Mortgage preapproval vs. loan commitment: What’s the difference?
The mortgage process contains many steps and terms that can be confusing for a new buyer to navigate on their own. You may wonder how preapproval is different from approval, or what a loan commitment represents in the process. While some professionals may use these terms interchangeably, they do have their different specifications. We’ll help […]
A Loan Commitment Letter—Why Do You Need It?
Interested homebuyers frequently overlook a crucial step in the process of buying a home: a loan commitment letter. Don’t confuse this essential document with a pre-qualification letter or a pre-approval letter, both of which are also significant steps but not the ultimate goal. Without a loan commitment letter, you could find yourself in even […]
How long does it take to buy a house?
If you’ve ever followed along while a close friend or family member purchased a home, you might have noticed varying timelines. Some people find the home process to be difficult, long, and involved. Others seem to breeze through the process and get into a new home quickly. The answer to how long it takes to […]
How to choose a mortgage lender
Buying a home is an involved, multi-step process, but the first step isn’t what people usually think. When you take this major life step, you need the right people by your side to guide you through the process and help you make choices that match your unique lifestyle. That’s why choosing the right mortgage lender […]
How to get preapproved for a mortgage: 5 things you need to know
Many future homeowners begin the buying process by connecting with a real estate agent and searching for homes. But there’s an important step that should come before this part: mortgage preapproval. Why should you get preapproved before you even find a house? Getting preapproved will tell you how much you can afford, and prove you’re […]
How to buy a home in 2022 in 15 easy steps
Buying a home is a major life step. If you’re ready to embark on this journey, congratulations! While the homebuying process can be a major challenge if the future homeowners are unprepared, there fortunately are several easy ways to make the process a lot smoother. Let’s dig into how to buy a home in 15 […]
Different types of home loans to consider when buying your first home
While many people start the homebuying process with the exciting home search, taking a look at mortgage loan options first can help you zero in on the right home faster. To help you determine your financing options, we have pulled together the most common loan types borrowers use to purchase their first home. Let’s take […]
The pros and cons of FHA loans: What you need to know
Finding the right mortgage loan is an important part of the home-buying process, but it can feel intimidating for a first-time buyer. FHA loans are a popular loan type for first-time buyers because they allow lower credit scores and down payment options. These loans are backed by the Federal Housing Administration, which means they offer […]
Financial Gurus Best Advice on Mortgages
Buying a home can be a perplexing business, especially if you are going through the journey for the first time. Everyone wants to get the best home without costing more than necessary. So how do you do it? Start by reviewing a comprehensive guide to the mortgage process. After that, maybe try some advice from […]
Comparing FHA vs conventional loans: Which is best for you?
FHA loans and conventional loans are among the most common mortgage loans for homebuyers. Each type has its own benefits and drawbacks, and the decision to choose one or the other depends on a borrower’s personal finances and goals. FHA loans offer more flexible lending requirements, while conventional loans offer greater benefits for borrowers with […]