FICO scores, commonly called credit scores, are a statistical gauge of an individual’s ability to repay a loan. Your credit score is a key consideration in any loan process. It is the primary factor lenders use to determine how much they will loan a borrower and the interest rate. In some instances, a low […]

When purchasing a home, buyers are responsible for paying closing costs and prepaids. The difference between the two can often be confusing, especially since they are paid when closing on a home purchase. Here’s what you need to know so you’re prepared for closing day. Closing Costs vs. Prepaids: What’s the Difference? You might hear […]

Most of us, at some point, dream of buying and owning a home. In addition, the initial investment can grow into a significant profit because of property value appreciation. For both first-time and experienced homebuyers, the question becomes: “How much home can I afford?” Calculating the Limit Working with a professional Realtor and lender at […]

Most prospective home buyers work with a mortgage lender to finance a home purchase. In fact, according to a U.S. Census statistic in 2020, 64.8% of current homeowners used a mortgage loan to buy their homes. As interest rates fluctuate, borrowers generally lock in fixed rates to ensure that their monthly mortgage payments remain steady […]

Unless homebuyers pay cash for the total price of a home, they are likely to borrow at least some of the money needed to make the purchase. Lenders offer a broad array of secured loans, known as mortgages, to help buyers realize their dream. A mortgage is a loan used to purchase real estate, a […]