Pre-Qualification Versus Pre-Approval
For buyers ready to start looking at homes, terms can get confusing, especially if this is a first-time home buyer. Pre-qualification and pre-approval are often used interchangeably, but they are very different and have different impacts on buying a home. Read below to learn more about these two terms and what they mean. Pre-Qualification for […]
How to Make a Competitive Offer on a Home
In today’s market, even with the recent changes, sellers still have the upper hand. Any offer you put in needs to be as competitive as possible, so you have a higher chance of being accepted. Use the steps here to make sure you’re making a competitive offer that has a higher chance of being accepted […]
Simple Steps to Pre-Qualify for a Loan
Pre-qualification provides buyers with insight into how much money they can borrow to purchase a home. It also gives them the chance to make sure they are ready to buy a home and will likely qualify for a mortgage once they’re ready to do so. Plus, pre-qualification can look better to sellers when the buyer […]
What is LTV and Why is It Important?
In financial terms, an LTV, or loan to value ratio, is a comparison between the size of a loan and the value of the asset being purchased. This can be calculated for any large purchase that requires a loan, including buying a home. It’s often used by lenders to determine the amount of risk when […]
How Credit Inquiries Affect Your Credit Score
Window shopping can be a lot of fun, but when it comes to credit cards, mortgages, and other loans, potential homebuyers will want to make sure they understand credit inquiries and how shopping around can impact the potential to obtain a mortgage or the interest rate they’ll receive. Before shopping around for a mortgage or […]
Using a Home Equity Loan to Pay Off Your Mortgage?
A home equity loan is a loan that is secured using the equity in the home. This can be used for just about anything, such as for repairs or to pay off debt. You can also use it to pay off the remaining balance of your mortgage. This is usually done when there is more […]
Government-Backed Mortgages Explained: What You Need to Know
There are many different types of mortgages to choose from when it comes to homeownership. Today, many homeowners will opt for a government-backed mortgage because of the many benefits they provide. In addition, these loans are secured by a federal agency, making them easier to be approved. First, however, homebuyers should learn more about government-backed […]
Why Pastors Love Us
Now that the winter holidays have wrapped up (pun intended), many families come together in January and plan their finances for the next year. Pastors, in particular, have a hard time with financing major purchases like a home due to the complexity of their income. Not many know this but pastors have to deal with […]
7 Ways a Loan Officer Helps You From Start to Finish
When buying a home, working with a loan officer may be optional, but it is a good idea. Loan officers are available to help clients from the decision to buy a home until the closing, and can even provide some help after the buyer closes on their new home. Some of the ways a loan […]
15 Year Mortgages: Are They Worth It?
The two most common types of mortgages are the 15-year and 30-year mortgages. While payments may be higher with a 15-year mortgage, it does allow for the home to be paid off faster. Whether someone is looking at a mortgage for a new home, an investment property, or to refinance their current home, opting for […]
