Homebuying January 09 2018

Your Loan Estimate: What to Look For

After you apply for a mortgage, you will receive the most important document in the loan process—the Loan Estimate. The Loan Estimate is a three-page form covering important information regarding your potential loan. This form will give you an estimated interest rate, monthly payment, closing costs and more! This estimate does not necessarily mean that the lender has approved your loan application, so don’t get too excited! The lender will provide the loan estimate in order to show the terms they may be able to offer you if you decide to move forward. Once you accept, you will then need to provide additional financial documents in order to get a full approval. You will want to make sure to review all the information on your loan estimate carefully and make sure it matches what you have previously discussed with your loan officer.

How much are you borrowing?

Check out the loan amount and make sure it accurately reflects what was discussed with your loan officer.

What is your interest rate?

Is it the rate you were expecting? If not, give your loan officer a call.

What is your monthly payment, how much are your closing costs?

Make sure these payments and fees match your expectations before moving forward.

Is everything spelled correctly?

It may seem simple but even a minor misspelling can cause major issues later on. Check your name carefully, as well as all of your loan officer’s information. Keep in mind, loan officers are required to be licensed with the Nationwide Mortgage Licensing System & Registry. You can look up Loan Officer’s credentials in the NMLS database. Below is an example of a loan estimate with the details that you should look for in yellow. Click the image to open the pdf. Loan estimate sample - what to look for

Sources: consumerfinance.gov

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January 25 2017

Mortgage Tip #3 - You should not buy a vehicle

Applying for any new credit, including one used to purchase a vehicle, could result in inquiries on your credit report. This can lower your credit score, which can affect the amount of money you can qualify for....

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January 25 2017

Mortgage Tip #2 - Do Not Co-Sign a Loan

When your loan is being processed, it is best not to co-sign another loan for anyone else. This could cause changes to your credit report, causing a negative effect on the closing of your loan. https://eaglehm-2.wistia.com/medias/uyua34ux7z Still have questions?...

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January 25 2017

Mortgage Tip #1 - Do Not Change Jobs

It is important that the lender knows you are reliable and have a steady income. One way of proving this is to not suddenly change jobs. Since employment verifications happen within five days of closing, it's best not to make any large lifestyle changes...

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January 24 2017

Breaking Down Your FICO Score

Most people are familiar with the FICO score version of the credit score. Scores on the FICO scale range from 300 to 850. However, there isn’t just one credit score range to go by. There are different types of credit scores, and each of them has its own...

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January 20 2017

Tips on Buying in a Tight Market

Increase your chances of getting your dream house instead of losing it to another buyer, with these easy steps. Get prequalified for a mortgage. You'll be able to make a firm commitment to buy and make your offer more desirable to the seller. Stay in close...

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January 20 2017

Tips for Finding the Perfect Neighborhood

The neighborhood you choose can have a big impact on your lifestyle, safety, available amenities, and convenience all play their part. Make a list of the activities, movies, health club, church you engage in regularly and stores you visit frequently. See how far...

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January 20 2017

4 Tips to Getting Your Finances in Order

The beginning of a new year is the perfect time to improve your finances, even though it may sound like a dull task. For some, the idea of sorting out their finances isn’t very appealing, but it can help set yourself up for a solid financial...

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January 14 2017

What Is a REALTOR?

A real estate agent is a REALTOR when he or she is a member of the NATIONAL ASSOCIATION OF REALTORS, The Voice for Real Estate -- the world's largest professional association. The term REALTOR is a registered collective membership mark that identifies a real...

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January 14 2017

What Your Home Inspection Should Cover

Siding: Look for dents or buckling Foundations: Look for cracks or water seepage Exterior Brick: Look for cracked bricks or mortar pulling away from bricks Insulation: Look for condition, adequate rating for climate Doors and Windows: Look for loose or tight...

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