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How Long Does It Take to Close on a Mortgage?
The time it takes to close a mortgage loan varies with the type of mortgage, buyer/homeowner situations, and lender processing efficiency. According to Fannie Mae the average closing time for a new purchase is 46 days, and 49 days for a mortgage refinance. A good rule of thumb, however, is to assume that a typical […] READ MORE
What are the Major Motivations for Refinancing a Mortgage?
If you’re a homeowner, you might be hearing everyone, from your neighbors to news anchors, talking about refinancing. For a multitude of economic reasons, refinancing your mortgage loan could be the perfect solution, and it goes well beyond just easing up on the monthly mortgage bill. While rates have certainly gone up since this time […] READ MORE
What’s the Five Year Rule for Buying a House?
When you purchase a house, the general rule is that you want to be sure you’ll be in the same location for at least five years. Otherwise, you’re probably going to take a hit financially. It’s also like many things in real estate; the Five Year Rule is not a hard and fast one. It […] READ MORE
The Underwriting Process
Obtaining a mortgage requires more than submitting an application. An intricate process goes on behind the scenes. The process begins with the loan application, and from there it goes to loan processing and underwriting. The term “underwriting” refers to the process that leads to a final loan approval or denial, which is determined by a […] READ MORE
5 Best Mortgage Calculators
If you’re exploring how to finance a home, mortgage calculators are a great resource. We have all seen our fair share of mortgage calculators over the internet, once you start your search for the perfect home, mortgage calculator ads pop up, and there are many to choose from. But do you know what they are, […] READ MORE
Four Reasons That It Might Be Time to Move
There can be many reasons you might be thinking of moving soon. You could be considering relocating for work or have new neighbors that are a bit louder than you like, or you recognize it’s just time to downsize. Here’s a look at four reasons why now might be the best time to move and […] READ MORE
Opening a Store Credit Card after Closing on Your New Home
You just closed on your first home. Congratulations! The excitement is palpable, and now you direct your attention to all the great stuff you need to fill this brand new home of yours. You feel like now is the time to sit back, put your feet up and stop worrying about your credit score, right? […] READ MORE
Commission Income and Mortgages
How does a commission-based income affect a mortgage? Everyone’s situation is unique, and not all of us fit into the standard mortgage qualifying box. It happens all the time where someone builds up the nerves to venture from an hourly or salaried position into a full commission income job. Often, if the person is good […] READ MORE
Mortgage Application Checklist
Below is a list of documents that are required when you apply for a mortgage. However, every situation is unique and you may be required to provide additional documentation. So, if you are asked for more information, be cooperative and provide the information requested as soon as possible. It will help speed up the application […] READ MORE
What Happens at Closing?
The closing is when the buyer and seller sign the papers officially sealing the deal, and ownership of the property is transferred. It’s also your last opportunity as the buyer to make any final changes to the transaction. The process may involve you, the seller, real estate agents, your attorney, the lender’s attorney, title or […] READ MORE
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