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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The arrival of a notice in the mail announcing that your mortgage servicing rights have been transferred to a new company can be an unsettling experie...
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When purchasing a home, particularly a condominium, townhouse, or a property in a planned community, prospective buyers must account for more than jus...
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When purchasing a home, most buyers diligently budget for their mortgage payment, property taxes, and homeowner’s insurance. However, a frequently o...
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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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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...
Read MoreConsider your: Total Savings: Don’t drain all your accounts. Closing Costs: Typically 2-5% of the home’s price, paid separately from the down payment. Emergency Fund: Maintain 3-6 months of living expenses. Moving & Initial Maintenance Costs: Budget for moving trucks, new furniture, and immediate repairs. Debt-to-Income Ratio (DTI): Lenders use this to gauge your ability to manage monthly payments.
The amount you save can be substantial. For example, on a 30-year, $300,000 mortgage at a 4% interest rate, making one extra payment per year could save you over $30,000 in interest and allow you to pay off the loan nearly 5 years early. Use an online mortgage acceleration calculator to see the exact savings for your loan.
Most lenders use a secure online portal for document uploads. This is the fastest and most secure method. You can also submit documents via email, fax, or in-person, but an online portal is generally preferred for efficiency and security.
When you sell your house, the proceeds from the sale are first used to pay off the remaining balance of your mortgage debt, along with any transaction fees and closing costs. Any money left over is your profit (equity). If the sale price is less than what you owe, you must cover the difference, which is known as a short sale.
By law, the lender must provide you with a Loan Estimate no later than three business days after you submit a mortgage application. An application is typically considered “submitted” once you’ve provided your name, income, Social Security number, property address, estimated property value, and desired loan amount.
