What In The World Is A Rate Lock?
One of the major decisions we will make together is when to “lock” your loan. This isn’t something you have to worry about right now but I thought I would take a few seconds to explain how this works. Once you find a home and have an accepted offer, you’ll have the option to “lock […]
You Did WHAT!? Part 1
Now that you’re thinking about buying a home you’ve probably stumbled about articles on what to do before applying for a mortgage. It’s still common for home-buyers to be unaware of what “NOT” to do before, or during their application for a mortgage. These may seem obvious, but unfortunately, I’ve actually seen a few of […]
You Did WHAT!? Part 2
ALWAYS keep your older accounts open, and possibly even use them on occasion. Closing major credit card accounts is almost always a BIG mistake! Again, if you are unsure of how a decision may affect your ablility to move forward with mortgage financing, just ask! That’s what I’m here for!
You Did WHAT!? Part 3
I’m wrapping up my “What not to do!” tips with buying and selling cars. When it comes to mortgage lending, consistency is key. Prior to, and during the home loan underwriting process, unless I specifically advise you, do not make any major changes in how you handle your finances. You may think you’re helping, but […]
Amoritiz-WHAT!?
You may be hearing terms throughout the home buying process that are vaguely familiar or completely foreign. One term that you may have heard is “amortization schedule“. Mortgage amortization refers to repaying a loan in equal installments. These installments are made over a specified period of time. Although the payments are equal, the ratio between […]
Appraisal Vs. Home Inspection?
What exactly is an appraisal? A real estate appraisal, by definition, is an opinion of value given for a commercial or residential property and is necessary in many real estate transactions. An appraisal helps establish the property’s value. Appraisals are performed by someone chosen in a rotation randomly. There is a short list of approved and […]
Principal, Interest & Terms?
Although cash is king, many people need to borrow money for the big purchases in life. If you’re going to borrow money you should really understand how your mortgage loan works. Your payment is dispursed among a few different things. This includes mortgage insurance (if applicable), taxes and homeowner’s insurance (if you are escrowing), principal and interest. One common question my customers have is […]
Wait… I Have To Pay Closing Costs?
I thought I should take a few minutes to explain the closing costs that are involved with a new mortgage. The process of obtaining a mortgage and buying a home is pretty detailed and there are many people and services involved in the transaction. I’ve broken down a few of the fees so you can […]
Have You Stopped By An Open House?
Want to know how to tour several homes for sale in one day, without an appointment? Typically, every Saturday and Sunday your area Realtors Association will be hosting open houses throughout your community. Open houses are a great opportunity to walk through homes that you may potentially be interested in but not quite sure about. […]
Are You Still In The Market For A New Home?
Are you still in the market for a new home? Give me a call or email us if you are unsure whether or not a financial transaction could affect your ability to obtain mortgage financing negatively. I am always available to answer your questions!