How Much Home Can You Afford?

When trying to figure out how much home you can afford, there are a lot of factors to consider. This article will walk you through some things to think about before you start shopping for your next home.   Key Takeaways   Your debt-to-income and housing expense ratios are key factors in determining how much money […]

The Difference Between A Prequalification And A Preapproval

If you’re shopping for a mortgage, you’ve likely heard the terms “prequalification” and “preapproval”, and are wondering how they differ. They are both actions a lender takes to determine how much money is appropriate to lend you. The difference lies in how closely your finances are examined to determine that figure.    Key Takeaways   A […]

Stages Of The Mortgage Process

This article explains the five primary stages of the mortgage loan process. There may be steps in addition to what’s covered here, but in general this article will let you know what to expect.   Key Takeaways It’s a good idea to do a self-evaluation of your finances before applying for a mortgage. Your information […]

What a lender looks for during an appraisal

Whether you’re buying, refinancing or selling a home, one unavoidable step in the process is a home appraisal. While there’s not much you can do to prepare for one, you can go into it knowing exactly what a lender is looking for and why it’s happening.    What is a home appraisal?   A real estate […]

Cash-Out Refinance 101

Are you interested in making a home upgrade or consolidating debt? A cash-out refinance may be a good option to fund your financial goals while making your equity work for you.   What is a cash-out refinance?   A cash-out refinance is a loan on a property you already own that helps you use some of […]

3 Tips for First-Time Homebuyers

With the internet at the tips of our fingers almost at all times, we are just taps away from anything and everything we could ever want to know. While that’s usually an advantage, the web can offer up conflicting and confusing information…especially when it comes to buying your first home.    That’s why we’ve put […]

11 Mortgage Terms Homebuyers Should Know

Every industry has insider jargon. While homebuyers don’t necessarily need to understand every term used in the mortgage industry, there are some words, concepts, and phrases you will benefit from understanding.   Key Takeaways Unless you work in the industry, you probably won’t know the meaning of every word you hear. If you don’t understand […]

How To Prepare For Your Mortgage Application

Taking out a mortgage to buy a home is the largest financial decision most people will ever undertake, so it’s wise to spend some time fully understanding how your current financial situation may impact your future mortgage options. The more time you give yourself to prepare before you’re ready to apply, the better off you’ll […]

Actions To Take (and Ones to Avoid) During The Mortgage Process

Homebuyers may not realize it, but there’s still important work to do after they’ve submitted their mortgage application. That work is to maintain the financial picture provided in their application until a decision has been made. If lenders see changes to an applicant’s finances after they apply, no matter how small the change may seem, […]

Choosing an adjustable-rate mortgage

Choosing an adjustable-rate mortgage

If you think there’s a chance you’ll sell your home within 5-10 years, or you expect your income to increase and prefer a lower monthly payment for the first few years of your mortgage, an adjustable-rate mortgage (ARM) could be an attractive option. It’s exciting to buy a house and think about the special memories […]