Once closing has taken place and the property has been transferred to you, the mortgage is just getting set up and processed. A common question among recent homebuyers is when the first monthly mortgage loan payment is due and where you’ll need to send your payments. We’ll address these questions below.
Once the home mortgage loan application has been turned in, many applicants wonder what the lender will do with their application, and if there are any additional steps they should take while waiting for the lender’s decision. Here’s what typically takes place next in the approval process and a few things you can do to […]
Congratulations! You have made it to closing on your new home. After your mortgage loan is fully approved, the closing date should be just around the corner. While the finish line may be in sight for you, it’s not yet the end of the home buying process. So be prepared to do a little more […]
Another issue to explore before applying for a home loan is which factors influence your upfront costs and monthly mortgage payments. This includes the down payment, mortgage insurance, and points. It is crucial to understand how all of these financial components work before deciding on a home loan.
So, you’ve decided on a piece of property and are ready to get approved for the home loan. After you’ve reviewed your lending options and the factors that go into determining your monthly mortgage payment you’ll want to reach out to some banks, credit unions, or other mortgage lenders to get quotes.
After deciding on the best type of mortgage loan for your financial situation and choosing a lender to service that loan, it is necessary to understand what factors will influence your monthly mortgage payment, and what you can do to ensure you reach the best payment structure for your new home.
Just as the variety of mortgage loan options has increased over time, as has the variety of sources for mortgage financing. It’s no longer just the neighborhood banks that supply mortgage loans; numerous types of traditional and non-traditional lenders are available to homebuyers.
Once you have decided in favor of buying a home rather than renting one, the next choice you must make is where to obtain the mortgage loan and the type of mortgage best suited for your situation. With the ever-increasing complexity and variety in mortgage options, it is easy to be overwhelmed.
Often the first decision a person ponders when considering owning a home is whether it’s best to rent or buy a place to live. While it’s impossible to give a blanket statement on which is better, it is possible to give an outline of circumstances that may make one or the other more favorable for […]
Prospective and current homeowners have several options when it comes to financing a home purchase. From conventional home loans to special financing programs, mortgage solutions exist for nearly every kind of buyer. One of the more common mortgage programs is an FHA loan, designed to meet the needs of borrowers with a small down payment […]