One of the biggest misconceptions I hear from people is that it’s hard to get a loan. Actually, I can tell you it’s not hard at all. In fact, it’s easy to get a mortgage loan if you do the following: Pay your bills on time Have a steady income The next step is determining the mortgage amount for which you qualify. The prequalification process is pretty simple for the majority of home buyers. I

If you’re starting to apply for a home mortgage, one of the biggest questions you might have is how much do I need to put toward a down payment. For starters, a down payment is a percentage of the sales price that a home buyer pays out of pocket. I’d suggest aiming for anywhere from 5 to 20 percent down payment. Putting down 20 percent is the best, but it’s not necessary. The benefit of

Step 1: Select a person or company to write the loan. Don’t be intimidated, even if this is your first time buying a home.  Look for the blog post titled – “The difference between a bank and correspondent lender”. Making a good choice here will make the following steps much easier. Step 2: Get pre-approved for a loan. The pre-approval helps in a number of ways. First, you get a better idea of what you

When buying a home you will need to come up with more money than just the expense of your down payment. There are closing costs and prepaid expenses that you will pay at the time of closing. These are typically referred to as the “closing fees” and you will need to pay these fees, along with your down payment. The amount of these costs is different for everyone. Closing costs include: Loan appraisal Origination fees

You are in the market, looking for a home. If you’re like most people, you have scrimped and saved up a little nest egg and are now ready. It also means you’re going to need to borrow money to get into your dream house. The loan taken for a home purchase is called a mortgage. This post is going to take a quick survey of the various ways to actually get the funding for the

You found your dream home and now you’re ready to buy. While it might seem like many of the factors that go into getting a mortgage loan are out of your hands, there are a few things you can do to speed up the process – or at least not slow it down. The average time it takes to get a mortgage offer is about 30 days, provided you have all the right information. The