How much down payment do you actually need for a Primary home that you intend to live in? To make a long story short, no you don't need 20% down to purchase a house! There are so many mortgage programs that allow very minimal down payments. Keep in mind however, the more down payment you do put, the more attractive you'll look to lenders and to sellers. Let's talk more about the different programs available and what the general down payment requirements are for each. Here's

What are Non-QM or Non-Conventional Mortgages? Are you a business owner or a self employed person looking to get a mortgage? Have you been writing off and deducting expenses when it comes tax time? Writing off your expenses is something you should definitely be doing to lower your tax liability. However, when it comes time to getting approved for a mortgage, these write offs often hurt your loan approval amount. What is the best way to get around this? Non-Qualifying Mortga

Your credit score is a numerical representation of your creditworthiness, and when it comes to applying for a mortgage, it plays a pivotal role in the approval process. Mortgage lenders rely on credit scores to assess the level of risk associated with lending to a borrower. Let's delve into the key aspects of what credit scores are used for when applying for mortgages. 1. Determining Eligibility: One of the primary purposes of credit scores in the mortgage application proces

Embarking on the journey of buying a home is an exciting venture, but it's essential to lay the groundwork for a successful and stress-free experience. One of the key initial steps in the homebuying process is getting pre-approved for a mortgage. Let's explore why obtaining pre-approval is a crucial and beneficial step for prospective homebuyers. 1. Clear Budget Understanding: Getting pre-approved for a mortgage provides a clear and accurate understanding of your budget. Kno

For many homeowners, the monthly mortgage payment is a significant portion of their budget. However, there are savvy strategies to ease the financial burden and potentially save money over the life of your loan. Here are some effective tips on how to trim down your mortgage payments: 1. Refinance Your Mortgage: One of the most common and powerful ways to save money on your mortgage is through refinancing. If interest rates have decreased since you obtained your original loan

Embarking on the journey to buy a home is a significant milestone, but navigating the complexities of the residential real estate buying process can be a bit overwhelming. Let's demystify this journey, breaking down the key stages to help prospective homeowners make informed decisions. 1. Define Your Goals: Before diving into the market, define your homeownership goals. Consider factors such as location, size, budget, and amenities that align with your lifestyle. Having a cl

For many aspiring homeowners, securing a mortgage is a significant milestone in achieving the dream of homeownership. However, the intricacies of a mortgage payment can sometimes be confusing. Let's take a closer look at what makes up your monthly mortgage payment. 1. Principal: The principal is the amount borrowed from the lender to purchase your home. Each month, a portion of your mortgage payment goes towards repaying this initial loan amount. Over time, as you make payme

The prospect of homeownership is an exciting venture, but understanding the financial aspects, particularly how interest on a mortgage is calculated, can be daunting. Let's unravel the mystery and shed light on this crucial aspect of your homeownership journey. 1. Principal Balance: The principal is the initial amount borrowed to purchase your home. Interest is calculated based on the outstanding balance of this principal. In the early years of your mortgage, a larger portio

When it comes to purchasing a home, one of the most important decisions you'll make is choosing the right mortgage loan. With so many options available, it can be overwhelming to navigate the world of mortgage loans. That's why we're here to help. In this blog post, we'll explore the different types of mortgage loans available to individuals and businesses, so you can make an informed decision that aligns with your financial goals. 1. Fixed-Rate Mortgages: With a fixed-rate

Understanding the Mortgage Application Process Embarking on the path to homeownership is an exhilarating journey, but the mortgage process can appear complex and overwhelming for many. Let's break down the key steps involved, making the road to your dream home a bit more navigable. 1. Financial Assessment: Before you start house hunting, it's essential to assess your financial situation. Lenders will evaluate your credit score, income, debt-to-income ratio, and employment h