What Does It Mean to be Prequalified or Pre-Approved for a Mortgage?
Perhaps the most important thing a homebuyer can do to stand out of the crowd is to become pre-approved for a mortgage. This tells the seller that not only are you serious about purchasing the property, but your funds are readily available to do so. This can certainly...
How to Qualify for a Mortgage Without a Credit Score
One of the many ways that home buyers achieve their goal of being able to purchase a home is by becoming debt-free and essentially not bringing in any more debt into their life. Although this is undoubtedly a great way to ensure that you have the funds needed to...
Homebuyer Mistakes You Should Avoid
Purchasing a home for the first time is often the dream of many. Looking through a variety of homes can be a fun experience to have but often distracts home buyers from the challenges of the process, which leads to mistakes being made. Understandably, purchasing a...
What Does a Mortgage Broker Do?
Purchasing a new home can be one of the most exciting yet complicated things one does in their lives. Unfortunately, there are plenty of obstacles to overcome during the process. In fact, even those purchasing their second home tend to make mistakes; that's how...
What Additional Costs Are Associated With Buying a House?
Perhaps the most common thing that new homeowners will notice is just how many additional costs come with purchasing a home. Yes, most homeowners expect to pay the cost of the home along with a down payment. However, there are additional fees beyond these well-known costs.
The Impact of COVID-19 Pandemic on Mortgages
The COVID-19 pandemic has had a significant effect on the way we function as a society, and, as a result, our economy has also been affected. In particular, real estate markets have taken downturns across the country, virtually turning a seller’s market into a buyer’s market overnight. Here are a few specific ways in which the pandemic has affected the market for homebuyers.
What Homeowners Should Know About Mortgage Forbearance
Over the course of the last three months, approximately 41 million Americans filed for unemployment. For those who rent, many were offered the chance to postpone monthly rent payments. However, homeowners who lost their jobs faced the reality of possibly losing their home through foreclosure.
Choosing the Most Appropriate Mortgage for You
Buying a home is likely the most significant purchase people will make during their lifetimes. In addition to being an emotional decision, buying a home is also the most expensive investment made during adulthood. Most people need to borrow money to become homeowners. There’s nothing wrong with that. However, it is important to be aware of the many types of mortgages that are available. Choosing the right one can be the difference between a good and bad financial picture for years to come.
What Is An Alternative Mortgage Instrument?
Although many mortgage loans adhere to standard practices, some may differ. These are known as Alternative Mortgage Instruments (AMI). These loans may differ in several ways. For example, an AMI may have a variable interest rate, interest that doesn’t amortize, or repayment terms that differ from standard terms.
How the Coronavirus Pandemic Could Affect the California Housing Market
The coronavirus pandemic has affected nearly every aspect of our society. One sector that has not been spared is the housing market. In times of financial hardship, when people can’t pay their bills, the housing market always takes a big hit. This situation, however, is unprecedented, so assessing the long-term impact of the pandemic on the real estate industry is challenging and daunting.