Vacant Land Lending or Land Loans share many similarities with mortgages. Both are forms of financing used to obtain property; however, unlike a traditional mortgage, there is no home to use as collateral. Many homebuyers and investors consider this option if they have the expertise in building homes from …
Is a pre-approval better than pre-qualification?
Pre-approvals vs. pre-qualifications for home loans When you decide to buy a home in Delaware, it’s important to understand the difference between a pre-approval and a pre-qualification. For example, a pre-approval at Mortgage Equity Partners involves an underwriter evaluating your credit history, income, and assets …
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Everything you need to know about a 2/1 Buydown Loan
What is a 2/1 Buydown? A 2/1 Buydown is a financing technique that allows a borrower to have reduced monthly mortgage payments for the first two years of the loan term. With this option, the interest rate would be 2% lower for the first year and 1% for the second year. In the third year, the rate will go up to the …
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9 steps to becoming a homeowner
As a first-time homebuyer in Delaware, you might be excited to find your dream home but also intimidated by the process. Real estate terms can be challenging to understand. And then there is the preparation you must do to get financed. We get it. Understanding all that goes into the process will help if your goal is to …
