Depending on the type of home loan you have and the down payment you made, you might be paying for mortgage insurance as MIP or PMI. In either case, mortgage insurance is a significant ongoing expense that can eat into your finances. If you are able to stop paying for mortgage insurance, you can … [Read more...]
Budget for Home Maintenance When Buying a Home
There are a lot of costs involved in homeownership that you probably have thought of. You likely have factored in your down payment, expected monthly mortgage amount and interest, closing costs, and property taxes. But one thing you may not have thought about is how much you will be spending on home … [Read more...]
Credit Tips to Consider When Applying For a Mortgage
Are you applying for a home loan soon? If so, one of the most important things you can do is check and protect your credit score. Your credit score will be one of the key factors we assess. That means that if your score is high, you may qualify for more competitive rates and features for your … [Read more...]
Benefits of a Mortgage Pre-Approval Letter
One of the tools we offer home buyers here at First Residential Mortgage is a mortgage pre-approval letter. When you apply for mortgage pre-approval, we run your credit to generate an estimate of how much you qualify to borrow. We then print up a statement which you can show sellers as you … [Read more...]
Tips for Preventing Delays When Applying for a VA Mortgage
When applying for a VA mortgage, how do you make the process go as quickly and smoothly as possible? Below, we offer some suggestions that should help you to avoid unnecessary delays. Tips Before Applying for a VA Mortgage Be as accurate as possible. When you are applying for your VA mortgage, … [Read more...]
What Payment Methods Can Be Used to Make Mortgage Payments?
When applying for a mortgage, many of your questions probably involve aspects of the application process itself. But you might also have some questions about what you can expect after the process is complete and you move into your new home. For example, you may be wondering how you can submit your … [Read more...]
Final Walkthrough Checklist
One of the last steps in the closing process when you are buying a home it is a final walkthrough. During the final walkthrough, you check around the house to make sure everything is in order and as you expect it to be based on your previous inspection. This is the last opportunity you will have … [Read more...]
How to Get Your Certificate of Eligibility (COE)
Applying for a VA home loan in Virginia? If so, you will notice one of the requirements is to submit your Certificate of Eligibility with your application, also called your “COE.” In this post, we will tell you what you need to know about your COE, and how you submit yours with your VA mortgage … [Read more...]
Should I Choose a USDA Loan or an FHA Loan?
Are you trying to decide between a USDA mortgage and an FHA home loan? If so, you probably have questions about the advantages and disadvantages of each. While you may be wondering how they compare to one another, you might also be wondering if they are two different things. Let’s answer some of … [Read more...]
Why Is Your Credit Score Lower Than Credit Karma Told You?
Did you recently try applying for a mortgage or another loan after you looked up your credit score using the free tool provided by Credit Karma? Perhaps you faced an unwelcome surprise. The lender might have turned you down or offered you a lower rate than you’d projected. There is a specific … [Read more...]
