How Mortgages Work

Let’s say you recently sold your home and want to buy a new home. Or maybe you’ve decided to refinance your mortgage with a new lender. In either case, your new lender is going to want to know more about your history with your previous mortgage lender.  To get that information, they may request a...

For homeowners with mortgage loans, refinancing (read: swapping out your original loan for a new loan with different terms) is a well-known way to lower monthly mortgage payments.  But refinancing isn’t the only option. Have you ever thought about a mortgage recast? Not sure what that is? We can explain what mortgage recasting is (it’s...

You’ve been saying no to takeout, fancy lattes, and yes, avocado toasts in pursuit of your goal: to save up for that down payment on your dream home. The time has come, and you’re ready to start an exciting new chapter in your life – homeownership. But, before you can start the homeownership chapter, you’ll need...

We get it, rejection never feels good. But sometimes it happens during the home loan application process. It’s important to understand why your application was rejected during underwriting. Knowing why can improve your chances of successfully securing a mortgage on your next attempt. So, whether your mortgage application has been denied or you’re wondering how...

When applying for a mortgage, lenders pay close attention to your credit history, assets and debt-to-income (DTI) ratio to help them decide if you qualify for the loan. If you carry a lot of debt, your credit history is poor or your credit score is low, lenders may charge you a higher interest rate or...

If you’re in the process of taking out a mortgage or just want to know everything there is to know about the home buying process, you’ll want to get familiar with basis points.  Basis points can impact your mortgage rate, which will impact how much interest you pay over the life of your loan.  We’ll...

Choosing which mortgage to go with is a big decision. A home loan is likely the biggest loan you’ve ever taken out, and it will affect your credit and financial health for the term of the loan. It’s an exciting time, but you should choose wisely.  You’ll want to know the pace at which you’ll...

Buying a home (or any other kind of real estate) may be the largest and most expensive purchase you ever make. And for most of us aspiring home buyers, buying a home usually means borrowing money from a lender (read: getting a mortgage). As you might have already guessed, to get a mortgage loan, you’ll...

Whether you’re new to homeownership or you’re a seasoned homeowner, there is a lot to learn when it comes to the ins and outs of a mortgage (aka the loan that gets you a home).  Before you apply for a mortgage, it’s important to research the different types of available mortgages and the requirements for...

When you started looking for a mortgage, you probably saw different advertised mortgage interest rates and wondered who sets these rates and how they’re calculated. Stab in the dark here, but you probably also wondered what you needed to do to make your mortgage interest rate lower. When you started looking for a mortgage, you...

On a scale from one to exciting, buying a home is pretty exciting. Getting approved for the mortgage, not so much.  Your mortgage lender or underwriter might ask you for a letter of explanation during the underwriting stage of your mortgage application process. During that stage, an underwriter gets into the nitty-gritty of your finances...

You can’t just buy a house. You’ve got to prepare to buy a house. That means figuring out how much home you can afford, weighing mortgage options, getting the best rates and organizing your paperwork. There’s a financial professional who can help you navigate the mortgage application process – the mortgage loan originator (MLO). A...