Understanding Temporary Buydowns: What They Are and Their Benefits What is a Temporary Buydown? A temporary buydown is a mortgage financing arrangement that allows borrowers to lower their initial interest rate for the first few years of their mortgage term.…
Understanding Non-QM Loans: A Path to Homeownership for Unique Borrowers What is a Non-QM Loan? A non-qualified mortgage loan, more commonly referred to as a Non-QM loan, is designed for borrowers who do not fit the criteria set by the…
Conventional vs. FHA Loans: What’s the Difference? When embarking on the journey to homeownership, understanding your financing options is crucial. Two of the most popular types of home loans are Conventional loans and FHA (Federal Housing Administration) loans. Each has…
FHA vs. VA Loans: Understanding the Differences When it comes to buying a home, financing is often one of the biggest hurdles to overcome. Two popular loan options that help make homeownership more accessible are FHA (Federal Housing Administration) loans…
Understanding Income Requirements for Homeownership Homeownership is not just for the ultra-wealthy. While income is a significant factor when buying a house, knowing exactly how much you need to earn is not straightforward. Financing Your Home Purchase Most people who…
Whether this is your first or tenth home purchase, shopping for a new home is an exciting time. It can also be a stressful and lengthy process. This guide can help you stay on track and in your new home…
Your 2024 Home Buying Checklist: A Step-by-Step Guide Ready to purchase your first home? Use this easy-to-follow checklist to navigate the path to homeownership. This updated guide will help you make informed decisions and streamline the process. 1. Determine Your…
Understanding Different Types of Home Loans: A Guide for Homebuyers Finding a great deal on your home purchase requires understanding the various types of home loans available. Here are popular mortgage products and who can use them. Conventional Loan A…
Navigating Your Closing Disclosure: Understanding Cash to Close If you have received your Closing Disclosure from your lender, you are almost done with your home buying journey. The Closing Disclosure (CD), provided at least three full days before closing when…
Start Your Search: The Importance of Preapproval Before you begin your new home search, talk to a mortgage broker like Oak Capital Mortgage about getting preapproved for a mortgage. This important step can save you time in negotiations and keep…
