Mortgage Tips & Education
The House Is Perfect. The Monthly Payment May Not Be.
One of the easiest mistakes to make when shopping for a home is focusing on the purchase price instead of the monthly payment. A $450,000 house is a $450,000 house, right? Not necessarily when it comes to what it costs you each month. Two homes with the exact same sales price can have noticeably different…
Read MoreBefore You Move Money Around, Talk to Your Lender
You’ve found the house. Your offer is accepted. The loan is moving along nicely. Then you decide to move $20,000 from one account to another. Or pay off a credit card. Or deposit the cash you’ve been keeping at home. Or your parents send you money to help with closing. All perfectly reasonable things to…
Read MoreThe Home Passed Inspection. So Why Could the Mortgage Still Hit a Snag?
Getting a clean home inspection feels like a big green light. The roof looks good, the plumbing works, the foundation seems solid and you’re already mentally deciding where the furniture will go. But there’s something many buyers don’t realize. A home inspection and a mortgage appraisal are looking at the property for two very different…
Read MoreThe House Is Affordable. But Is the Lifestyle?
Getting approved for a mortgage and being comfortable with the cost of owning a particular home are two different things. When buyers look at homes, it is easy to focus on the purchase price and estimated mortgage payment. But the house comes with a life attached to it, and that life has expenses that may…
Read MoreYour Down Payment Is Not the Same as Your Cash to Close
One of the most common surprises for homebuyers happens when they hear the words “cash to close.” They may have saved enough for their down payment and assume that is the amount they will need at closing. Then they see additional costs and wonder where all those numbers came from. Your down payment is part…
Read MoreDo You Really Need 20% Down to Buy a Home?
One of the mortgage myths that refuses to go away is that you need 20% down to buy a home. I still talk with buyers who have been saving for years because they believe they cannot purchase until they reach that number. Meanwhile, they may already have enough money to buy a home. Twenty percent…
Read MoreWhy Getting Pre Approved Before You House Hunt Gives You the Advantage
There is something exciting about scrolling through home listings, attending open houses, and imagining yourself living in a new home. It is easy to get caught up in the excitement of finding the perfect place. Unfortunately, many buyers skip one important step before they start shopping. Getting pre approved first. It may not sound as…
Read MoreWhy Buying the “Perfect” House Can Be a Costly Mistake
Buying a home is exciting, and it’s easy to get caught up in finding “the one.” The gourmet kitchen, the backyard oasis, the perfect neighborhood, and the dream primary suite can quickly convince you that you’ve found your forever home. But sometimes chasing the perfect house can lead buyers to overlook something even more important:…
Read MoreThe One Number That Can Make or Break Your Mortgage Approval
When most people think about qualifying for a mortgage, they immediately think about one thing: their credit score. While your credit score is certainly important, it isn’t the only number lenders look at. In fact, I’ve seen buyers with excellent credit qualify for less than they expected, while others with average credit qualified with no…
Read MoreWhy the Lowest Interest Rate Isn’t Always the Best Mortgage
When most people shop for a mortgage, they ask one question first. “What’s your interest rate?” It’s an important question, but it isn’t always the most important one. In fact, I’ve seen borrowers choose the lowest advertised rate only to discover later that it came with higher fees, extra costs at closing, or a payment…
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