Education

LOCKING IN TO A RATE LOCK PERIOD It’s a common question: “What if loan interest rates go up while my application is pending?” The answer is, it won’t. A “rate lock period” is customary while we’re processing your information. It’s a lender’s promise to hold a certain interest rate and points for a specified amount…

MORTGAGE REFINANCE 101 Though the term “fixed rate” means your home loan interest will never inflate with changing market conditions, that doesn’t mean it can’t be lowered. Mortgage refinancing is a popular way to make your loan more affordable. When should you refinance? If, for example, you’ve signed on for a 30-year loan, and you intend…

SAFEGUARD AGAINST “TRIGGER LEADS”  Today’s mortgage industry is filled with predatory lending practices, making it more important than ever before to ensure that your vulnerable personal information is safeguarded. Many people who apply for loans find themselves pursued by unscrupulous mortgage providers through a tactic called “trigger leading.” ​ When we check an applicant’s credit…

DOWN PAYMENTS ALTERNATIVES For many new homeowners, especially first-time buyers, saving up for a down payment can be a seemingly insurmountable hurdle to entering home ownership. This doesn’t have to be the case – with other alternatives to obtaining your down payment, it’s now easier than ever before. Using a gift as a down payment​…

USING YOUR 401(K) AS A DOWN PAYMENT You’ve finally found the home of your dreams and secured your mortgage loan – now comes the time to consider how you’ll finance your down payment. ​ One popular method opted for by many home buyers today is to source funding from their employer-sponsored 401(k) program. While withdrawing…

Like any type of loan, the amount you have available up front can play a major role in the loan you may qualify for, plus the amount you’ll need to pay off. Down payments typically range from 3 to 20 percent of the sales price for property. Thankfully, there are a number of smart ways…

LOAN APPLICATION CHECKLIST ​ Any information you provide us through our website is 100-percent secure and private. We don’t share client info with anyone, except with your explicit permission. We ask because providing your information to mortgage lenders can help your chances of being approved for a home loan with the lowest interest rate possible.…

YOUR CREDIT SCORE COUNTS Your credit score goes a long way in determining what type of mortgage interest rate you’re likely to obtain, or, if you’re approved for a home loan. All three credit bureaus – Experian, Equifax and TransUnion – use a slightly different scoring system, but the FICO score is the most universally…

PRE-QUALIFICATION OR PRE-APPROVAL? ​ At some point in the mortgage process, the terms “pre-qualification” and “pre-approval” will arise. The difference between both will be crucial as you decide to make an offer on your new home.​ Pre-Qualification With pre-qualification, we work with you to determine the maximum loan amount you may qualify for, based on…

DO YOU NEED PRIVATE MORTGAGE INSURANCE? After signing on to a new mortgage, borrowers may be required to obtain a supplemental insurance policy known as Private Mortgage Insurance, or PMI. Homeowners whose loan-to-value ratio (the amount of your mortgage divided by the value of your home) is greater than 80 percent. Private Mortgage Insurance premiums…