Home Buyers Guide
Mortgage Home Purchase Loans without the Hassle!
Need financing options on a home, or other real estate? Choosing a purchase loan product that matches your goals and making sure you get the best rate for your given scenario can feel like playing whack-a-mole.
We’re here to make the home loan process a whole lot easier, with tools and expertise that will help guide you along the way, starting with a FREE pre-approval letter request.
We’ll help you clearly see differences between loan programs, allowing you to choose the right one for you whether you’re a first-time home buyer or a seasoned investor.
Credit Scores
Credit scores are numerical values that represent an individual’s creditworthiness. They are used by lenders to assess the risk of lending money to a borrower. Credit scores are calculated based on various factors, including payment history, credit utilization, length of credit history, types of credit used, and new credit applications.
What is PMI?
PMI stands for Private Mortgage Insurance. It is a type of Insurance that protects the lender in case the borrower defaults on their mortgage payments. PMI is typically required when the borrower makes a down payment of less than 20% of the home purchase price.
What is an Appraisal?
An appraisal is an assessment of the value of a property. It is atypically conducted by a licensed appraiser who evaluates the property’s condition, location, and comparable sales in the area to determine its fair market value. Appraisals are often required by lenders to ensure that the property’s value is sufficient to support the loan amount.
Do I Qualify?
To qualify for a mortgage, lenders typically require that you have a debt-to-income ratio of “43/49.” This means that no more than 43% of your total monthly income (from all sources, before taxes) can go toward your new mortgage payment, and no more than 49.99% of your monthly income can go toward your total monthly debt (including your mortgage payment). VA and FHA loans even allow for higher debt ratios on a case by case basis.
