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4 Documents You Need for Mortgage Pre-approval

Getting pre-approved for a mortgage is a smart step before you go out looking for a home. A pre-approval letter shows sellers that you have already proven to a lender that you have the income and down payment to qualify for a mortgage loan. This allows sellers to take you seriously, especially in a hot seller’s market. Pre-approval can be quick and painless, if you have the right documents lined up. While each lender may require slightly different paperwork, there are at least 4 documents that almost all lenders will need. Income & Employment Documents – All lenders want ...

November 28th, 2018 | Purchasing a Home, 4 Documents You Need for Mortgage Pre-approval

Jumbo Loan Basics

The majority of homes around the country are purchased with the aid of traditional, conforming mortgage loans. Yet when home prices rise quickly, many markets have price tags that are too high for these standard loans. Enter the jumbo loan. What is a Jumbo Loan? Jumbo mortgage loans are those that have a higher dollar amount than the limits set by Fannie Mae and Freddie Mac, the government-sponsored enterprises that buy up home loans and sell them on the secondary market. Since Fannie and Freddie are backed by the federal government, they create loan limits to minimize the risk of loss t...

November 14th, 2018 | Jumbo Loans, Adjustable Rate Mortgages, Fixed Rate Mortgages, Purchasing a Home, Jumbo Loan Basics

How to Qualify for a Mortgage When Your Income Isn’t Steady

Mortgage lenders love to see borrowers with consistent, steady incomes. But not all borrowers have jobs that send a paycheck every two weeks. Of course there are plenty of self-employed entrepreneurs, but there are also people who are depend on tips for income, those who get paid by contract and also individuals who work per diem or on call. All of these situations can make it very challenging to provide proof of the steady income that mortgage lenders adore.  Fortunately, those with more creative incomes can still qualify for a home loan and it is getting easier. For example, in recen...

October 10th, 2018 | Purchasing a Home, Conventional Loans, How to Qualify for a Mortgage When Your Income Isn’t Steady

Should I Make a Biweekly Mortgage Payment?

Many homeowners are eager to pay off or pay down their mortgages in order to save themselves money in interest charges. Many lenders have even anticipated this situation by offering buyers a bi-weekly payment program. What is a Bi-Weekly Mortgage Payment? Most mortgages are paid once a month, making 12 payments every year. With a bi-weekly payment schedule, the monthly mortgage amount is split into two and paid every two weeks instead. Since there are 52 weeks in a year, this results in 26 half- payments annually, totaling 13 whole payments. This means borrowers basically pay one extra m...

September 19th, 2018 | First-time Homebuyers, Purchasing a Home, Mortgage, Should I Make a Biweekly Mortgage Payment?

What is a Piggyback Mortgage?

In order to achieve the dream of homeownership, many buyers look for creative financing to aid them in their quest. One such option is a piggyback mortgage, which actually involves taking out two separate loans to make homeownership more affordable. These loans can be very helpful, but borrowers must know the risks in order to be succesful. Piggyback Definition Here’s how a piggyback mortgage works. You take out a traditional home loan for 80% of the home purchase price. You put down 10% of your own cash as a downpayment. Then in order to cover the remaining 10%, you take out a sec...

September 12th, 2018 | First-time Homebuyers, Conventional Loans, Preapproval, Purchasing a Home, What is a Piggyback Mortgage?

Home Buying Help: What is Escrow?

Buying a home is often the biggest purchase you make in your life. With all that money on the line, buyers and sellers AND lenders need a safe and secure way to make the transaction.  In order to make sure the home sale and mortgage funds transfer take place properly, your lender will open an escrow account for you. What is an Escrow Account? An escrow account is essentially a holding spot for all assets involved in a home sale, run by a third party who secures them until all terms and conditions of the sale are carried out. You as a buyer do not want to hand over hundreds of t...

August 29th, 2018 | Purchasing a Home, Home Buying Help: What is Escrow?

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