Putting Together Your Down Payment

There are many factors your lender will take into account when assessing the type and quantity of a home mortgage loan you will qualify for. Of course, your credit standing is just one such variable. Good credit has never been more important for obtaining a loan. Your broader financial picture, existing debt, debt-to-income ratio, and […]

What’s So Important About Your Credit Score?

You’ve probably seen countless ads and television commercials marketing services that provide free access to your credit score. You may be wondering how this score could possibly be so important. It is, after all, just a number, right? Your credit score is indeed a number, but it’s a very important number that reflects your credit […]

Credit During the Buying Process

Here is a very important message Don’t apply for new credit between the time you apply for a home loan and the day the mortgage closes. The price of ignoring this advice: You could be turned down for the loan while you’re sitting at the closing table. Fannie Mae has a simple rule. It requires lenders to check your […]

Progress on Flood Insurance Issues

Today the United States Senate voted 67-32 to approve the Homeowner Flood Insurance Affordability Act (S. 1926), sponsored by Senators Menendez (D-NJ) and Isakson (R-GA). This bipartisan legislation, an NAR member priority, calls for a 4-year timeout on rate increases triggered either by a property’s sale or a flood map update for a property with previously […]

Mortgage Paperwork: What to Gather When Buying a Home

Here is a run down of the documents that you will need when beginning the mortgage process.  There may be others that come up, but this is a good starting point. Purchase Transactions Fully Executed Offer to Purchase and all Addendums Fully Executed Purchase and Sales Agreement and all Addendums Cancelled Checks for all Deposits […]

H06 Insurance Explained

Condo insurance that bridges the gap in coverage between your condo association’s master insurance policy and your property/personal liability protection is known as a H06 condo insurance policy. If you are acquiring a mortgage in order to purchase a condo, your mortgage lender will most likely require you to purchase this policy. Every condominium development has […]