In the journey to homeownership, securing a mortgage is a pivotal step that can feel complex and overwhelming. The experience, however, is profoundly ...
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Embarking on the path to homeownership is an exciting venture, but the mortgage application process can feel like a daunting mountain to climb. The ke...
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For homeowners who have built up significant equity, their property can become a powerful financial tool. Two of the most common methods for accessing...
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When you embark on the journey of securing a mortgage, you are entering into a significant financial partnership with a lender. This institution is in...
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The journey to homeownership is paved with important documents, and one of the most critical early milestones is receiving the Loan Estimate from your...
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The vision of a perfect home often extends beyond what is available on the open market. For many, the ideal path involves building from the ground up ...
Read MoreYour DTI is a critical factor in the mortgage approval process because it directly indicates to lenders the level of risk you represent. A lower DTI shows you have a good balance between debt and income, suggesting you’re more likely to handle a new mortgage payment comfortably.
Getting pre-approved shows real estate agents and sellers that you are a serious, credible buyer. It strengthens your offer in a competitive market, clarifies your realistic price range to focus your search, and accelerates the final mortgage process once you find a home.
Generally, no. If you plan to move before reaching the break-even point (when your savings cover the closing costs), refinancing will likely cost you more money than you save. Focus on the math: if you’ll move in 2 years but your break-even is 3 years, refinancing is not financially sound.
Most lenders require you to maintain at least 20% equity in your home after the refinance. This means the total loan amount of your new mortgage cannot exceed 80% of your home’s appraised value. Some government loans, like the VA cash-out refinance, may allow you to access up to 100% of your equity.
Reviews are just one piece of the puzzle. Also evaluate:
Loan Options & Rates: Do they offer the type of loan you need at a competitive rate?
Customer Service: Your direct experience when you call or email them.
Professional Credentials: Check for any disciplinary actions with state licensing boards or the Nationwide Multistate Licensing System (NMLS).
Loan Estimates: Compare the official, written Loan Estimates from your top lender choices side-by-side.
