15 Sep 2023
By noelkelman

Understanding the Differences Between ‘Prequalified’ And ‘Preapproved’ For a Mortgage

Home Mortgage Tips, ,
Are you in the market for a new home? If you are going to rely on mortgage financing to cover some of the purchase cost, you will need to start the application process as soon as possible. However, what if you just need to know how much you will be able to borrow so you can start finding homes in your price range? Let's take a quick look at the difference between being 'prequalified' and 'preapproved' for mortgage financing. The Process Starts With Prequalification The first step in obtaining mortgage financing is to speak with a mortgage professional to get…
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20 Jun 2023
By noelkelman

Legal Documents You Need When Buying a House

Home Mortgage Tips, ,
Buying a house can be an exciting but complex process that involves many legal requirements. You will need to provide several documents to your lender and the seller. The specific documents required may vary depending on the lender and the type of loan you are applying for, but here are some of the most common documents you may need: Proof of Income: This may include pay stubs, W-2 forms, and tax returns from the past two years. Bank Statements: You will need to provide bank statements for the past two to three months to show your savings and checking account…
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24 Mar 2023
By noelkelman

3 Things That Will Absolutely Kill Your Chances for a Mortgage Approval

Home Mortgage Tips, ,
If you're about to seek approval for a mortgage, you'll want to ensure you have a solid credit score and clean financial records to boost your likelihood of being approved. There are certain characteristics that lenders want to see in a mortgage applicant before they agree to give a loan, and you want to prove that you're a responsible borrower. But certain behaviors can easily tank your application and crush your home ownership dreams. Before you seek approval, make sure your finances are in order. Avoid these three mortgage-killing habits while your lender evaluates your loan and you'll quickly find…
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21 Mar 2023
By noelkelman

Understanding Mortgage Pre-Approvals and How to Avoid Being Declined for One

Home Mortgage Tips, ,
The mortgage process is a long and complicated one, with a number of similar-sounding terms that can easily confuse first-time homebuyers. A pre-approval is not the same thing as a pre-qualification, and it's important to understand everything that goes into a pre-approval. Being declined during the pre-approval process means you'll have a hard time getting the funds you need to buy your home, so it's important that you know what the process is going to look like before going into it. How does a pre-approval work, and how can you make sure you won't be declined? Here's what you need…
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10 Feb 2023
By noelkelman

3 Reasons Why Buying an Investment Property Is the Best Way to Build Your Net Worth

Home Mortgage Tips, ,
Whether you have recently graduated from college or are getting close to retirement, it's likely that you have given some thought as to how you can grow your net worth. You might have invested in stocks, picked up a few bonds or have a 401(k) plan set up to help fund your retirement. But have you considered buying real estate as part of your portfolio? In today's blog post we'll have a look at three reasons why real estate investing is one of the most effective ways to grow your overall net worth. Reason #1: It Generates Passive Income One…
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25 Jan 2023
By noelkelman

On Time, Every Time: How Being Late on Monthly Payments Can Affect Your Mortgage

Home Mortgage Tips, ,
Are you the type of person that struggles with remembering to pay their bills on time? You're not alone. People across the country regularly submit late monthly payments, inflicting terrible damage to their credit. Let's take a quick look at how paying your loan or other monthly payments late can have a negative impact on your mortgage. Your Credit Score Is At Risk As you already know, almost all banks, credit cards, mortgage companies and other lenders rely on your credit score to help assess the risk of lending money to you. Paying any of your payments late – even…
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13 Jan 2023
By noelkelman

In a Hurry to Buy a Home? Speed Your Mortgage Approval up by Following This Checklist

Home Mortgage Tips, ,
Have you finally found your dream home after months of searching, only to discover that the seller has received other offers? Few circumstances can raise your stress level as much as finding yourself in a bidding war against another buyer. However, being unprepared by not having your finances in order can make the situation even worse. Let's take a quick look at a few ways that you can speed up your mortgage approval if you are in a hurry to buy your next home. Pull Your Credit Report ASAP The first step you will want to do is check your…
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30 Dec 2022
By noelkelman

4 Financial Benefits of Home Ownership

Home Mortgage Tips,
Home ownership may be one of the most familiar goals of adulthood, but there's more than one reason why so many people flock towards this type of investment and leave the rental market behind. If you're trying to decide if you should make the big plunge towards buying, here are some benefits of saving up for a down payment and finding the right place to settle in. It's More Economical Many people eschew home ownership simply because it can be hard to wrangle together the funds for a down payment. However, while a monthly rental is money you'll never see…
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