Education Center

Mortgage 101 - New Buyers

Are you a first-time homebuyer? Not sure where to start? You have come to the right place! Here you will find helpful articles that will help you better understand the mortgage process from start to finish. We understand how stressful buying a house can be and want to help alleviate some of this stress by giving you the information and tips you need to be a successful homebuyer.

    General

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  • Down Payment Assistance

    Affording a home can feel like a challenge for some homebuyers. If you are concerned about affording a down payment, don’t stress! There are down payment assistance programs available to you to help you afford a home and achieve your dream of homeownership.

  • Home Inspections

    Every home should be inspected before purchase. An inspector helps buyers identify any serious issues and most lenders will require a home inspection before they approve a loan.

  • Using Mortgage Calculators

    A mortgage calculator is a tool used to estimate your monthly mortgage payment. Learn how to use this tool to make the mortgage process easier to understand.

  • Mortgage Myths

    Mortgage myths make the mortgage process much more difficult to understand than it should be. Let’s debunk some of the most common myths and put your mind at ease

  • 15 year vs. 30 Year Mortgage

    Borrowers will have to choose between a 30-year fixed-rate mortgage or a 15-year fixed-rate mortgage. This decision depends on a few different important factors.

  • Fixed vs Adjustable Rates

    Before choosing a mortgage type, you need to consider a wide range of factors including your personal finances, economic realities, and the current market interest rates.

  • Mortgage Insurance

    Mortgage insurance protects the lender if the borrower falls behind on their payments. Private mortgage insurance (PMI) is almost always required by a lender.

  • Home Search Checklist

    Shopping for a home can be both exciting and stressful. It is helpful to use a checklist to track important details and features that you like about each house.

  • VA Loans - As a Spouse

    If you or your spouse are affiliated with the military as either active duty or veteran status, you may be eligible for a VA home loan. This home loan comes with multiple benefits

  • VA Home Loans FAQ

    Frequently asked questions that are asked when considering a VA loan.

  • VA Loans Myths Debunked

    Myths about VA loans: what's you've heard about VA loans that is true, and what's not.

  • Mortgage Rate Locks

    In summary, a mortgage rate lock essentially freezes your interest rate until your loan closing. Always lock in your rate if you are comfortable with the rate offered to you and if the monthly payment fits your budget.

  • Self Employed Mortgages

    Being self-employed comes with its challenges such as proving to lenders that you earn a steady enough income to make your monthly payments, as well as getting your lender to sort through the additional paperwork involved in your mortgage application as a self-employed person.

    Purchasing

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  • Processing and Underwriting

    Once you are under contract with the seller, your lender will send you a Loan Estimate. It is then time to choose a lender and enter the processing and underwriting stages.

  • Pre-qual & Pre-approval Steps

    Pre-qualifying means that you are getting an estimate of what you can borrow. Pre-approval is as close as you can get to confirming your credit and financial stability.

  • What to Expect at a Closing

    The final step in the process of purchasing or refinancing a home is the home closing. This is when you finalize all the details of the transaction and make sure every document is signed.

  • Fees and Closing Costs

    Before you decide to purchase a home, it is important to understand the various fees for the services and expenses required to finalize a home loan.

  • Tips for New Home Buyers

    Buying a new home is an exciting experience. There will be stress involved in the process but knowing these tips will help make the journey go as smoothly as possible.

  • Questions to ask on Home Tours

    Whether you are a first-time homebuyer or an experienced one, it is important to know the right questions to ask during a home tour.

  • Facts About Modular Homes

    A great alternative to building a custom home is to purchase a modular home. They are cost-effective and can save you a lot of time and effort in the homebuying process.

  • About Down Payments

    Here is everything you need to know regarding down payments, minimum requirements for different mortgage types, and what you’ll need to plan for in the future.

  • Saving for a Down Payment

    Saving for the down payment is one of the most challenging parts of potential homeownership, but if you start saving early, it is very possible to save enough money.

  • Homebuying Do's and Don'ts

    While you are considering the purchase of your home, you should not do anything that will have an adverse affect on your credit score or employment while your loan is in process.

  • What Documents Do I Need to Buy a House?

    The best and easy first step to take when you decide to purchase a new home is to take the time to gather all of the documents a lender will ask for.

  • Mobile Home Loans

    If you are looking for an alternative to traditional housing, a mobile home may be perfect for you. Mobile homes cost less than a traditional home without having to compromise on necessary features.

    Credit

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  • Improving Credit Score

    Before you start the mortgage process, it is important to understand your credit history and current credit score. If your score is low, there are several ways to improve your credit.

  • Loan Interest Rates

    An interest rate is the percentage of your existing principal loan balance you pay your lender in exchange for borrowing money to purchase a home.

  • Shopping for Mortgage Rates

    Shopping for mortgage rates is one of the most important parts of the homebuying process. With help from your mortgage professionals, the right rate will be easier than ever to find.

  • Purchasing With Student Loan Debt

    Yes, you can qualify for a home loan despite having student loan debt. Student loan debt may impact your ability to qualify for a mortgage but does not make it impossible.

  • Understanding Credit Scores

    Understanding credit scores and their purpose will help you become a smarter home buyer, more knowledgeable mortgage applicant, and more aware of your finances.

  • Why Did My Credit Score Drop?

    Credit scores do fluctuate and a couple points here or there is not too much of a concern, but a major drop could be an issue. Here are some common reasons why this can happen.

Mortgage 102 - Current Homeowners

Are you a current homeowner and want to know the next steps in the mortgage process? Are you interested in a mortgage refinance or a second mortgage? In this section, we have articles related to current homeowners and the future mortgage options available to you.

    Homeownership

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  • How Long Will Your Home Last?

    A well-constructed home can last centuries, but the components inside the home may have a shorter lifespan and need repair or replacement to last longer.

  • What Is a Second Mortgage

    Essentially, a second mortgage uses your home as collateral to create a second loan. A second mortgage increases your total debt and must be paid back to reduce the chance of foreclosure.

    Refinancing

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  • The Steps to Refinancing

    Refinancing is one way you can use your home to leverage your investment. When the time is right, refinancing is a great option to lower your monthly payments and much more.

  • When is the Best time to Refinance

    A refinance may occur when a person reviews the terms of their mortgage and needs a new agreement. This may include a new interest rate or term length.

  • How Often Can You Refinance

    Whether you have just purchased your home or have been in your home for many years, here is a complete guide on how often you can refinance your mortgage.

  • Refinance Appraisal

    A refinance appraisal is similar to the purchase appraisal process you completed while purchasing your home and provides a professional opinion of your home’s value.

  • Questions to Ask When Refinancing Your Home

    We have developed a list of questions to ask yourself and your mortgage lender to ensure that you understand the refinance process and the products that are available.

  • Different Types of Cash Out Refinance Home Loans

    There are several types of cash out refinance home loans with options for VA, FHA, Conventional, Jumbo, and USDA loans. A cash out refinance is a great way to receive extra cash for various renovations, repairs, debt consolidations, or emergency expenses. Let us explain more about each one of these options and how it can be beneficial for you and your family.

Mortgage 103 - Investment Properties

Let’s talk investment properties! Current homeowners or those looking to get started in real estate investment will benefit from these articles that cover topics ranging from lake house properties to houseboat loans. Want to learn about the benefits of investing? You have come to the right place!

    Secondary Residences

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  • Should I Buy A Lake House?

    Have you always dreamed of owning a home on a lake? Before you dive-in and purchase the lake house of your dreams, here are some pros and cons to consider.

  • Bridging The Gap: Buying And Selling At The Same Time

    During this hot seller's market, selling your old home will be easy, while buying a new one could be more of a challenge.

    Uncommon Mortgage Types

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  • Houseboat Loans

    Houseboat loans have increased in popularity over the past few years due to the appeal of living a marine lifestyle and being able to move around easily. But, financing this type of lifestyle is very different than purchasing a traditional home.

  • Condo Loans

    A condominium is a home, isn’t it? So why would getting a loan for one be any different than a single-family home? Well, the differences for financing your purchase of a condo may surprise you.

    Investment Properties

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  • How to Start a Rental Property Business

    There are many reasons why people invest in real estate. To reap the benefits of the seller's market we are currently in, many people are starting rental property businesses to make some extra money.

  • How to Invest In Real Estate

    Investing in real estate can be a really exciting and satisfying experience if you know what you are doing and the proper steps to take. Unlike investing in stocks and bonds, real estate investors can buy a property using leverage, paying a portion of the total cost upfront and then paying off the property over time.

  • Your Guide to Single Family Rental Investing

    Due to the rise in home prices and current housing shortage, the demand for single-family rental (SFR) investing has increased dramatically. Have you considered investing in residential rental property but don't know where to start?

  • How to Rent Your House

    There are many reasons you as a homeowner may consider renting their home. Whether it is because you have extra space, you want regular income from a duplex, or you are not ready to sell your house quite yet.