Tagged : mortgage information

Found 6 blog entries tagged as "mortgage information".

The happy path to securing a mortgage is, unfortunately, often accompanied by well-meaning advice that might not fit your situation. While the intentions behind such advice are good, it's essential to separate fact from fiction before making crucial decisions.

We're here to debunk some of the worst mortgage advice that often circulates.

Mortgage pre-approval is a waste of time

Why you might hear this: Early stages of home shopping might seem premature for a mortgage commitment.

Why it's poor advice: Although not an official guarantee, a pre-approval can save you from future headaches. Pre-approval not only prevents heartbreak over unaffordable homes but also provides an edge in competitive markets.

It's best to get a mortgage from

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As a remote worker, you have the advantage of choosing where you live, opening up a world of possibilities both personally and financially. Whether you prefer the tranquility of rural areas or seek more affordable housing options outside expensive cities, getting a mortgage while working remotely may require some additional documentation, such as a remote work letter.

In this article, we'll explore the importance of a remote work letter in the mortgage application process and what it entails.

Do You Need a Remote Work Letter for Your Mortgage?

In most cases, yes, you will need a remote work letter when applying for a mortgage loan. The purpose of this letter is to provide verification of your employment and income during the underwriting

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Getting mortgage pre-approval is one of the first steps toward buying your dream home. Pre-approval boosts the likelihood that the seller will accept your offer and gives you a detailed quote for your homebuying budget. 

But homebuyers often hesitate because they think that pre-approval hurts their credit score. Will it? 

The truth is that it will temporarily lower your score, as is true whenever a creditor pulls your credit report. But the benefits of getting pre-approved outshine the slight dip in your score.

Does a Pre-approval Impact My Credit Score?

A pre-approval usually requires a hard credit inquiry, although a soft inquiry is all that is needed for a pre-qualification. A hard inquiry can lower a borrower's FICO score by about

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Many homebuyers don't know they can take a second mortgage on their homes. The first loan, the primary mortgage, is taken while purchasing a property. A second mortgage is a type of mortgage that lets you borrow against the value of the same property while your first loan is not fully paid. 

Knowing how second mortgages work can be beneficial in the future, especially when you need quick cash for an emergency, school fees, debt, and more. In this article, we’re going to break down how second mortgages work and when you might consider getting one.

What is a Second Mortgage?

A second mortgage is a type of subordinate mortgage obtained while a primary mortgage is still in effect. In cases of default, the proceeds from the home’s liquidation

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If you want to purchase a house for the first time but don’t have enough money for a down payment, getting a state or local down payment assistance program might be the best option.

We’re going to look at what down payment assistance programs are all about and how you could qualify for one.

What is Down Payment Assistance? 

Down payment assistance is any funding option or program that makes it easier for homebuyers to get the money they need for a down payment. Both public and government agencies offer these programs, usually as grants. They typically work by either providing the buyer the funds to cover the down payment or waiving the down payment requirements. 

Most of the time, you need to meet some specific income requirements to

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Buying mortgage points is a way to secure a lower interest rate during the home buying process. It can save you several thousands of dollars in interest over the life of the loan and lower your monthly mortgage payment. Check out this nifty guide to learn how they’re calculated so you can assess if purchasing mortgage points makes sense for your situation.

Mortgage Points: What are they?

Mortgage points, also known as discount points, are fees you pay your lender to reduce your interest rate when you purchase homes or refinance. You’ll give your mortgage lender cash upfront to reduce your interest rate for the life of the loan. 

Should You Buy Discount Points?

If you have the budget for buying points, the decision often comes down to

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