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

Search Results for query

December 17 2018

FHA Announces New Loan Limits for 2019

The Federal Housing Administration (FHA) has announced their new loan limits—and it looks like it’s another increase in 2019!

Read More

November 15 2018

The Impact of Rising Rates

If you’ve ever had a credit card or purchased a car, you should be familiar with interest rates. An interest rate is the percentage of the amount you are borrowing (known as the principle) charged by the lender as a fee for allowing you to use their money....

Read More

November 12 2018

What to Keep From Your Closing

After several stressful months of buying or selling your home, it may be tempting to put the transaction in the past and dispose of the evidence—which is often more than 100 pages. However, there are several important legal and financial documents...

Read More

November 05 2018

What is an Appraised Value?

Everyone wants to sell their house for more than they bought it for, but real estate is trickier than that. Markets change, and home values change right along with them. Fortunately, there are licensed professionals called appraisers who will come to your home,...

Read More

November 02 2018

Pros and Cons of Buying a Condo

Whether you are a first-time homebuyer or searching for home number ten, buying a condo instead of a house may be the perfect choice. Most condos are essentially a hybrid between an apartment and a single-family home. They are great for certain lifestyles but...

Read More

October 29 2018

What a Home Inspection Should Cover

Before making what may be the largest investment of your life, you’ll want to get a home inspection. Home inspectors are trained to examine the physical structures and systems of a house. If you’re going to spend hundreds of thousands of your...

Read More

October 26 2018

3 Reasons to Invest in Real Estate

Increasingly, Americans are choosing to invest in real estate instead of stocks, bonds, or mutual funds. From 2000 to 2016, real estate outperformed the stock market at a ratio of about 2-to-1. For three years in a row, Bankrate found more U.S. adults feel...

Read More

October 22 2018

What Does a Realtor Do?

Ever wonder about the difference between a real estate agent and a realtor? They’re the same, right? Not so. Working with a real estate agent can take a lot of time and stress out of the home buying process, but not all real estate agents are the same....

Read More

October 19 2018

Your Final Walk-Through Checklist

By the time you get to the final walk-through step of buying a home, you may be a dangerous combination of excited and exhausted. You’ve negotiated the perfect price, had the home inspected and requested repairs. You’re ready to move in! But a lot...

Read More

First23456Last

Mortgage Calculators

Crunch the Numbers With Our Helpful Mortgage Calculators

Payment Calculator

payment calculator

Payment
Calculator

Affordability Calculator

affordability calculator

Affordability
Calculator

Refinance Calculator

refinance calculator

Refinance
Calculator

The Modern Digital Mortgage with a Personal Touch

Paperless. Effortless. Awesomeness TM

Simplify the home financing process with our Digital Mortgage. We'll be here to help navigate you through the entire process.

Get Pre-qualifiedWhat is a Digital Mortgage?