Anyone in the market for a new home may need to work with a loan officer. Loan officers can assist when underwriting and securing a mortgage. Here are five questions to ask to ensure you’re working with a loan officer you trust.
Ask About How Long They Have Been in the BusinessAsking a loan officer about their professional background can help a homebuyer make sure they are...
Realistic expectations are always important for homebuyers, but that’s especially true in today’s unique market. Knowing what’s to come in 2022 can set homebuyers up for success.
Fewer Homes Than BuyersWe expect the real estate market in 2022 to have more buyers looking for homes than homes available for sale. The trend means homebuyers should prepare for a...
When comparing lenders, you receive a lot of information that may seem difficult to understand at first glance. However, tools like APR are designed to give you a snapshot of the true cost of your loan. We’re here to teach you what APR is, how it works, and how it can help you when you’re making big financial decisions, like buying a house.
What Is APR?APR is an acronym for...
An acceleration clause refers to a provision in debt instruments that stipulates the circumstances under which an installment payment may be accelerated. The most common circumstance is when the borrower defaults on any of the covenants contained within the instrument, such as paying back interest or principal payments on time.
Triggers for Acceleration ClauseAn acceleration...
When looking for a home loan, there are several options available. In general, most lenders want at least 20% of the home’s value as a down payment. If the borrower doesn’t want to or is unable to put that much money down, they will need to get mortgage insurance.
What Is Mortgage Insurance?Mortgage insurance is designed to help protect the lender if the borrower...
A credit score is a number that indicates your creditworthiness. Lenders use it to decide whether they will give you a loan and at what interest rate. If you have a low score, lenders will be hesitant to trust that you’ll pay them back in the future as agreed. Below, we discuss how much of a credit score you need for different mortgages — from a personal unsecured loan to an FHA-backed...
Understanding what you’ll need to pay each month for a mortgage can help you when you’re ready to buy a home. In this article, I’ll share steps to take to calculate monthly mortgage payments.
Find Your Mortgage PrincipalKnown as mortgage principal, knowing the initial loan amount is essential for anyone who wants to calculate mortgage payments. Let me give you...
To sum it up in a few words, a mortgage is a tool to become a homeowner. Mortgages will vary depending on different factors like your down payment, interest rate, and the length of the loan, also known as the term. Before we get further into the anatomy of a mortgage, there are a few terms that you’ll need to know. We’ve included a few basic words, but we recommend that you take a...
By Andy Tuttle
The housing market is ever-changing but the need to live and work in a comfortable, well-appointed home has never changed. It’s a situation that can leave many people feeling trapped.
There is a solution – a renovation loan could be the way out.
A renovation loan is different to traditional home improvement loans or mortgages in that it is...
Hey there! Below you’ll find a list of mortgage terms and definitions to help guide you through your mortgage process. Whether you’re new to the game or just want to brush up on your terms, this list is sure to come in handy. For ease of access, we recommend bookmarking this page. Happy hunting!
Adjustable Rate Mortgage – ARM
A mortgage where the interest...
Stay up to date on what you need to know about market changes and how that impacts a home mortgage.
Copyright ©2023 The Tuttle Group
Terms of Use | Privacy Policy | Texas Consumer Complaint and Recovery Fund Notice