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 MoreFHA Loan: Yes, FHA loan limits are set by county and are based on local home prices. VA Loan: In 2024, most VA loan borrowers have no loan limit, meaning they can borrow as much as a lender is willing to approve without a down payment. A limit may apply if you have remaining entitlement on a previous VA loan. USDA Loan: No set maximum loan amount, but your eligibility is limited by your ability to qualify and the area’s maximum income limit.
Property taxes are based on the assessed value of your home and the land it sits on. A local government tax assessor determines this value, and the tax rate (or millage rate) is set by local taxing authorities like the city, county, and school district. The tax is calculated by multiplying the assessed value by the tax rate.
Yes, it is highly recommended. Getting pre-approved by multiple lenders allows you to compare interest rates, loan terms, and fees. This ensures you are getting the best possible deal for your mortgage.
A Loan Estimate is a standardized three-page form you receive within three business days of submitting your formal loan application. It provides key details about your proposed loan, including the estimated interest rate, monthly payment, closing costs, and any special features or risks, allowing you to compare offers from different lenders.
A key advantage of using a Broker is that they can pivot quickly. If one lender declines your application, your Broker can analyse the reasons for the decline and immediately approach other lenders on their panel whose criteria may be a better fit for your situation, without you having to start the process from scratch.
