04/07/2022: Key Terms for Homebuyers

Adjustable Rate Mortgage (ARM) An adjustable rate mortgage (ARM) is a type of loan for which the interest rate can change, usually in relation to an index interest rate. Your monthly payment will go up or down depending on the loan’s introductory period, rate caps, and the index interest rate. With an ARM, the interest […]

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Avoid These Home Buyer Pitfalls

You are agreeing to repay a substantial amount of money over an extended period of time. Make sure you know what you are getting into and protect yourself from fraud.

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Choosing the Right Down Payment

A down payment is the amount you pay toward the home yourself. You put a percentage of the home’s value down and borrow the rest through your mortgage loan. Putting down 20% or more: A 20% or higher down payment likely provides the best rates and most options. However, think twice if the down payment […]

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Understand Your Credit

Your credit, your credit scores, and how wisely you shop for a loan that best fits your needs have a significant impact on your mortgage interest rate and the fees you pay. To improve your credit and your chances of getting a better mortgage, get current on your payments and stay current. About 35% of […]

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04/06/2022: 6 Simple Steps

1. PRE-QUALIFICATION Meet with your loan originator to apply for a loan and review credit standing. Discuss purchasing goals and budget. Issue a pre-qualification letter. 2. FIND A HOME Work independently or with a recommended Realtor® to find your new home. Execute a purchase contract and schedule home inspections. Loan estimate outlining approximate monthly payments […]

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