A loan estimate is an important document that would-be homebuyers receive when applying for a mortgage. In general, the three-page document estimates everything that a homebuyer needs to pay for the entire loan. While loan estimates are designed to help homebuyers better understand the mortgage loan terms, there are some instances when the final Loan Estimate may be higher than what was originally quoted.
It’s normal for first-time homebuyers to feel overwhelmed by the process of becoming a homeowner. First-time homebuyers are often excited in the thought of making one of the biggest investments in their lives. Along with this, they also need to make solid financial decisions to determine if they can sustain living in the house they are choosing.
Shopping for a mortgage and home is the first step you need to take if you want to fulfill your dream as a homeowner. Buying a home is often overwhelming simply because you’re making one of the biggest financial decisions in your life. Before applying, it’s smart to educate yourself on the mortgage process and programs so that you can better understand your options.
Buying a home is an exciting adventure that may also become a stressful life event, especially when delays throw plans off track. Follow these simple tips to avoid unnecessary delays and keep your purchase on schedule to ensure that you get into your dream home – on time!
A VA loan is a type of mortgage backed by the U.S. Department of Veterans Affairs and is available to current service members, veterans and eligible surviving spouses. VA loans offer several advantages, including no private mortgage insurance (PMI) and no down payment required. When qualifying for a VA purchase or refinance, you need to meet certain minimum residual income requirements based on your requested loan amount, where you will be buying, and how many people will live in the home. Here’s how it works:
As you work through the homebuying and loan application process, be aware that large financial transactions, such as a home purchase, can make you a target for fraud. It’s important to know how to protect yourself against identity theft and other types of fraud. Scammers may pose as third-party companies and attempt to appear as though they are involved with your transaction. Here are some recommendations to keep your information safe when transferring funds for a large real estate purchase:
As the U.S. economy continues to show signs of recovery and improvement, it’s no surprise that buyers from outside the country are increasingly eyeing U.S. real estate as a good investment. Real estate is a tangible asset that may increase in value over time and can provide a positive rate of return with less volatility than the stock market. There are potential tax advantages as well. Whether you are a professional relocating for work, an international investor, or a first generation immigrant living in the U.S., there are home purchase and financing options available to resident and non-resident buyers. Here’s some insight into the basics – from the home search to securing financing:
Is a real estate bubble to blame for sudden drops in the stock market? Does stock market volatility indicate that a housing crash and recession are imminent? Probably not. Although there are some correlations between stock market activity and the health of the housing market, there isn’t a direct, consistent cause and effect relationship between the two. There are always other factors at work that help to complete the big picture. Here’s some insight into how rates, the housing market and the stock market are intertwined, but still need to be considered separately.