In 2022, the prime rate went up by 4 points, going from 3.5% to 7.5%. This happened because the Federal Reserve wanted to better manage inflation. By July 2023, the prime rate had gone up to 8.5% But what does all of this actually mean? What is the prime rate, and how does it impact […]
About Loan Processing
This author has not written his bio yet.
But we are proud to say that Loan Processing contributed 31 entries already.
Entries by Loan Processing
Homeownership is a significant milestone in many people’s lives. It’s not just about finding the perfect house; it’s also about ensuring that your finances are in order to support this long-term commitment. This newsletter will help guide you through some essential steps to prepare your finances for homeownership: 1. Assess Your Financial Situation: Calculate your monthly […]
More than 43 million Americans have student loans. So if you’re hoping to buy a home with student loans in tow, you’re not alone. Fortunately, student loans are treated just like any other debt when applying for a mortgage. While having lots of debt can certainly make the process more challenging, it doesn’t disqualify you […]
Low-income, first-time homebuyers may qualify for a low-interest, deferred payment loan of up to 17% of the purchase price for down payment assistance and 4%, up to $10,000 in closing costs assistance. Overview The loan funds must be used to pay a down payment and closing costs on the purchase. The home you buy must […]
Homeownership can be a pathway to building generational wealth — in fact, owning a home is so closely linked to long-term stability that it’s been one of the few life goals that’s just as common today as it was 50 or even 100 years ago. But how does homeownership help families build wealth? What makes […]
Refinancing is common practice for homeowners, and it’s often a smart financial move. It can lower your payment, reduce your interest rate and more. But when it’s not the right time to refinance, it can be an unnecessary effort or even result in extra costs. When should you think about refinancing, and when should you […]
For both homebuyers and homeowners, understanding how property liens work is important. In fact, they could impact your ability to buy a specific house or make a home cost more. Fortunately, finding out if a property has a lien against it isn’t too hard — nor is settling a lien once one is in place. […]
When you start researching to buy a home, you’ll see the terms “mortgage prequalification” and “mortgage preapproval” thrown around a lot. While they sound similar, they aren’t the same — and they serve different purposes in your homebuying journey. Thinking of making an offer soon? Here’s what you need to know about prequalification versus preapproval […]
We take pride in providing you with excellent service and appreciate the opportunity to assist you with all your mortgage needs.
Telephone: (888) 942-5626
Fax: (888) 416-2788