Getting pre approved for your home loan is a free service. Most folks have found it helps in two ways. First, it helps you narrow down the homes to look at because it tells you what your future house payment will be. Second, a pre-approval letter from me can give you an...Read More
The amount of a loan for which you qualify is based on two different calculations. Using what are known as qualification ratios, lenders evaluate your income and long-term debts to determine a “safe” amount for your mortgage payments. A fairly standard ratio is...Read More
In the event of a foreclosure, the borrower has three years from the date the the home was resold by the lender until you are eligible for another FHA loan, unless the foreclosure was the result of extenuating circumstances beyond the borrower’s control and the borrower...Read More
On the day you actually buy your new home, in addition to your down payment, the prepaid property tax and homeowners insurance premiums, you’ll need cash for various fees associated with the purchase. These expenses are known as closing costs and are paid by both buyers...Read More
Interest rates are usually expressed as an annual percentage of the amount borrowed. You can choose a mortgage with an interest rate that is fixed for the entire term of the loan or one that changes throughout. A fixed-rate loan gives you the security of knowing that your...Read More
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