Getting A Mortgage Pre-Approval

If you are looking for a new home, it is often a good idea to get pre-approved. With a mortgage pre-approval, a licensed mortgage professional can do a more complete verification prior to sending you shopping for a home, and with that done, the dollar figure you are going shopping with is actually what you can spend. The mortgage professional that you work with to get pre-approved will let you know for certain what you Read more…

Common Closing Costs

Here are a list of the top closing costs you can expect as part of the buying process: Adjustments – Any rents, mortgage interest, property taxes and unmetered public or private utility charges shall be apportioned and allowed to the closing day. The closing day itself is apportioned to the buyer. Survey/Title Insurance – A survey is required by all lenders to ensure that the house they are mortgaging is fully within its lot lines. Read more…

Budgeting Towards Home Ownership

Transitioning from renter to homeowner is one of the biggest decisions you’ll make throughout your lifetime. It can also be a stressful experience if you don’t plan ahead by building a budget and saving prior to embarking upon home ownership. Budgeting is a core ingredient that helps alleviate the stress associated with money issues that can sometimes arise if you purchase a home without knowing all of the associated costs – including down payment, closing Read more…

10 Questions To Ask Your Home Inspector

The purchase of a home is likely the largest financial expenditure you’ll ever make. And getting your home inspected is an essential step in the home-buying process. No one wants to buy a money pit – and once you have signed on the dotted line, there is no turning back. The best way to ensure you use a professional home inspector is to seek referrals from your mortgage professional, real estate agent or friends. Since Read more…

10 Commonly Asked Mortgage Questions

What’s the best rate I can get? Your credit score plays a big part in the interest rate for which you will qualify, as the riskier you appear as a borrower, the higher your rate will be. Rate is definitely not the most important aspect of a mortgage, however, as many rock-bottom rates often come from no frills mortgage products. In other words, even if you qualify for the lowest rate, you often have to Read more…

10 Questions Mortgage Borrowers Should Ask Their Mortgage Broker

If I have mortgage default insurance do I also need mortgage life insurance? Mortgage life insurance is a life insurance policy on a homeowner, which will allow your family or dependents to pay off the mortgage on the home should something tragic happen to you. Mortgage default insurance is something lenders require you to purchase to cover their own assets if you have less than a 20% down payment. Mortgage life insurance is meant to Read more…