Purchase Archives - Page 2 of 3 - South Park Mortgage, LLP

Buying your first home is an exciting journey filled with countless decisions and considerations. Among the most critical choices is securing a mortgage with a favorable interest rate. As an inexperienced home buyer, understanding mortgage terms can be overwhelming, but one term you should be aware of is the “float-down policy.” In this blog post,…

So, you’re ready to embark on the exciting journey of finding your dream home? That’s fantastic news! Whether you’re a first-time homebuyer or a seasoned pro, house hunting is a thrilling adventure filled with possibilities. But before you jump into the world of open houses and property tours, there are some essential questions and considerations…

Are you considering entering the world of real estate, either as a buyer or a seller? Understanding the financial aspects of a real estate transaction is crucial to making informed decisions. In this blog post, we’ll delve into the money needed for both buyers and sellers in a real estate purchase, giving you a clear…

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…

Purchasing your dream home is an exciting milestone, but navigating the world of mortgages can be overwhelming, especially if you’re new to the process. One popular mortgage option that many first-time homebuyers consider is the Adjustable Rate Mortgage (ARM). In this blog post, we’ll provide a comprehensive introduction to ARMs, helping you understand their basic…

Purchasing your first home is an exciting and significant milestone in your life. As you embark on this journey, you’ll encounter various terms and documents that might be unfamiliar to you. One such document is the “Abstract of Title.” While it may sound complex, it is essential for you, as a first-time home buyer, to…

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…

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…

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…

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…