Mortgage Basics

Application Checklist

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To get a mortgage, you need to provide documentation of your financial and personal life. Here's a checklist of what's needed for your mortgage application.

Appraisals

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A fair market estimate of the value of a home. Conducted by a licensed appraiser who uses information about the home, surrounding area & recent sales to determine a home’s value.

Closing Costs

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In addition to the price of your home, closing costs are fees associated with a home purchase transaction. It is important to know how much you will need to bring to the table.

Credit

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Buying a home can be an exciting step in your life. Learn how a personal loan can affect buying a house and what you should consider before applying for a mortgage.

Foreclosure

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Foreclosure is the legal process by which a lender seizes a home or property after a borrower is unable to meet repayment obligation. The Process, Downside, and Ways To Avoid it

FHA Loans

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FHA loans are mortgages issued by approved lenders and insured by the FHA. These loans are designed to help low- and moderate-income borrowers qualify for home financing.

Private Mortgage Insurance(PMI)

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A form of mortgage insurance for conventional loans. The borrower purchases private mortgage insurance, and it protects the lender in case the borrower defaults on their mortgage.

Refinance

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Is refinancing a house worth it? Learn more about your mortgage refinancing options, view today's rates and use our refinance calculator to help find the right loan for you.

Recent Posts and Articles

Sam Khalil

What You Need to Know About Reverse Mortgages

As you approach retirement, you may be looking for ways to supplement your income. One option you may have heard of is a reverse mortgage. But what exactly is a reverse mortgage, and how does it work? A reverse mortgage is a loan that allows homeowners who are at least 62 years of age to convert part of the equity in their homes into cash. Unlike a traditional mortgage, a reverse mortgage does not require the borrower to make payments. Instead, the loan is repaid when the borrower sells the home, moves out, or passes away.y.

Sam Khalil

What Are 203k Loans and How Do They Work?

203k loans, also known as FHA 203k loans, are a type of home renovation loan that can help borrowers finance the purchase of a home and the cost of renovations in one loan. These loans are backed by the Federal Housing Administration (FHA) and are designed to help homebuyers and homeowners who want to make significant repairs or renovations to their homes.

Sam Khalil

FHA Announces Lower Mortgage Insurance Premiums Saving Homebuyers an Average of $800 per Year

The Department of Housing and Urban Development (HUD) will reduce its annual mortgage insurance premium from 0.85% to 0.55% for most new borrowers, resulting in an average annual saving of $800 for homeowners. The reduction will take effect on March 20.