Category Archives: Uncategorized

Myth: Find a home first, then worry about financing.

This is a very painful lesson for many first-time buyers who fall in love with a home only to learn they can’t qualify. That’s why it’s important to consult with a lender before you embark on your home-buying journey. A lender will ask a few questions and check your credit to pre-approve you. This process […]

Mortgage Types

Everybody has different mortgage needs – which is why a variety of different loan types are offered. The most common home loans include: Fixed rate mortgage: This is the most commonly sought loan option. As the name suggests, the rate stays the same throughout the life of your loan. Many borrowers start out with a 30-year fixed, […]

What Is a Reverse Mortgage?

In a word, a reverse mortgage is a loan. A homeowner who is 62 or older and has considerable home equity can borrow against the value of their home and receive funds as a lump sum, fixed monthly payment or line of credit. Unlike a forward mortgage—the type used to buy a home—a reverse mortgage doesn’t […]

Can I Get a Mortgage After a Short Sale?

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 […]

6 Steps to Expect During the Mortgage Process

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 […]

How to Buy a Home Without a Sale Contingency

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?

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 Good Faith Estimate (GFE)?

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 […]

Mortgage Myth Debunked

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 […]

VA Loans – Most Frequently Asked Questions

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 […]