A home appraisal is an assessment of a property’s market value conducted by a licensed appraiser. Appraisals are a standard part of the mortgage lending process, allowing lenders to confirm that a home is worth enough to secure the loan. …

Buying a home is an exciting milestone in many people’s lives. However, the process can also be complicated and stressful if you don’t know what to expect. This guide will walk you through the 10 main steps of the home…

The process of applying for a mortgage loan to purchase a home can seem overwhelming, especially for first-time homebuyers. Having a complete understanding of what to expect and being prepared at each stage can help make the experience go smoothly. This step-by-step…

Securing a mortgage to purchase a home is an exciting yet complex process. Meeting the mortgage requirements set by lenders is crucial for loan approval. This article will provide homebuyers with a comprehensive guide on navigating key mortgage requirements to enhance their…

This article explores the topic of mortgage payments, specifically concerning when they are due and the potential consequences of missing a mortgage payment. Is a mortgage due on the first? Mortgage payments are usually due on the first of the…

When taking out a mortgage, one common question homebuyers have is “Do I have mortgage insurance?”  Mortgage insurance is typically required when the loan-to-value ratio (LTV) exceeds 80%, meaning less than 20% of the home’s purchase price was put down. It’s also…

When applying for a mortgage, one of the most important decisions you will make is whether or not to lock in your interest rate. A mortgage rate lockallows you to secure a certain interest rate for a set period of time while you…

A mortgage is a loan used to finance the purchase of a home or other real estate. The mortgage holder borrows money from a lender and agrees to pay it back over time, typically 15 or 30 years, with interest. …

A VA mortgage is a home loan guaranteed by the U.S. Department of Veterans Affairs (VA). It helps eligible veterans, active-duty service members, and surviving spouses purchase a home with no down payment and flexible underwriting.  Paying a VA mortgage…

Nowadays, we’re used to doing everything from the comfort of our homes. When it comes to finances, it can be a bit confusing. If you’re a Guaranteed Rate client, you probably want to know how to pay a Guaranteed Rate…

When looking to purchase a new home or refinance your existing mortgage, you may consider working with a mortgage broker to help you find the best loan options. But how exactly do mortgage brokers get paid? Mortgage brokers are paid through borrower-paid compensation, lender-paid compensation,…

The process of buying or selling a home can be complex, with many factors for buyers and sellers to consider. One key point that sometimes arises is the type of mortgage loan the buyer plans to use to finance the home purchase. In…

The VA loan is a popular mortgage option for eligible military members, veterans, and their surviving spouses. This government-backed loan offers competitive interest rates and requires little to no down payment.  One key component of the VA loan process is the appraisal. An…

Paying off your mortgage early can be an enticing goal. As you make extra payments each month and see your loan balance creep lower and lower, the promise of debt freedom and outright home ownership can seem very appealing. Can you pay money off your mortgage? Yes,…

Buying a new home is an exciting yet stressful process. Once you’ve found the perfect house and your mortgage has been approved, you still need to pay the closing costs to finalize the purchase. These fees typically range from 2-5% of the home’s price…

For many homebuyers, obtaining an FHA loan is an attractive option due to their low down payment requirements and flexibility. However, FHA loans come with strict guidelines, including the requirement of an appraisal to determine the property’s value.  While appraisals give the lender confidence…

A mortgage appraisal is an assessment of the current market value of a property. It is conducted by a licensed real estate appraiser on behalf of the mortgage lender when a buyer is seeking a mortgage loan to purchase a home.  The appraiser will physically inspect the interior…

Getting a mortgage is one of the biggest financial decisions you can make. Working with an experienced mortgage broker can simplify the process and help you get the best loan for your needs. But how much does it cost to…

If you wonder can you lock the mortgage rate, you came to the right place. We will tell you how and when is the best time to lock your rate.

How long does mortgage approval take? Find out how long you will need to wait before getting notified on whether your application is approved or denied.

Getting a loan is a process, but how long does a mortgage application take? Learn more about the duration and requirements of your loan application here.

If you want to know how are mortgage points paid, you came to the right address. This guide will tell you all there is to know about discount points.

Are you wondering: how do I get my mortgage deed? All you need to know is thoroughly explained in this article.

Does mortgage insurance go away? Loans and all the costs that go with them are pricey, so many look to cut their costs in any way possible.

Getting mortgage insurance is an extensive process. Even if you own a property, you’ll still have to pay for hazard insurance. For new homeowners, we’ll answer the “Is hazard insurance mortgage insurance?” question right here. Hazard insurance is a part…

One of the best-known insurance policies new homeowners have to pay is mortgage insurance premium (MIP). So, how is mortgage insurance premium paid, and what does it represent? Mortgage insurance premium is paid at closing and annually for as long…

During a close on a mortgage loan, you may hear the words ‘closing costs’ and ‘mortgage points.’ Since both are payments provided after the closing, you may wonder – are mortgage points closing costs? These two could be confused, but…

Buying a home is an exciting milestone in life. However, the process of buying real estate can also be complex, especially when it comes to legal ownership of the property. Many homeowners wonder if they truly own their home if they have a mortgage. The answer lies in…

The escrow account is an integral part of the mortgage process. When you take out a mortgage loan to buy a home, your lender will likely require you to set up an escrow account to pay for property taxes and homeowners insurance.  But how exactly does this work? Does the…

For many homeowners, the monthly mortgage payment can be confusing, with multiple components like principal, interest, taxes and home insurancebundled together. A key part of the mortgage payment for some is the escrow account, which collects funds on behalf of the lender to pay expenses like property…

A mortgage is a loan used to finance the purchase of a property, such as a house. The property itself serves as collateral on the loan. When you discharge a mortgage, you pay off the loan in full and release…

When you are buying a home, one of the biggest upfront costs you will encounter are closing costs. Closing costs refer to the various fees charged by lenders, attorneys, and other third parties to process, underwrite, and close the mortgage loan and real estate transaction.  These costs…