A major benefit for service members and their families is the ability to apply for a VA loan. Guaranteed by the government, a VA loan enables service members and veterans to qualify for a low-cost mortgage option, even with less-than-perfect credit. This allows veterans to purchase or refinance a home with more favorable terms. In …
FHA loans are government-backed mortgage loans for homebuyers that may not qualify for other lending options, such as conventional loans. FHA loans offer more flexibility when it comes to eligibility and loan requirements, making it much more accessible to those looking to purchase a home, including first-time homebuyers. Here we will take a deeper look …
FHA Loans: Eligibility, Requirements, Limits & Rates Read More »
When buying a home, homebuyers and sellers expect to sign a number of documents, such as sales agreements, mortgage loan documents, and many others. If you are a homebuyer looking to buy a home with an FHA (Federal Housing Administration) mortgage or a seller selling to someone with an FHA loan, you will have at …
The home appraisal is often seen as a major make-or-break moment in the homebuying process. But it’s not as stressful as you might think! In this article, we’ll break down what you need to know about the appraisal when buying a home, along with a common misconception regarding the factors that impact a home’s appraised …
Whether you’re just getting started in the home purchase process, you’re right about to close on a home, or if you’ve already reached homeownership, it’s important for you to understand your Loan-To-Value (LTV) ratio and how it affects your finances. In this article, we’ll break down how to calculate your LTV, and how your LTV …
Loan-To-Value Ratio (LTV): How your LTV impacts your mortgage Read More »
For first time homebuyers, the terms “mortgage insurance” and “homeowners insurance” can get a little confusing. Let’s break down what these terms mean, and what you need to know about the different types of insurance involved when purchasing your home. Key takeaways What is mortgage insurance? How much does mortgage insurance cost? What’s the difference …
The Loan Estimate and Closing Disclosures are forms that you’ll receive before closing on your home. The purpose of the Loan Estimate and Closing Disclosures is for you to “Know Before You Owe.” In other words, knowing all the fees and costs associated with your home purchase ahead of time before you commit to a …
After completing the mortgage application, getting pre-approved for a home loan, and finding a property you’d like to purchase, your mortgage advisor will be able to write up a Loan Estimate. The Loan Estimate breaks down all the estimated costs and fees of your mortgage, both the closing costs and your monthly payments over the …
Interest Rate, APR, and TIP: What’s the difference? Read More »
As you’re getting ready to buy a home, you may be wondering what your monthly mortgage bill will consist of. Also, you may have heard the term “PITI payment” or “PITIA payment” which refer to the costs that go into your monthly mortgage bill. Let’s break down what these terms mean, and what to expect …
PITIA Payments: What to expect on your first mortgage bill Read More »
Pre-qualification and pre-approval can seem a little confusing at first. In simplest terms, pre-qualification is a quick and easy first step toward homeownership, whereas pre-approval is a more thorough and detailed process. Here’s what you need to know about pre-qualification VS pre-approval for a home loan. Key takeaways What’s the difference between pre-qualification VS pre-approval …
What’s The Difference Between Pre-Qualification VS Pre-Approval When Buying A Home? Read More »
Your income is one of the most important financial factors to consider when buying a home. But income can take on many different shapes and sizes, and verifying that income for a home loan isn’t always straightforward. The good news? Even if your income sources are non-traditional, your mortgage advisor may be able to work …
The Good News About Income Verification When Buying A Home Read More »
As you’re preparing to buy a home, it’s a great idea to understand how to calculate your DTI, because this gives you a clearer picture of your finances and how much you can afford as far as a monthly mortgage payment. In simplest terms, your Debt-To-Income Ratio (DTI) is just what you owe each month …
Debt-To-Income Ratio (DTI): How much can I afford as a monthly mortgage payment? Read More »
Your savings will play a major role in your home buying decisions. If you’re gearing up to buy a home, it’s probably a good idea to start saving ahead of time. But what costs exactly do you need to save up for? And how much do you need to save up for your home purchase? …
Down Payment, Closing Costs, Cash To Close: How much do I need to save? Read More »
When it comes to approving a mortgage, lenders look for low-risk borrowers that provide a regular work schedule and regular source of income. Unfortunately, travel nurses, and nurses in general, don’t always fit into the simple box that lenders look for. When it comes to getting a mortgage as a traveling nurse, it can involve …
What if the “horrors” you’ve been trying to avoid for your home buying journey were just right there all along, with you, from the beginning? Sounds scary, right? But this, exactly, is all the more reason why you need to make sure to take the right steps to your home purchase from the get-go, such …
Just the thought of owning a home can be very exciting, much like dreaming of a happy ending to a story. But the steps leading to successfully buying a home can easily turn into a horror movie if you miss crucial details or worse: take a wrong turn! In this video, we’ll take a closer …
Looking to buy a home but scared you might encounter some “horrors” along the way? Homebuyers, beware! It’s important to be mindful of the potential mistakes that can arise during the home buying process. In this video, we’ll explore some common mistakes that home buyers make and provide tips on how to avoid them. For …
After a long time was spent and careful decisions were made during the home buying process, you have finally reached the closing day! So, what happens on closing day? In this video, we’ll cover what to expect on a closing day, including tips and useful advice you’ll need to remember before receiving the keys to …
Now you’re just ONE STEP away from getting that house you want! In this video, we’re going to dive deeper into knowing about the CLEAR TO CLOSE stage during the home buying process, understanding and going through a sample form of Closing Disclosures, and giving you several useful, tips and strategies to make sure that …
What happens during mortgage underwriting? What does the underwriter do and how can your mortgage advisor help you in this stage? In this video, we’re going to talk about what is needed during the underwriting process and understand why it is crucial to set yourself up for success in this step of the home buying …
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