When you’re looking to buy a new home, you need to know how much home you can afford. A pre-approval is an assessment of the financing you can qualify for based on your financial standing. Getting pre-approved is an important step as it shows sellers that you’re a serious and credible buyer.
At 1st Advantage Mortgage, we strive to educate and prepare our borrowers to help the loan process runs smoothly with no surprises along the way. Here are some helpful DOs and DON’Ts to follow when you apply for home financing.
The mortgage world is full of industry-specific lingo. One commonly used acronym is LTV or Loan to Value. This term is often used in the home buying or refinancing process to describe the loan amount as a percentage of the purchase price or value of the property. For example, an $80,000 loan on a $100,000 property equals an 80% LTV.
Owning a home provides numerous financial benefits, but most importantly, gaining equity for your future. The spring market is upon us, and with continued low rates and low down payment options, it may be the right time to consider buying a home.
Here are some of the benefits of buying a home that you may not have considered.