After the inspection is completed on your new home and any issues are addressed, it’s time for the appraisal. Appraisal Approximately one week after your loan package has been submitted to underwriting, your loan officer will order an appraisal for the property. Once the appraisal is completed, it takes around 4 business days to get…
DetailsOnce you and your realtor have found the home you want to buy, it is important to get the home inspected by a certified inspector. The inspector will make you aware of any potential problems with the property and tell you if any repairs or replacements need to be made. You will want to set…
DetailsIn our last blog entry we explained the importance of starting the preapproval process three to six months before you plan on moving into your new home. Preapproval will provide you with an accurate snapshot of your financial status and will give you an estimate of your budget for your home. In the preapproval process,…
DetailsPreapproval is a crucial step in securing a mortgage for your new home. But when is the best time for you to get preapproved? Immediately! You should meet with a loan officer three to six months before you plan on moving. If you are looking to move quickly, talk to a loan officer as soon…
DetailsStarting next week, we are beginning a weekly blog series that answers some of the most common questions about the mortgage process. We will address fundamental questions such as: When should I start looking to get preapproved? How much down payment will I need? What loan type is right for me? Be sure to check…
DetailsBuying a house is a complicated process that involves a large network of different agents. If you are buying a home for the first time, I strongly recommend seeking professional help through every stage of the process. A trusted professional provides experience and insight as well as a network of professional contacts that you might…
DetailsThe types of mortgage loans that you can receive are in part determined by your credit score. There are three major credit bureaus that keep track of your history of credit and issue three different credit scores. Your mortgage loan officer will use the middle of these three scores. So how good does your credit…
DetailsWith 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…
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