage Lender
Owning a home is a significant milestone that many aspire to achieve. Whether you’re a first-time buyer or looking to make a strategic move in the real estate market, having clear homeownership goals is essential. Let’s explore some common homeownership goals and share practical strategies to help you turn those dreams into reality. Building Equity: … Continue reading Common Homeownership Goals and How to Achieve Them
If you’re like most homebuyers, you’ll need a mortgage loan to pay for your new place. One of the many terms you’ll probably hear your loan officer use is “underwriting.” You may know exactly what that means, or you might not have any idea. Today we’ll define underwriting and how it fits into the mortgage … Continue reading What Is Underwriting and Why Is It Important?
In the past, unscrupulous lenders preyed upon uninformed borrowers. This was so widespread that the government set regulations that must be followed to maintain fair, transparent practices. One of those is the Truth in Lending Act. Let’s talk about the Truth in Lending Act (TILA), its history, what it does, and how it protects you. … Continue reading How Does the Truth in Lending Act Protect Your Mortgage?
