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 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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Your credit score is far more than just a number; it is the cornerstone of your financial profile and a critical factor in the mortgage application pr...
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The moment you receive the keys to your new home is a monumental achievement, but it also marks the beginning of a new financial chapter. The transiti...
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When embarking on the journey to homeownership, most prospective buyers diligently save for their down payment, viewing it as the primary financial hu...
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An escrow account is a fundamental component of the homeownership journey, serving as a financial safeguard for both the lender and the borrower. Esse...
Read MoreLenders require extensive documentation to verify your income, assets, and debts. Be prepared to provide: Proof of Income: Recent pay stubs, W-2 forms from the last two years, and tax returns. Proof of Assets: Bank and investment account statements. Identification: A government-issued ID, like a driver’s license or passport. Other Documents: Gift letters (if using gift funds for the down payment), rental history, and documentation for any large deposits.
We strive to respond to all emails and phone calls within one business day. For urgent matters, we will make every effort to respond within a few hours. If your Loan Officer is unavailable, a dedicated team member will be able to assist you to ensure your questions are answered promptly.
A BPO, or Broker’s Price Opinion, is a less expensive alternative to a full appraisal that an agent or broker performs to estimate your home’s value. Some lenders may allow a BPO instead of an appraisal when you request PMI removal based on increased value.
If you’re self-employed, you’ll generally need to provide two years of personal and business tax returns, along with year-to-date profit and loss statements. For multiple income sources (e.g., bonuses, rental income, commissions), you’ll need documentation like tax returns and account statements to verify the amount and consistency.
Refinancing can be a powerful tool, but it’s not always the right move. You should consider it if:
Interest rates are at least 0.5% to 1% lower than your current rate.
Your credit score has improved significantly since you got your original loan.
You want to switch from an adjustable-rate mortgage (ARM) to a stable fixed-rate mortgage.
You have enough equity to remove Private Mortgage Insurance (PMI).
Always calculate the break-even point (how long it will take for the monthly savings to cover the closing costs) before deciding.
