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.
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Category: Purchase
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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.
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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?
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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.
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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...
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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.
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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?
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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...
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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...