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First Time Home Buyer Programs | Home Loans | Refinance

JMcHood

What Do I Need to Know Before Signing a Home Purchase Contract?

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One of the largest steps in a home purchase is the sales contract. Signing this document legally binds you to the purchase. If you don’t read the fine print, you might agree to things you don’t like. Here we discuss what you should do before you sign a new purchase contract. Know Your Contingencies Buying a home means many different things must come together. For example, you … [Read more...] about What Do I Need to Know Before Signing a Home Purchase Contract?

How to Calculate Debt-to-Income Ratio?

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Next to your credit score, your debt to income ratio plays a major role in your ability to secure a loan. Each loan program has a specific debt ratio they require. This doesn’t mean every lender abides by that rule. Some enforce stricter rules to help prevent default. Knowing how lenders calculate your ratio can help you best prepare for your loan approval. Figure Out Your … [Read more...] about How to Calculate Debt-to-Income Ratio?

How to Ensure you Close Faster on your Home Loan

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A loan can take anywhere from 4 to 6 weeks from start to finish. What if you need to close faster? There are ways to make it happen. Some of it lies on your shoulders. Other factors lie on third parties, including the seller, if you are buying a home. The seller controls when the appraisal is completed and the appraiser controls how long the report takes. Title work may also … [Read more...] about How to Ensure you Close Faster on your Home Loan

Can You Pay for a Lower Mortgage Rate?

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If there was one aspect of a mortgage that you considered important, what would it be? Many borrowers say the interest rate. They want the lowest rate possible. It makes sense. Why pay more for a mortgage than necessary? If you have room for negotiation, you should take it. Sometimes, though, the better rate doesn’t come free. You have to pay for it. Here we look at the … [Read more...] about Can You Pay for a Lower Mortgage Rate?