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The First-Time Home Buyer’s Guide to the Closing Process
Congratulations, first-time home buyers! You’ve embarked on an exciting journey towards homeownership. As you near the end of this process, it’s crucial to understand the closing process thoroughly. Closing is the final step where all the necessary paperwork and financial transactions take place to officially transfer the ownership of the property to you. To make…
Read MoreA First-Time Homebuyer’s Guide to the Appraisal Process
Congratulations! You’ve taken the exciting step of becoming a first-time homebuyer. While the journey towards homeownership can be exhilarating, it’s important to be well-informed about the appraisal process—the crucial step that helps determine the fair market value of the property you intend to purchase. In this blog post, we’ll walk you through what to expect…
Read MoreA Guide to the Homebuying Journey: What to Expect as a First-Time Homebuyer
Are you ready to embark on one of life’s most significant milestones as a first-time homebuyer? The prospect of owning your own home can be exhilarating, but it can also seem daunting with the numerous steps involved in the purchase process. Fear not! In this comprehensive guide, we will walk you through the homebuying journey…
Read More3 BIG NO NOs
When you take out a mortgage loan, your lender puts a lot of trust in you to repay the loan. Lenders can do this because they do thorough financial background checks on borrowers before agreeing to lend money. Your interest rate will be based on how credit-worthy you are based on those checks. Examining bank…
Read MoreHELOC – Home Equity Line of Credit
Getting a home equity line of credit (HELOC) can be a great way to pay for home renovations, help pay for a child’s college tuition, or finance other important financial goals. Unlike a traditional mortgage loan though, where you are loaned a lump sum and then immediately start paying it back, a HELOC is more…
Read MoreIs it time to buy your first home?
Income No matter what the state of the housing market, having a steady and sufficient income is essential to buying your first home. You will need 2 years of steady income from the same industry. If you have been in school for a professional career, your schooling could could as time in the career…
Read MoreSo you have decided to buy a house.
Once you’ve decided you want to become a homeowner you may not know what step to take next. Should you hire a real estate agent? Should you find a lender? Should you start searching real estate listings on your own? Here’s a look at the typical home buying process to know if you are ready…
Read MoreBe Prepared!
Purcahse season is here! Here are 6 major mortgage mildstones to accomplish to make sure you are ready when you find your dream home. Get Pre-approved In competitive markets like today with limited inventory, sellers will not even consider buyers that don’t have pre-approval for mortgage financing. It only takes a few minutes to fill out…
Read MoreKnow before you owe
Mortgage planning is not just as simple as budgeting for a down payment. You will need to plan for three categories of cash-to-close when buying a home. 1. Down payment. You may be able to put as little as zero dollars down. More likely you can put as little as 1 percent down on a conventional loan…
Read MoreHow Lenders Evaluate You
How Lenders Evaluate You To prequalify you, South Park Mortgage starts with three main factors: 1. We use a debt-to-income (DTI) ratio which tells them what percentage of your income will be going towards all of your bills. They will let you spend as much as 43 percent of your income on housing and non-housing bills. …
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