So you’ve decided to buy a new home — congratulations! You’re probably feeling a lot of emotions right now. Elation. Anxiety. And possibly confusion. You may wonder what’s going to happen next. Or worry that if you forget to send a document or make a call, you’ll derail the process. First of all, relax. Most […]
You’ve landed a new job — across the country — or your family is growing (again). Regardless, the plan is to put your existing home on the market and buy a new one. That means you’ll be paying the mortgage on your existing home (until you close on its sale) and, at the same time, […]
What is PITI? PITI (pronounced “pity”) is an acronym for the principal, interest, taxes and insurance that make up the sum of a mortgage payment. Principal pays down the loan balance; interest is the cost of borrowing; taxes are the property taxes; and insurance includes homeowners insurance and mortgage insurance, if applicable. Frequently, first-time home buyers shopping for a new home might only factor into […]
What is a GFE? A GFE, also referred to as a good faith estimate, is a document that includes the breakdown of approximate payments due upon the closing of a mortgage loan. A GFE helps borrowers shop and compare costs of loans with lenders. You are not obligated to accept the loan just because you […]
Myth: You’ll need perfect credit. Few people have perfect credit — and that’s not what lenders are looking for anyway. If you have a steady income and pay your bills on time, it may be possible to qualify for a mortgage. The minimum credit score you’ll need depends on the loan type. For example, conventional loans typically require […]
In this article: Find answers to the most common questions about VA loans. Learn about eligibility requirements, VA loan fees, and VA appraisals. See how your credit score and past bankruptcy might affect your ability to get a VA loan. Can I get a loan from the VA to buy a house? The U.S. Department […]
In this article: When you owe more on your home than it’s worth and need to sell, the transaction is called a short sale. Because your lender must agree to accept less than they’re owed when a short sale closes, it negatively impacts your credit profile and your ability to finance a home in the […]
You’ve landed a new job — across the country — or your family is growing (again). Regardless, the plan is to put your existing home on the market and buy a new one. That means you’ll be paying the mortgage on your existing home (until you close on its sale) and, at the same time, […]
Mortgage brokers are like a matchmaking service: They match you, the borrower, with a lender. They review your personal financial information and look over an array of lenders and try to match you with one who will give you the best rate and terms. The advantage is choice because the broker will have lots of […]
A title company makes sure that the title to a piece of real estate is legitimate and then issues title insurance for that property. Title insurance protects the lender and/or owner against lawsuits or claims against the property that result from disputes over the title. Title companies also often maintain escrow accounts — these contain […]