When navigating the complexities of securing a mortgage, the focus often rests on interest rates and monthly payments. However, two critical, behind-t...
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The journey to homeownership culminates in two critical final steps: the final walkthrough and the review of the Closing Disclosure. While they occur ...
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Embarking on the journey to secure a mortgage is a significant financial undertaking, and the lender you choose becomes a critical partner in the proc...
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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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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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The journey to homeownership is an exciting one, but it often begins with a process that can seem complex: the mortgage application. Understanding the...
Read MoreBring 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.
No, it is not advisable to use all your savings. You should preserve a separate emergency fund to cover unexpected life events, job loss, or urgent home repairs. A good rule of thumb is to only use a portion of your savings specifically allocated for the home purchase.
Clear communication is key. Find out if you’ll be working with one loan officer or a team, their preferred method of communication (email, phone, portal), and their typical response time for questions.
Eligibility varies by lender and loan type. Conventional loans (those backed by Fannie Mae or Freddie Mac) are commonly eligible. Loans that are often ineligible include FHA loans, VA loans, USDA loans, and some jumbo or portfolio loans. The first step is always to contact your mortgage servicer to confirm your loan’s eligibility.
Your credit score is a major factor in the interest rate you’ll qualify for. If your credit score has improved significantly since you obtained your original mortgage, you will likely be offered a better rate, making refinancing more advantageous. Conversely, if your score has dropped, you may not qualify for a competitive rate.
