15 Feb 2024
By Mark Feder

Why It’s Important to have a Mortgage Pre-approval Letter and How to Get One

Mortgage Application
If you are thinking about buying a new home shortly, you may already be searching online to get a feel for the different types of homes available in the local area. You may have reviewed your budget, and you may have a fair idea about a sales price that is comfortable for you to afford. While you may feel as though you have taken the preliminary steps necessary to prepare yourself to buy a home, it is important that you also get a mortgage pre-approval letter for your financing before you start hunting for that perfect new house or condo.…
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17 Jan 2024
By Mark Feder

Loan-to-Value Ratio (LTV): The Key to Mortgage Approval

Mortgage
Securing a mortgage is a significant milestone on the path to homeownership. As you embark on this journey, you'll likely encounter various terms and ratios that play a crucial role in the approval process. One such essential factor is the Loan-to-Value ratio, commonly known as LTV. Understanding LTV is paramount, as it not only influences your chances of mortgage approval but also affects interest rates and the required down payment. We will delve into the significance of LTV and its pivotal role in the mortgage application process. What is Loan-to-Value Ratio (LTV)? Loan-to-Value ratio is a financial metric that expresses…
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14 Nov 2023
By Mark Feder

Speed Your Mortgage Approval up by Following This Checklist

Mortgage Application
Have you finally found your dream home after months of searching, and then you are told that the seller has received other offers? No buyer wants to find themselves in a bidding war against another buyer as it is a stressful situation. Being unprepared and not having your finances in order will make it even more stressful. Here are a few quick ways if you're looking to speed up your mortgage approval process, here's a checklist to help you prepare: ·        Review your credit report: Maintain a good credit score by paying bills on time, reducing existing debt, and avoiding…
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12 Jul 2023
By Mark Feder

How Long Does It Take to Get a Mortgage Approval?

Mortgage
When you're in the process of buying a home, one of the most important steps is obtaining a mortgage approval. This approval signifies that a lender is willing to offer you a loan to finance your dream home. The timeline for getting a mortgage approval can vary depending on several factors. Initial Preparations: Before you start the mortgage approval process, it's crucial to gather all the necessary documentation. This typically includes proof of income, employment history, bank statements, tax returns, and details about your assets and liabilities. Application Submission: Once you have your documents ready, you'll need to submit a…
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