JuanitaMortgages
Getting pre-approved is a crucial first step when buying a home. It tells you how much you can spend on a home between your down payment and the approved loan amount. Sometimes, though, the pre-approval amount is lower than what you expect, throwing a wrench in your plans.
Here are five ways to increase your pre-approval amount if this happens to you.
Continue reading “5 Tips to Get Pre-Approved for a Higher Loan Amount”
Very rarely do people have the cash to buy a house in full. Most borrowers must put money down on a home to purchase it, known as a down payment. Lenders make up the difference with a mortgage loan, using your new home as security until your mortgage is paid off. Many borrowers qualify to put down less than 20% on a home but must pay mortgage insurance.
When you put more than 20% down, this insurance is not mandatory. Understanding how mortgage insurance works and whether you should make a 20% down payment is very important when buying a home.
Continue reading “How Much Do I Need For A Down Payment To Buy A House?”