Everything you need to know about home loans in one place. Use our "frequently asked questions" section to learn everything about mortgages, refinancing, home equity lines of credit and more.
Negative mortgage points, also known as rebates or yield spread premiums are portions of your mortgage fees that are paid by the lender, who in turn sets a higher interest rate on the loan. This is sometimes called a no cost mortgage. One negative point is equal to one percent of the overall home loan.
Read MoreMortgage underwriting is a process in which a lender examines a potential borrower’s eligibility for a loan. To do this, lenders typically look at three major factors: credit, capacity, and collateral. Now that you know these factors, let’s take a deeper dive into each.
Read MoreThe term loan origination encompasses the process that begins when a borrower applies for a new loan, through the processing of the application by the lender, and ultimately ends with either an approval and disbursement of funds, or a declination. If the loan is approved, the loan origination date is the date at which the loan is funded.
Read MoreMortgage Points, sometimes referred to as “discount points”, are fees paid to the lender directly at closing in order to reduce the interest rate and the monthly payment. The act is also known as “buying down the rate”.
Read MoreMaybe you’ve been scouring the web for home listings in your area, but how long does it actually take to buy a house once you’ve decided you’re ready? It’s an excellent question -- especially because the length of the home buying process can vary significantly. It all depends on the area you want to buy a home in, your eligibility, and several other variables.
Read MoreIt takes between 30 days and a few months to get approved for a mortgage loan. There are three steps to this process, but only the final two are required: prequalification, preapproval, and final mortgage approval.
Read MoreThe actual definition of escrow, in law, is a bond, deed, or document held by a third party -- and this bond, deed, or document will take effect only when specific conditions have been met. During a home sale, escrow is the organization or use of a third party who ensures the buyer and seller meet specified requirements of the sale.
Read More
