Financing

Escrowing Taxes and Insurance with Mortgage Payment

Escrowing Taxes and Insurance with Mortgage Payment

Am I required to pay my homeowners insurance and taxes through escrow with my mortgage payment? In most cases, the Bank that is collecting the mortgage payments would prefer that both Taxes and Home Owners Insurance are rolled into one payment. This allows the bank to be sure that both taxes and insurance are always […]

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How Long is a Mortgage Pre-approval Valid?

How Long is a Mortgage Pre-approval Valid?

How Long is a Mortgage Pre-approval Valid? A Prequalification Letter is typically valid for 30 days. The lender is responsible for ensuring that the supporting documents for the Letter are less than 30 days old. If your home search lasts longer, you will want to get an up-to-date letter, as needed. When you receive the pre-approval you have […]

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Credit Scores 101

Credit Scores 101

Content courtesy of the National Association of Realtors Credit scores range between 200 and 850, with scores above 620 considered desirable for obtaining a mortgage. The following factors affect your score: Your payment history. Did you pay your credit card bills on time? Bankruptcy filing, liens, and collection activity also affect your history. How much […]

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Documents Needed for Mortgage Pre-Approval

Documents needed for mortgage pre-approval

What documents do I need to apply for a mortgage pre-approval? When you apply for a mortgage pre-approval to purchase a home, the lender will ask for many documents. These documents, along with a credit report, allow the lender to fully understand how much of a monthly payment you can afford. They will also help to […]

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