A Loan Estimate is a three-page form that you receive after applying for a mortgage. “Mortgage Key Terms.” Consumer Financial Protection Bureau, https://www.consumerfinance.gov/consumer-tools/mortgages/answers/key-terms/. Accessed 21 May 2021. Legal Disclaimer: The content on this page provides general consumer information. It is not legal advice or regulatory guidance. New Dwelling Mortgage updates this information periodically. This information may include links … Read more
A home equity line of credit (HELOC) is a line of credit that allows you to borrow against your home equity. Equity is the amount your property is currently worth, minus the amount of any mortgage on your property. Unlike a home equity loan, HELOCs usually have adjustable interest rates. For most HELOCs, you will … Read more
An appraisal is a written document that shows an opinion of how much a property is worth. The appraisal gives you useful information about the property. It describes what makes it valuable and may show how it compares to other properties in the neighborhood. An appraisal is an independent assessment of the value of the … Read more
An interest rate on a mortgage loan is the cost you will pay each year to borrow the money, expressed as a percentage rate. It does not reflect fees or any other charges you may have to pay for the loan. For example, if the mortgage loan is for $100,000 at an interest rate of … Read more
An initial escrow deposit is an amount that you will pay at closing to start your escrow account if required by your lender. “Mortgage Key Terms.” Consumer Financial Protection Bureau, https://www.consumerfinance.gov/consumer-tools/mortgages/answers/key-terms/. Accessed 21 May 2021. Legal Disclaimer: The content on this page provides general consumer information. It is not legal advice or regulatory guidance. New Dwelling Mortgage updates … Read more
The Department of Housing and Urban Development (HUD) is a government agency that helps people get and maintain quality affordable housing. They train and sponsor housing counselors all over the country. A HUD-approved housing counselor can provide you with homebuyer counseling to help you understand and evaluate your options. “Mortgage Key Terms.” Consumer Financial Protection Bureau, https://www.consumerfinance.gov/consumer-tools/mortgages/answers/key-terms/. … Read more
A home’s purchase price is the amount agreed to by the buyer and seller to be paid to the seller to purchase the home. “Mortgage Key Terms.” Consumer Financial Protection Bureau, https://www.consumerfinance.gov/consumer-tools/mortgages/answers/key-terms/. Accessed 21 May 2021. Legal Disclaimer: The content on this page provides general consumer information. It is not legal advice or regulatory guidance. New Dwelling Mortgage … Read more
Homeowner’s insurance pays for losses and damage to your property if something unexpected happens, like a fire or burglary. When you have a mortgage, your lender wants to make sure your property is protected by insurance. That’s why lenders generally require proof that you have homeowner’s insurance. Homeowner’s insurance is not the same as mortgage insurance. … Read more
2021 Guide Purchasing a new home is exciting. However, buying a house requires a lot of time and effort. It can be stressful and overwhelming for a first-time homebuyer. And understandably so, it’s the largest purchase most people make in their lifetime. The good news is, you are not alone; it’s normal to feel this … Read more
What is Pre-qualification? Although often used interchangeably, pre-qualification and pre-approval are different terms in the home loan application process. Homebuyers must know what each of these terms means. Here at New Dwelling Mortgage, a Pre-Qualification is a complete analysis of your supporting documentation. Sellers and Real Estate Agents understand the value of a Pre-qualification from a … Read more