Home Buyer's Guide

Comfort: At the end of the day, you need to feel comfortable with your Lender and Mortgage Professional. You will want someone who can take the time to explain your options, answer questions, and provide clear information about what’s next in the process. If you’re “sixth sense” says it’s not a fit, move on. You deserve the best!
Why are assets and debts so important to the process?
Assets and debts are primary factors in determining your loan eligibility. No matter what your situation, the best course of action is to provide your Mortgage Professional with a full accounting of all your Assets and Debts to create a game plan that qualifies you for the best loan product.
Appraisal: An estimate of the current market value of the property.
Earnest Money: Upfront money provided by the borrower to the seller as a show of good faith towards the purchase price of a home.
Gift Letter: A letter, which details the amount of gift and name of the giver, which indicates a gift of cash to the buyer of a home. This can be provided by relatives and friends, depending on the requirements of given lender and product.
Hazard Insurance: Also known as homeowner’s insurance, this covers the property from damages that may affect the value.
Private Mortgage Insurance (PMI): Paid in monthly installments by a borrower or upfront as part of the closing costs, this insurance allows a lender to lend more than 80 percent of the value of a property while protecting the lender on risk to the top 20 percent.
Title: The title is the actual document that gives evidence of ownership of a property.
Title Insurance: Title insurance protects lenders against any title dispute that may arise over a particular property. Home title insurance is a required fee paid at closing.