21
Sep
By Jim Hasek
Home Mortgage Tips, ,

It’s Pre-approval Time: How to Get Your Finances in Order for Your Mortgage Approval

Buying a new home is one of the most exciting experiences a person or family can have. Of course, before you can step foot into your new dream home you will need to get prepared financially, especially if you are taking out a mortgage to cover some of the purchase price. Let's take a look at a few key steps that will help you to prepare for the financial background checks that are part of the mortgage process. Square Up With The Government The first place you'll want to start is making sure that you are fully caught up on…
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19
Sep
By Jim Hasek
Home Mortgage Tips, ,

How Much Is the Right Amount to Commit to Your Down Payment? Let’s Take a Look

Are you thinking about buying a new home? If you are going to take out mortgage financing, one consideration you will have is your down payment, which is the amount you pay up front in cash to cover some of the purchase cost. Let's consider a few points that will help you to decide how much is the right amount for your down payment. How Much Do You Have? The most obvious question you will need to answer is: how much do I realistically have to place as a down payment? Keep in mind that your down payment is money…
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14
Sep
By Jim Hasek
Home Mortgage Tips, ,

Speed up Your Mortgage Closing Process With This Handy Four-step Guide

Are you in the market for a new house or apartment? If you are financing the purchase by taking out a mortgage, you'll want to know how to make this transaction run as smooth as possible. In today's article, we'll share a quick four-step guide to speeding up the mortgage closing process. Step #1: Check In On Your Credit Score The first step before applying for your mortgage is to check in on your credit. Request a copy of your credit score and history from one of the major reporting firms. Go over this report, paying close attention to any…
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12
Sep
By Jim Hasek
Home Mortgage Tips, ,

Worried About Interest Rates Rising? Here’s How You Can Prepare for an Upward Trend

Whether you are just starting to shop for a new home or you've been paying off your mortgage for years, the news of potential interest rate increases may be worrying. Of course, interest rates naturally cycle higher and lower over time, so is there anything to be genuinely concerned about? In today's article, we'll explore interest rates and how you can prepare for an upward trend in rates if and when the time comes. Speak With Your Mortgage Advisor First If you already have a mortgage, the first step would be to speak with your lender to discuss what's coming…
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08
Sep
By Jim Hasek
Home Mortgage Tips, ,

You Ask, We Answer: What Are the Fees and Costs That Come Along With a Mortgage?

Have you been considering a mortgage for your next home purchase? As with any loan or financial product, there are a variety of fees and costs you may incur in the process of closing your mortgage. In today's post, we'll explore a few of these potential fees and the situations in which you may encounter them. Let's get started! Title Insurance Costs You're almost certainly going to incur insurance fees and charges. In most cases, you'll need to pay for title insurance for the lender, which is based on the purchase price of the home but varies from state to…
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07
Sep
By Jim Hasek
Home Mortgage Tips, ,

Understanding the Differences Between ‘Prequalified’ And ‘Preapproved’ For a Mortgage

Are you in the market for a new home? If you are going to rely on mortgage financing to cover some of the purchase cost, you will need to start the application process as soon as possible. However, what if you just need to know how much you will be able to borrow so you can start finding homes in your price range? Let's take a quick look at the difference between being 'prequalified' and 'preapproved' for mortgage financing. The Process Starts With Prequalification The first step in obtaining mortgage financing is to speak with a mortgage professional to get…
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