With the trend of record low mortgage rates lately, many more people are seriously considering refinancing their home. Refinancing is not for everyone, but there are big benefits for some people. For those in good financial standing, refinancing can be used to shorten the length of your mortgage and/or lower your monthly payment. Another good…
DetailsIn today’s housing market, a letter of preapproval from your mortgage loan officer is very important when shopping for your new home. Many sellers and seller’s agents will only take a buyer seriously if they have obtained preapproval. Preapproval benefits both the buyer and the seller. The buyer is given a relatively solid estimate of…
DetailsThere are numerous benefits to being self-employed, but being your own boss can sometimes make it more difficult for you to secure a mortgage. Lenders tend to see the self-employed as a larger risk because their income levels can be highly variable from year to year. Here are several important variables to consider for those…
DetailsThe role of a mortgage broker is to find and secure a loan that matches your needs. There are many different loans available for many different people – the loan package that a mortgage broker secures will be unique to your needs. A mortgage broker brings professional knowledge and experience into the process of getting…
DetailsA good down payment can save you money in the long run. The traditional rule of thumb has been 20% down on a house. Putting at least 20% down can help you in several ways: 1. Private Mortgage Insurance (PMI) Any borrower who puts down less than 20% is required by the lender to carry…
DetailsThe process of securing a mortgage for your new home is not as intimidating as it may seem. Though there are many things that happen behind the scenes, there is no reason to fear the mortgaging process. Here is a step by step guide to what happens on the way to buying your dream home:…
DetailsMany of our customers ask us, “what do you look at to determine if I qualify for a mortgage?”. Well, we actually look at three things. 1) Your credit history – have you built sufficient credit and developed a habit of paying on-time every month. 2) Your income – do you have sufficient monthly income…
DetailsIf an open house is the equivalent of a test drive when shopping for a home, then a home inspection is like taking a look under the hood. Once you’ve found a home you’d like to purchase, you will need to sit down at the negotiating table. In your agreement with the sellers, one of…
DetailsSaving for a down payment can be one of the biggest barriers to home ownership, and with lenders tightening credit over the past few years, a substantial down payment is even more crucial to securing a home loan. However, that’s not to say you cannot secure financing without a large upfront investment. Many mortgage lenders…
DetailsThis will be a great year for first-time homebuyers. With so many houses on the market, and mortgage rates so low, buyers can find great deals. Here are a couple of tips for those looking to buy their first house: 1) Talk with a loan officer from a local mortgage company (such as Keystone Mortgage)…
Details