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 MoreDiscount points are an upfront fee you pay to the lender at closing to reduce your interest rate. Each point typically costs 1% of your loan amount and lowers your rate by a certain percentage (e.g., 0.25%). This is a form of “buying down” your rate and can be a good strategy if you plan to stay in the home long enough for the monthly savings to exceed the upfront cost.
A Mortgage Broker is a licensed professional who acts as an intermediary between you (the borrower) and potential lenders. Their primary role is to shop around on your behalf to find a mortgage loan that best suits your financial situation and goals. They assess your needs, compare options from their panel of lenders, assist with the application process, and guide you to settlement.
This income can be used to help you qualify, but it must be consistent and likely to continue. Lenders will typically average this “variable income” over the last two years. You’ll need to provide documentation like tax returns and pay stubs that detail these earnings.
Yes, you can typically buy points on most common loan types, including conventional, FHA, VA, and USDA loans. The specific cost and rate reduction may vary depending on the loan program and lender.
You should proactively check your credit reports from all three bureaus (Equifax, Experian, and TransUnion) at least once a year. You can do this for free at AnnualCreditReport.com. When preparing for a major loan like a mortgage, it’s wise to check your reports 6-12 months in advance to give yourself time to dispute errors and make improvements.
