Before you embark on the journey of applying for a mortgage, there is one crucial number you must know: your debt-to-income ratio, or DTI. This single...
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For many homeowners, managing multiple high-interest debts can feel like a constant financial battle. Between credit card bills, personal loans, and o...
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When embarking on the journey of homeownership, most prospective buyers focus intently on the mortgage itself—the interest rate, the monthly payment...
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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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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 MoreA standard mortgage pre-approval letter is typically valid for 60 to 90 days. This is because your financial situation and credit can change. You can usually get an extension if needed, provided you reconfirm your financial details.
Bring your inspection report and purchase agreement to check off items. Key things to look for include:
Testing all appliances, faucets, toilets, and HVAC systems.
Checking that the seller has not taken any fixtures that were supposed to stay.
Ensuring all repairs documented on the repair addendum have been completed satisfactorily.
Looking for any new damage to walls, floors, or windows from moving out.
Verifying that the garage door openers, keys, and any other agreed-upon items are present.
Earthquake damage is typically excluded from standard homeowners policies. While it is not usually a mandatory requirement from lenders, if you live in a high-risk area like California, it is highly recommended. The decision to purchase it is ultimately up to the homeowner.
Stay proactive and accessible. Check your email and phone regularly for updates from your loan team. Avoid making any major financial changes, such as applying for new credit, making large purchases, or changing jobs, as this could create new conditions or jeopardize your approval.
Contact your new servicer immediately if you are incorrectly charged a late fee or see a negative credit report related to the transfer.
Federal law provides protections, and servicers are required to correct errors that occur during a transfer.
Keep records of all your communication in case you need to dispute the issue.
