So – you've completed an initial mortgage pre-qualification and now you're ready to take the next step and meet with your lender or mortgage advisor for the pre-approval interview. Are you ready? At this stage of the application process your lender will dig into your financial background to ensure that you're fully capable of making your mortgage payments and that you don't present too high a risk. Let's take a quick look at a few questions you should know the answers to before you go in … [Read more...]
Understanding the Difference Between a Mortgage Pre-qualification and a Pre-approval
If you're in the market for a new home and you've been researching mortgages, you've likely come across the terms "pre-qualification" and "pre-approval". While these terms are self-explanatory in some circumstances, they are quite different in regards to mortgage financing. In today's blog post we'll explain the difference between a mortgage pre-qualification and a pre-approval. Pre-qualification: an Initial Look at Your Mortgage Options The first – and easiest – step on the way to … [Read more...]
Buying a Home? 4 Steps You Can Take to Ensure You Start out with a Low Monthly Mortgage Payment
Are you thinking about buying a new house or condo? If so, you've likely given some thought to your mortgage and as to how you can pay as little as possible in order to own your new home. Below we'll share four easy steps that you can take to ensure you start out with an affordable monthly mortgage payment. Make A Large Down Payment On Your Home The easiest way to reduce your monthly payment is to invest as much as possible in your down payment. The less you have to borrow, the less you'll be … [Read more...]
Understanding Title Insurance and How It Impacts Your Mortgage Loan
When you buy a home, you will be given a title to your new property. A title is a legal document that proves you own the property, and in most cases the title excludes other parties from making an ownership claim. However, not all titles give you free and clear ownership of the property. Title insurance protects you and your lender from title disputes and other ownership issues that may arise. Here are just a few ways that title insurance can impact your mortgage. How Title Insurance Protects A … [Read more...]
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