We all know the drill: House-hunting is fun, but a mortgage application … not so much. Collecting tax returns, proof of income, bank statements, credit reports, pay stubs, and other documents just isn’t as exciting as attending an open house and visualizing your family inside those walls.
That’s okay, though: We’ll make applying for a mortgage simple so you can get back to the good stuff—securing your American dream!
Many people think of an existing single-family home when they think about homeownership or buying residential real estate. Purchases of this type of property are common, after all. But there are other residential real estate purchases that might be perfect for your lifestyle and/or financial situation.
You know you want to purchase a home—and that is so exciting! We feel your energy, we really do. But before you start looking online or driving around neighborhoods in search of your dream home, you need to get your ducks in a row and prevent unpleasant surprises that can delay the lending process.
As exciting as it is to go house hunting, there can be some surprises along the way. Not all of these surprises are fun, and the last thing you want to do when buying a home is realize you can’t qualify for the loan amount.
Let’s be real for a second. Mortgages are not cookie-cutter because borrowers are not all the same. There are, of course, some programs that can serve larger populations—hello, conventional mortgage and FHA loans—but there are plenty of people who aren’t accommodated by these programs for one reason or another.
It is possible to obtain a conventional mortgage if you have a low down payment, but the trade-off is having to accept private mortgage insurance—also known as PMI. If you’re putting down less than 20% on your home, this article is for you!
Here’s the lowdown on PMI, when you need it, how to pay for it, and some ways you can avoid it altogether.
You’re thinking about selling your home, but you’re stuck on the age-old question: Are you going to list your home yourself, or are you going to use a listing agent?
The mortgage process can be stressful … we know. Bank statements, credit scores, interest rates, loan estimates, closing disclosures, and more can really bog you down during the homebuying journey. That’s why we’re offering you a quick list of do’s and don’ts to help you cut through the noise and create a speedy mortgage process so you can focus on the fun stuff: finding your dream home!
Buying a home is one of the biggest, most important decisions you’ll make. After debating the pros and cons of homeownership—and there are many—you may have a whole new set of questions about hiring a real estate agent.
Real estate agents are a dime a dozen, right? While it’s true that buyer’s agents and seller’s agents are in no short supply, a good real estate agent is something to appreciate. So how do you know if they’re good, and—even better—how do you know if they’re good for you?
Can you buy a home without a buyer’s agent? Of course you can. Just like you can sell a home without a seller’s agent. Here’s the deal, though: Those decisions tend to cost you time, energy and, most of all, money!
Naturally, having a good credit score and making a down payment of 20% or more can help you secure the best interest rate, but there’s something else you can do to lower that rate even further. It’s called a mortgage rate buydown.
It’s an age-old question, at least when it comes to mortgage interest rates: Is it better to float your rate or lock in your mortgage? There are pros and cons to each, which can vary based on the overall economy, as well as unpredictable factors that can cause rates to go up or down.
Foreword by CEO Bill Lowman:
As a CEO in the later stages of my career, my desire is to leave behind a legacy of inclusivity and equality, being part of much-needed and long-awaited change for our industry.
There are a few really important numbers when it’s time to obtain a home loan: your credit score, the amount you want to borrow, and the interest rate. The news is full of talk about interest rates lately. Will they go up? Will they go down? Will they stay down? When they go up, how far will they go?
A non-conforming loan is any loan that doesn’t adhere to the Fannie Mae and Freddie Mac lending guidelines. These government-sponsored enterprises (GSEs) have certain rules that loans—referred to as “conforming loans”—have to meet regarding loan amount and credit score.
It’s easy to get tunnel vision when you’re building a new home and it’s nearing completion. You can practically feel that beautiful wooden banister and picture your shoe collection in that marvelous walk-in closet. These visions keep you going when your home is being built, but before you pack up those shoes, you want to make sure you understand the loan process, especially how your permanent loan finalizes.
Building a new home can bring about a ton of questions—you may be mulling over everything from picking a builder and finding a location to deciding on the specific features you want. And that’s to say nothing of the home’s financing. Unlike an existing home with a permanent mortgage, building a home typically requires a home construction loan—at least during the construction phase. Thankfully, our construction lending team has you covered! We’ve streamlined the construction home loan process so you know exactly what you’ll be dealing with.
You finally found your dream home and are ready to start down that road to homeownership. It’s such an exciting time! … But then there are the fees. Underwriting fees, application fee, origination fees, recording fee, appraisal fee, and many others. Closing costs include so many fees that you may start to wonder if you’re really as ready to buy a home as you thought you were.
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