What is private mortgage insurance? Private mortgage insurance, also known as PMI, is usually required if your down payment is less than 20% of the purchase price. Fees can vary greatly, but the average premium is 2.5% of the mortgage with a portion of the… Read Full Article Share FacebookTwitterLinkedIn
What is a loan approval letter? Once your application is approved, you’ll receive a loan approval letter from the lender, which will likely include some conditions such as: · Supplementary documentation: If you aren’t able to provide credit history, some loan programs may ask you to… Read Full Article Share FacebookTwitterLinkedIn
If I’m purchasing a property on a private road that is not maintained by the local municipality, do I need a Private Road Maintenance Agreement with my neighbors in order in order to qualify for a mortgage? This question comes up most often when the property in question is located in a rural area. Believe it or not, it’s not rare for the lack of a Private Road Maintenance Agreement to halt or hinder a borrower from… Read Full Article Share FacebookTwitterLinkedIn
Do I need to find a home before I apply for a loan? It certainly doesn’t hurt to browse, but if you’re serious about buying a home, it’s best to pre-qualified before you start house hunting. Being pre-qualified tells the realtors involved that you’re able to buy a home (which means you won’t… Read Full Article Share FacebookTwitterLinkedIn
What’s the first step in the mortgage loan process? The first step is to meet with your mortgage broker. During this meeting, you can ask questions about the financial aspects of your real estate transaction, and the broker will make you aware of the variety of programs they offer… Read Full Article Share FacebookTwitterLinkedIn
Before I even begin, how do I know which loan program and rate are right for me? The process can be overwhelming, but your loan officer will be able to answer your questions and find the best program to fit your needs. They’ll help you choose the lifespan of your loan, understand the relationship between rates and… Read Full Article Share FacebookTwitterLinkedIn