Down Payment Archives - South Park Mortgage, LLP

As a trusted mortgage broker, one of the questions we frequently address is, “How much should you put down on a house?” The answer isn’t uniform; it hinges on your unique financial objectives and current circumstances. While a larger down payment offers advantages, committing too much can leave you financially constrained after your move. In…

Becoming a homeowner is a significant milestone that many aspire to achieve, especially first-time home buyers. However, the journey towards owning a home can often seem daunting, with financial barriers and complex processes to overcome. In a bid to make homeownership more accessible, both Fannie Mae and Freddie Mac have introduced special programs designed specifically…

Are you a first-time home buyer eager to step into the realm of homeownership but daunted by the substantial down payment requirements? We’ve got fantastic news for you! The real estate landscape is evolving, and with it comes innovative solutions to make your homeownership dreams a reality. Enter the remarkable 1% Down Conventional Loan –…

Securing a mortgage is a crucial step in the journey to homeownership. However, the process can seem intricate, complete with its unique vocabulary. In this blog post, we’ll demystify the mortgage approval process, breaking down the essential steps and introducing you to key terminology to help you navigate with confidence. Understanding the Mortgage Approval Process:…

Navigating the world of mortgages can be overwhelming, especially for first-time homebuyers or those new to the real estate market. Understanding the terminology is crucial for making informed decisions about your mortgage options. In this blog post, we’ll demystify the top 10 most important mortgage vocabulary terms, giving you the knowledge to confidently navigate the…

How an FHA manufactured home loan works An FHA manufactured home loan is a mortgage insured by the Federal Housing Administration (FHA) to purchase homes built in a factory. Although you may hear about FHA loans to buy mobile homes, the term “mobile home” was often used when referring to homes built prior to June…

Buying your first home is a milestone that comes with excitement and anticipation. However, navigating the mortgage process can seem complex, especially if you’re unfamiliar with the requirements. Fear not! We’re here to guide you through the steps of qualifying for your first mortgage, making your path to homeownership smoother than ever. Step 1: Assess…

Mortgage rates change daily, and sometimes multiple times per day. In this article, “mortgage rates” will refer to the combination of upfront cost and actual interest rate. The 2 Components of Mortgage Rates. For example, if we talk about “higher rates,” it could either mean that the interest rate is higher, or simply that the…

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…

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…