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Home Loan

A loan that one or more persons use in order to buy a house or other residential property in which they will live. It is primarily for personal, family, or household use that is secured by a mortgage, deed of trust, or other equivalent consensual security interest.

Frequently Ask Questions

A debt-to-income ratio is the percentage of a person’s monthly earnings used to pay off all debt obligations.

Closing costs are expenses incurred by buyers and sellers in transferring ownership of a property.

It would be very unwise to try to back out of the contract because a purchase offer that’s accepted is a legal contract that the buyer can seek legal remedies to enforce.

Along with economic factors such as supply and demand, the time of year you choose to sell can impact both the length of time it takes to sell your home and its ultimate selling price.

Typically, the real estate market picks up around February, continues strong through late May and June, and tapers off during July and August. The summer is usually the busiest time for moving since school is out and buyers may be looking to get their children in school before the new school year. September through November generally marks a rally not as strong as late winter and spring, followed by a slowdown from Thanksgiving through and beyond the Christmas and New Year holiday period.

These are similar terms thrown loosely around by many loan officers. They essentially mean that a mortgage professional has reviewed your qualification ability from a credit, income, debt obligations, and assets available for the purpose of getting a home mortgage.