Understanding home loan basics Do you know what a mortgage is? There are a lot of moving parts when it comes to getting a home loan, but do you really know what each term means and how it impacts you as a homebuyer? Understanding the basic terms in advance can make the process less stressful …
How to get the best mortgage rate
8 tips for getting the best interest rate on your mortgage When it comes to buying a home, securing the best mortgage rate can lead to substantial savings over the life of your loan. A mortgage is a legal agreement between a borrower and a lender that provides the borrower with the funds needed to …
MEP’s Advantage DPA Program is ideal for home buyers
What is the benefit of down payment assistance? DPA is one of the best tools homeowners have in today’s market to make homeownership more affordable. These programs provide a possible solution to help homebuyers who need financial support. With a shortage of affordable housing across the country, these programs are more important than ever to …
What is a home appraisal?
What is a home appraisal? A home appraisal is an objective opinion of the home’s value performed by a licensed professional. Since the appraisal is related to the home value and loan amount, it can impact your loan’s down payment and interest rate. An appraisal that comes in too low can cause the transaction to …
What is mortgage insurance?
What is mortgage insurance? Mortgage insurance, or MI, gives eligible homebuyers the flexibility of making a smaller down payment by lowering the risk to the lender originating the loan. Without mortgage insurance protection, lenders normally require a borrower to make a down payment of at least 20% of the home’s sales price. Many first-time homebuyers …
What are the steps in the homebuying process?
What are the steps in the homebuying process? If you are one of many first-time homebuyers taking the leap this spring, you need to know the essentials before beginning the homebuying process. Steps in the homebuying process 1. Are you financially prepared to buy a home? The most important thing to know is if you …
