Securing a mortgage is one of the most significant financial journeys a person can undertake, and the relationship with your lender sits at the heart ...
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Private Mortgage Insurance, commonly referred to as PMI, is a crucial financial product that enables millions of Americans to achieve the dream of hom...
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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 choice between a 15-year and a 30-year mortgage is one of the most significant financial decisions a homebuyer or refinancer will make. This decis...
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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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In the ever-evolving landscape of real estate financing, an often-overlooked option presents a unique opportunity for both buyers and sellers: the ass...
Read MoreYou’ll need to provide bank or investment account statements showing you have sufficient funds. Any large, recent deposits will need to be sourced with a paper trail (e.g., a copy of a bonus check, a gift letter if it’s a gift, or a sales contract from a sold asset).
Yes, for most conventional loans, the Homeowners Protection Act (HPA) mandates that PMI must be automatically terminated once the loan-to-value (LTV) ratio reaches 78% of the original property value, assuming you are current on your payments.
Both are regular fees paid for shared amenities and maintenance, but they apply to different types of properties.
HOA (Homeowners Association) Fee: Typically for single-family homes, townhouses, or planned communities. Covers common area maintenance (e.g., pools, parks, landscaping) and may enforce community rules.
Condo Fee: For condominiums. Covers the building’s exterior, shared utilities (like water or garbage), amenities, and often includes master insurance for the entire structure.
Strong employment data (e.g., low unemployment, high job growth) suggests a healthy economy with higher consumer spending power. This can lead to increased demand for homes, potentially pushing prices up. However, a very strong labor market can also fuel inflation concerns, prompting the Fed to consider raising interest rates, which in turn can cause mortgage rates to rise.
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.
