The decision between a 15-year and a 30-year mortgage is one of the most significant financial choices a homebuyer can make, setting the trajectory fo...
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The choice between a 15-year and a 30-year mortgage is one of the most significant financial decisions a homebuyer or refinancer will make. This decis...
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The journey to homeownership is often symbolized by the quest for the perfect mortgage rate, but the financial responsibility extends far beyond that ...
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In the ever-evolving landscape of real estate financing, an often-overlooked option presents a unique opportunity for both buyers and sellers: the ass...
Read MoreTypically, lenders look for at least two years of consistent employment in the same field or industry. This doesn’t always mean you must have been with the same employer for two years, but you should be able to show continuous employment without significant gaps.
Loan stacking is when you take out multiple home equity loans or lines of credit from different lenders at the same time. This is extremely risky because it can over-leverage your property to an unsustainable level, dramatically increasing your monthly payments and the likelihood of default and foreclosure. Most legitimate lenders will check for this and refuse to proceed if other recent loans are found.
This can vary by state and local custom. Sometimes the buyer chooses, sometimes the seller chooses, and sometimes it is the lender’s preferred partner. It is often a point of negotiation in the purchase contract. It’s wise to shop around and compare services and fees.
No, receiving a Loan Estimate is not a loan approval. It is a formal offer and estimate of the loan terms and costs based on the initial information you provided. The lender has not yet completed its full underwriting process, which includes verifying your financial information and the property’s appraisal.
1. Review your purchase contract: Check the closing date and any penalties for delay.
2. Get a solid Loan Estimate from the new lender: Ensure the better terms are officially documented.
3. Communicate with your real estate agent: They can advise on the timeline risks and talk to the seller’s agent.
4. Confirm the new lender can close on time: Get a guaranteed closing timeline in writing.
