Mortgages are a world of unknowns to the general population – For most people, you aren’t typically applying for a mortgage every day. Even a seasoned real estate investor can get tripped up every now and then as guidelines change and mortgage companies update their processes. So how much contact is too much contact? How often should you be talking with your loan officer during the mortgage process? What should you expect for response times?
Knowing where you stand in an unfamiliar process can provide immense comfort! Keep reading to learn more about the major milestones & contact points of the mortgage process.
One of the biggest questions I get is on the down payment. When you are purchasing a home, you’ll be asked right away how much money you are planning to put down. This money decreases the amount of money you are borrowing (meaning your loan amount will lower with each additional dollar you want to put down on a home). I am asked so often about low or no down payment loans. The down payment can be a large sum of money for sure! It’s great to know what your options are and what will work best with your specific goals. Read more to learn what’s available!
Equity is one of those words that’s frequently thrown around, everyone nods along in agreement, then we walk away slightly confused. It’s a little ambiguous – you can’t define it just based on context. And it’s not something that’s often covered in school. But it’s actually hugely important! And equity helps to explain why people lost their homes during the Financial Crisis. What is equity? How do you get it? And why do you care? Keep reading to learn more!
I think we can all agree Zillow is a ton of fun and a super useful tool to find houses on. It can also inspire the interior designer within all of us that seems to come alive as we delve into the dated homes ready for a little TLC. But what about their Zestimate? Where does that come in to play?
There are so many moving parts to buying a home. From negotiating the sales contract to scheduling inspections to making sure you’re able to obtain mortgage commitment on time. While this all may seem insurmountable at first, a little bit of planning and preparation can go a long way! Read more to learn how you can save time (and reduce stress) when starting your home search.
Purchasing a home can be so overwhelming, it’s easy to lose track of time! On the financing side, there are a handful of items we look for in your purchase contract. This includes the infamous “dates”. More specifically, the commitment & closing dates. These are legally binding dates the mortgage side is obligated to meet – but we can’t meet those dates without your help! Read on to learn more about the importance of these dates.
Mortgage calculators can definitely be useful tools and sometimes they are spot on, but a lot has to fall into place for them to be accurate. There are a LOT of moving parts when it comes to why you pay what you pay.
Over the last week, I have spoken to a number of potential clients with NO credit score. It’s not a myth –If you pay off all debts, and then stop using your credit lines, your credit history essentially disappears. Read more to learn how this affects your mortgage.