There’s a reason homebuyers are always hearing that they should get pre-approved before shopping for a home, and yet, many buyers still choose not to get a pre-approval.
What Does a “Government Backed Mortgage” Mean?
If you’re new to the homebuying process, chances are you’re wondering what the term “government backed mortgage” really means. A government backed mortgage is not a guarantee that you will be approved just because the federal government is backing the loan.
Your Credit Score, Your Mortgage, and You
Having a great credit score will provide you with better mortgage options, but what happens after you acquire a mortgage? How does a mortgage affect your credit score?
Deciding How Much Money to Put Down on a House
Although a 20% down payment is recommended, it’s not necessarily required. There are options to put down much less, but it may not necessarily be the best decision for you.
How is my Mortgage Interest Rate Determined?
If you need to take out a loan, you’re going to have to pay back that loan with interest. Interest is paid in exchange for the convenience of borrowing money. It’s sort of like the price on borrowing money...
How to Get Pre-approved for a Mortgage
If you’re planning to purchase a home, it’s recommended that you get a pre-approval first. A pre-approval is a backing from a lender that proves you are qualified to borrow X amount of money at a specified interest rate.
Difference Between PMI & Mortgage Insurance Premium
One of the most common confusions in the home buying process is the difference between private mortgage insurance and mortgage insurance premium. So what's the difference?
What are Closing Costs?
When you sit down to sign the papers to buy a home, you will most likely be required to pay closing costs. Mortgage closing costs are the fees...
How Much House Can I Afford?
When you are ready to buy a home, whether for the first time or the tenth, it is always important to know how much you can afford to spend. This will help...