The mortgage loan process involves several steps, including pre-qualification, application, underwriting, and closing. Here’s a brief overview of each step: Pre-qualification. This is the initial step where you determine how much you can afford to borrow based on your income, credit score, and debt-to-income ratio. You can get pre-qualified by submitting basic information to a lender, […]
When applying for a mortgage, having a new job can impact the process, but it does not mean that you will not be able to secure a loan. How long do you have to be employed to get a mortgage loan? Traditionally mortgage lender will want to review two years of employment history. But this […]
Paying back your mortgage in a timely manner is essential, or else you could end up on the road to foreclosure — i.e., losing your house. Missed or late mortgage payments will also impact your credit score. Homeowners must learn about mortgage payments to ensure long-term financial stability. First some terminology: The term mortgage arrears […]
A mortgage loan estimate is a document that provides you with important information about a mortgage loan you are considering. It is typically provided by a mortgage lender and is required by law under the Truth in Lending Act. Here are some key components of a mortgage loan estimate: Loan terms: This section outlines the […]
Homeowner’s title insurance is a type of insurance policy that protects homeowners and lenders from financial loss due to defects in the title of a property. A title defect could arise due to a number of reasons, such as fraudulent transfers, errors in public records, undisclosed heirs, or improperly recorded legal documents. Title insurance provides […]
Pre-qualification and pre-approval are two terms used in the context of mortgage lending. Here is a brief explanation of each: Pre-qualification: This is the first step in the mortgage process. It involves providing a lender with a mortgage loan application and some basic information about your income, assets, and debt, so that they can give […]
Credit scores are an essential part of the financial world, yet many people don’t fully understand how they work and why they are so important. If you’re looking to take control of your finances and make informed decisions about credit, it’s crucial to have a clear understanding of credit scores. In this guide, we’ll break […]
Loan recasting can benefit borrowers who wish to adjust the terms of their current loan agreement. It is a viable option for those who are struggling to meet their payment obligations or want to reduce their monthly expenses. However, the process is not available for all types of loans, and it’s crucial to weigh the […]
Are you looking to reduce your monthly payments and save money on interest? Mortgage refinancing could be the ideal solution. When the market rates are competitive, it is possible to find attractive options that make refinancing worth considering. Whether you are looking to lower your payments, pay off your loan faster, or cash out some […]
With home sales reaching record highs in the last few years, more people are looking to find a stable and affordable way to buy the home of their dreams. Enter the mortgage. Mortgages are a loan that provides you with funds to purchase a home, but there’s more to them than people realize. Knowing the […]
