Applying for a mortgage can seem like a dauntng and scary process. Given each person’s scenario is unique give me a call and we will go over exactly what will be needed upfront to get you going!”
Credit history is a recorded file of past and current credit that is utilized to compile a credit score. These files or reports are maintained and sold by "consumer reporting agencies" commonly known as credit bureaus. You have a credit record on file at a credit bureau if you have ever applied for a credit or charge account, a personal loan, insurance, or a job. Your credit record contains information about your income, debts, and credit payment history. It also indicates whether you have a history of any adverse actions such as judgments or if you have filed for bankruptcy.
A closing cost is a payment required to finalize a home loan and is separate from the down-payment. It is typically comprised of your lender's fees and all third parties involved in the transaction that have provided a service.
An Appraisal is an estimate of a property's fair market value. It's a document generally required (depending on the loan program) by a lender before loan approval to ensure that the mortgage loan amount is not more than the value of the property. The Appraisal is performed by an "Appraiser" typically a state-licensed professional who is trained to render expert opinions concerning property values, its location, amenities, and physical conditions.
Private Mortgage Insurance or PMI is insurance that protects a lender from increased risk from borrowers putting less than 20% down on a house.
Refinancing your mortgage is a common practice used to lower monthly payments, interest rates, lower your DTI, decrease or increase the original term of your mortgage and more. There are several refinance options available these include: Rate-Term, Cash-Out, Equity and Consolidation to name a few.
See a full list of mortgage terms by clicking learn more below.
Foreclosure is the process of a lender seizing a property in accordance with the terms stipulated in the mortgage contract when the borrower defaults on said terms.
