Journeying away from our typical mortgage or loan tips and guidelines to speak about something that is equally as important and impactful when purchasing a home– delayed gratification.
Best of Omaha Winner since 2021
While a pre-approval shows that your lender could provide you with a loan in that amount, it only applies to your financial situation at the time of the pre-approval. Meaning, if your financial situation changes drastically from the day you’re pre-approved to when you find a home to make an offer on, your pre-approval may not still stand with the same terms.
Nearly everyone that comes to us comments on the amount of documents needed for a mortgage or refinance they have to provide us with. We know, it is a lot. But, in order to apply for a mortgage or refinance, we need specific documents.
When we speak with first-time home buyers, we’re often met with surprise when outlining the amount of money needed to buy. Many clients come to us knowing about the down payment and monthly mortgage payment, and that’s about all. We’d like to go over the general expenses to expect when buying a home, as well as the money we’d recommend having on hand.
We get questions regarding buying a house with student loan debt all the time. "Can I get a mortgage when I have student debt?" "How can I save for a down payment while paying off student debt?" "I have a mortgage and student debt, should I start paying one off early?" Let's dive into it!
You’ve finally decided to take the plunge into homeownership, but finding out where to begin can be difficult. Here at Mortgage Specialists, we advise that you seek out a lender before beginning to house hunt.
Whether you’re a first-time homebuyer or a seasoned homeowner, the home buying process can seem a little daunting. Browsing through beautiful homes is the easy part—it’s when you actually decide to take action that things become tricky.
We know that purchasing a home is a daunting task for anyone, but especially first-time homebuyers. There are many different types of loans available and it’s important to understand each major type to ensure you’re able to make an informed decision.
When first-time home buyers come to us, we take the time to explain all the ins and outs of the mortgage process. We teach them what to look for and common home buying mistakes to avoid.
It's generally best to obtain pre-approval early - before starting to look at homes. We recommend getting pre-approved as early as six months to a year in advance.
Conventional loan guidelines were created by the government and are enforced to protect the lender, borrower, and investor.
In order to obtain a mortgage pre-approval, the buyer needs to provide their lender with a picture of their financial situation. After receiving the documentation, the lender analyzes the buyer’s information and determines if they’re eligible for a loan. If they are, the lender issues a mortgage pre-approval for a certain amount.
Regardless of where you get a mortgage, you will always need three things - income, credit, and money down - and you’ll need the proper documentation for each.
Taxes, insurance, and escrow not only affect individual home loans, but also contribute to the entire housing market.
While we understand that interest rates are a key element when choosing a loan, they shouldn’t be considered as the only factor. Choosing a local mortgage broker for your home loan can make a somewhat stressful journey a whole lot smoother, as they can truly be a personal guide.
Comprehending credit inquiries and how they differ allows individuals to make informed decisions, while the deduping process ensures the accuracy and fairness of credit reporting.
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