14 Mar 2018
By Mark Feder

What Items Can Change My Mortgage Pre-Approval Status?

Mortgage
When you are purchasing a home, your lender may recommend you obtain a mortgage pre-approval before you find the home of your dreams. There are some benefits to being pre-approved before you find a home, but oftentimes, people confuse pre-qualifications with pre-approvals. So the question many buyers have is what exactly is a mortgage pre-approval? In a nutshell, it's when the lender provides you (the buyer) with a letter stating that your mortgage will be granted up to a specific dollar amount. What Do I Need For Pre-Approval? In order to obtain a pre-approval for your home purchase, you will…
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13 Mar 2018
By Mark Feder

Can I Have A Co-Signer For My Mortgage Loan?

Mortgage
Like credit cards or car loans, some mortgages allow borrowers to have co-signers on the loan with them, enhancing their application. However, a co-signer on a mortgage loan doesn't have the same impact that it might on another loan. Furthermore, it poses serious drawbacks for the co-signer. Mortgage Co-Signers A mortgage co-signer is a person that isn't an owner or occupant of the house. However, the co-signer is on the hook for the loan. Typically, a co-signer is a family member or close friend that wants to help the main borrower qualify for a mortgage. To that end, he signs…
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01 Mar 2018
By Mark Feder

Should You Get Pre-Qualified Or Pre-Approved For Your New Home Purchase?

Mortgage
Often times, home buyers can be disappointed when they find their dream home only to discover they are not able to get a mortgage to purchase the property. There are methods that potential buyers can use to ensure this does not happen to them. One of the options is to ensure you obtain a pre-qualification from your lender. It is important to understand the difference between a pre-approval and a pre-qualification. While both are helpful, they do not carry the same weight. What are the differences between these options? A pre-qualification allows a borrower to determine how much money they…
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27 Feb 2018
By Mark Feder

How To Successfully Use Your Down Payment to Achieve Your Home Buying Goals

Mortgage
When you are considering purchasing a home , understanding the lending guidelines regarding a down payment is important.  Here are a few key tips to consider: Gifting of a Down Payment There are some programs that will allow you to use a gift for your home down payment. However, before you assume this, make sure you talk to your loan officer. Generally speaking, the lender will require the person making the gift to provide a letter stating the money was a gift and does not require repayment. Windfalls as a Down Payment When people hit the lottery or come into…
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