02
Dec
By Jim Hasek
Home Mortgage Tips, ,

The LTV Ratio: How ‘Loan-to-Value’ Works and Why You Need to Understand This Ratio

Are you in the market for a new home? If you plan on using mortgage financing to buy your next home you've likely heard the phrase "loan-to-value" or the acronym "LTV" before. Let's take a quick look at the loan-to-value ratio including why it's important, how to calculate it and how it can affect your mortgage. What is the Loan-to-Value or LTV Ratio? In short, the LTV ratio is a number that compares how much money you owe against your home with its resale value in the marketplace. A low LTV ratio indicates that you have far more equity in…
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25
Nov
By Jim Hasek
Home Mortgage Tips, ,

Buying a Home with a Mortgage? A Quick Guide to Closing Costs and What to Expect

Whether you're just starting to shop for a new home or you've already found the perfect new house and you're ready to submit an offer, if you're taking out a mortgage loan to cover some of the home's purchase price you should be aware of the various closing costs you may encounter. In today's blog post we'll share a quick guide to closing costs and what you can expect to pay when you buy a new home. What Closing Costs Do Buyers Typically Pay? As you move forward in the home purchase process you'll incur a variety of fees that…
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21
Nov
By Jim Hasek
Home Mortgage Tips, ,

USDA Mortgages: Take Advantage of These Low-Rate Mortgage Loans to Buy a New Home

Are you thinking about buying a home in a rural or suburban area? If so, you'll want to take a look at the United States Department of Agriculture's mortgage programs as you may qualify for them. In today's blog post we'll introduce the USDA Rural Development Single Family Housing Guaranteed Loan Program, explain the benefits of this mortgage program and how to determine if you qualify. What is a USDA Mortgage Loan? The USDA mortgage program is one of a number of programs in which the federal government will guarantee a mortgage loan as long as the recipient meets certain…
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19
Nov
By Jim Hasek
Home Mortgage Tips, ,

Three Key Tips to Help Ensure Your Mortgage Pre-Approval Isn’t Declined

If you're thinking about buying a new home and using a mortgage to help cover some of the purchase costs, it's a good idea to get an initial pre-approval from your lender before putting in an offer. In today's blog post we'll share three quick tips that can help to ensure that your mortgage pre-approval isn't declined. Demonstrate Your Income and Good Credit A mortgage is a major financial transaction and one that carries a certain amount of risk for the lender. It's your goal to help them see that you have the ability to make your monthly payments and…
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18
Nov
By Jim Hasek
Home Mortgage Tips, ,

The Down Payment: Everything You Need to Know About Your Down Payment on a New Home

Whether you're just starting to shop for a new home or you've found the perfect house and are crafting your offer, if you're taking out a mortgage to help cover your real estate purchase you've likely given some thought to your down payment. In today's blog post we'll explore the topic of down payments and share how the amount you put down on your home will affect your mortgage. How Your Down Payment Affects Your Mortgage As you know, your mortgage is essentially a large long-term loan that is paid back with interest over a set time period. If you…
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13
Nov
By Jim Hasek
Home Mortgage Tips, ,

Refinancing Your Mortgage: Understanding the Various Types of Refinancing

Whether you've been thinking about ways that you can draw on your home equity to fund a renovation project or you want to take advantage of low interest rates before they rise again, refinancing your mortgage is an excellent option. In today's blog post we'll introduce mortgage refinancing and discuss a few of the ways that you can use this tool to help accomplish your financial goals. Cash-In and Cash-Out Refinancing Many homeowners refinance their mortgage in order to take some of the home equity out for other purposes. In a "cash-out" refinancing, you take out a new mortgage loan…
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