When you apply for a mortgage, you’ll receive a Loan Estimate. As the name suggests, it’s an estimate of how much the loan will cost you. Lenders must send you this document within three days after you apply for the loan. Looking for Current Mortgage Interest Rates? Click Here. Once you get through the underwriting process and are ready to close on your loan, lenders must then send you a Closing Disclosure. This document also has … [Read more...]
Debt Consolidation and Debt Settlement – What’s the Difference?
You are ready to buy a house – congratulations! Before you start, though, you need to do the hard work of finding a mortgage. If this is your first home, you may not even realize how many mortgage programs are available today. It’s more than choosing the right interest rate or even the right term – you have to put all of the pieces together to choose the right loan. Get Matched with a Lender, Click Here. The Type of Loan First, you … [Read more...]
Are Home Appraisals Public Record?
You pay for an appraisal on a home when you buy a home or refinance your current mortgage. Contrary to popular belief, though, the home appraisal isn’t public record. The only people that know the value of the home are you, the lender, and the appraiser. Looking for Current Mortgage Interest Rates? Click Here. Home Appraisals Don’t Get Recorded Unlike your mortgage or deed, home appraisals don’t get recorded by the county. Now, … [Read more...]
What’s the Difference Between the Assessed Value and Market Value?
Whether you are buying or selling a home, you’ll hear two values thrown around - the assessed value and the market value. While they are both values, they have two different meanings and uses. Confusing them could make your purchase or sale rather confusing. Get Matched with a Lender, Click Here. Below we help you understand the meaning of both terms. What is the Assessed Value? Your county has an assessor or person in charge of … [Read more...]
Taxes and Mortgage Interest Deduction: Is Itemizing Necessary?
Taxpayers have long been able to deduct mortgage interest on their taxes. And then came the Tax Cuts and Jobs Act. While the Act did change the type and amount of deductions, it didn’t entirely eliminate the mortgage interest deduction. Looking for Current Mortgage Interest Rates? Click Here. Taxpayers may still be eligible to deduct mortgage interest paid. It depends on a variety of factors, including whether or not you will be … [Read more...]
Setting up Bi-Weekly Mortgage Payments Yourself
Bi-weekly mortgage payments can save you thousands of dollars in interest. Many lenders/finance companies offer this service, but at a cost. Did you know you can do it yourself? Check with your lender first, but using the steps below, you can make bi-weekly payments. Looking for Current Mortgage Interest Rates? Click Here. What are Bi-Weekly Payments? Don’t let the name scare you. You don’t pay double the mortgage payments. … [Read more...]
How Fast Can You Increase Your Credit Score?
Lenders use your credit score to determine your eligibility for a loan. If you have a ‘bad’ credit score, you may not qualify. Fortunately, credit scores aren’t stagnant. They change many times throughout the month. Get Matched with a Lender, Click Here. Because they aren’t stagnant, there are ways you can increase your score. Just how fast can you make it happen? Keep reading to find out. It Takes Time to Increase Your Credit … [Read more...]
Mortgage Prequalification: Do They Damage your Credit?
Getting prequalified before shopping for a home is smart. It’s the first step in getting a loan approval. There’s a big difference between prequalification and preapproval, but everyone has to start somewhere. Get Matched with a Lender, Click Here. It all sounds like it could damage your credit, though. After all, lenders mark your credit report with an inquiry every time you apply for new credit, right? The prequalification works … [Read more...]
Making Sense of the TRID Guidelines
After the housing crisis, the government worked hard to make sure borrowers were more informed about a potential mortgage. A part of the new guidelines is the TILA-RESPA Integrated Disclosure Rule, otherwise known as TRID. It has been in effect since 2015, and helps borrowers feel empowered when taking out a mortgage. Get Matched with a Lender, Click Here. Keep reading to learn how TRID affects you. The Know Before you Owe … [Read more...]
How to Tell if a Home is USDA Eligible
USDA loans have flexible guidelines and don’t require a down payment, but not everyone qualifies. Sometimes it’s not you that doesn’t qualify, though, sometimes it’s your house that doesn’t qualify. Get Matched with a Lender, Click Here. The USDA has specific requirements for any home bought with a USDA loan. Keep reading to learn if your home qualifies. It Must be Rural First, the home must be located in a rural area. You … [Read more...]
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