A Loan Estimate (LE) is a form that lists basic information about the terms of a mortgage loan for which you’ve applied. The idea behind the Loan Estimate (like the Good Faith Estimate before it) is to get critical information about the loan into the hands of the borrower as early as possible so that you as […]
A Good Faith Estimate (GFE) is a form that lists basic information about the terms of a mortgage loan for which you’ve applied. The GFE includes the estimated costs you’ll have to pay for the home loan. The Good Faith Estimate provides you with basic information about the loan including the Annual Percentage Rate (APR), […]
Two major banks are hoping to overhaul the 15-year mortgage, making it more accessible to low and moderate-income people. The banks suggest these changes will help borrowers build equity at a much faster pace than they would with a standard loan. In addition, the creators of the Wealth Building Home Loan, which allows home buyers to build equity at […]
How long does it take to close on a home purchase? If you are a cash buyer theoretically you can close as soon as you like. If you intend to finance your purchase with a mortgage the process can take a bit longer. Average Purchase Closing Time : 30 Days Nationwide, as demand and competition for homes for […]
As mortgage rates have start what was certain to be their inevitable ascent, some lenders are bringing back ‘lock and shop’ programs to assist borrowers in purchasing a home. With ‘lock and shop’ programs lenders will credit approve a homebuyer and then lock in their interest rate BEFORE they find the property they want to buy. As with standard […]
As mortgage rates have start what was certain to be their inevitable ascent, some lenders are bringing back ‘lock and shop’ programs to assist borrowers in purchasing a home. With ‘lock and shop’ programs lenders will credit approve a homebuyer and then lock in their interest rate BEFORE they find the property they want to buy. As with standard […]
Thinking of buying or selling a home? Even when both sides agree on a price, the deal could fall apart thanks to an under-appraisal. Short appraisals typically arise in a declining housing market because the lack of recent comparable area homes sales, or “comps,” making it difficult for appraisers to determine the current market value […]
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