Choosing the Right Down Payment
May 19, 2022 | 2 Minute Read
A down payment is the amount you pay toward the home yourself. You put a percentage of the home’s value …
Home Loans
Avoid Pitfalls
May 19, 2022 | 1 Minute Read
You are agreeing to repay a substantial amount of money over an extended period of time. Make sure you know what you are getting into and protect yourself from fraud.
14 Common First-Time Homeowner Questions
May 13, 2022 | 6 Minute Read
Purchasing a home is an important life event. Aside from the joy of ownership, each mortgage payment contributes to long-term wealth accumulation. If you’re buying a property for the first time, familiarizing yourself with the process can be really beneficial. The more you know, the better your chances of avoiding big setbacks are. And if you run into any issues, you’ll at least know what to do next.
Home Loans FAQ
Apr 21, 2022 | 2 Minute Read
Q : How do l know how much house l can afford? A : There are many things that effect how much a borrower can afford. Job tenure, credit, down payment, debt ratios are just a few. Credit is probably the most important factor of all. The higher your credit score the more you may be able to afford. However, the amount that you can borrow will also depend upon your employment history, credit history, current savings and debts, and the amount of down payment you are willing to make. You may also be able to take advantage of special loan programs for first time buyers to purchase a home with a higher value. Contact your local branch and ask to speak with a Mortgage Loan Officer, and they can help you determine exactly how much you can afford.
Home Loans – Do’s & Don’ts
Apr 21, 2022 | 2 Minute Read
While working through the loan process, there are things you can do to delay your loan closing or even disqualify you from getting the loan. Here are some things to be aware of:
Home Loan Process: 6 Simple Steps
Apr 21, 2022 | 1 Minute Read
PRE-QUALIFICATION
Meet with your loan originator to apply for a loan and review credit standing.
Discuss purchasing goals and budget.
Issue a pre-qualification letter.
Avoid Homebuyer Pitfalls
Apr 21, 2022 | 1 Minute Read
What not to do: Don’t sign documents where important details are left blank or documents you don’t understand.
Why: You are agreeing to repay a substantial amount of money over an extended period of time. Make sure you know what you are getting into and protect yourself from fraud.
Key Terms for Home Buyers
Apr 21, 2022 | 8 Minute Read
An adjustable rate mortgage (ARM) is a type of loan for which the interest rate can change, usually in relation to an index interest rate. Your monthly payment will go up or down depending on the loan’s introductory period, rate caps, and the index interest rate.
Understand Your Credit
Apr 21, 2022 | 2 Minute Read
Your credit, your credit scores, and how wisely you shop for a loan that best fits your needs have a significant impact on your mortgage interest rate and the fees you pay. To improve your credit and your chances of getting a better mortgage, get current on your payments and stay current.