03
Jun
By Todd Grey
Mortgage, ,

Will Multiple Mortgage Applications Hurt Your Credit Score?

When you are ready to buy a home, it is natural to shop around for the best mortgage rate and terms. But you may have heard that submitting multiple loan applications can damage your credit score and throw a wrench in your homebuying plans. Here is the truth behind hard inquiries, rate shopping, and how to protect your credit while securing the best deal. Understanding Hard Inquiries vs. Soft InquiriesWhenever a lender runs your credit, whether for a credit card, auto loan, or mortgage, they generate a hard inquiry on your report. Hard inquiries can lower your score by a…
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29
May
By Todd Grey
Mortgage, ,

Sweet Loans for Every Taste: Which Mortgage Treat Is Right for You?

Let’s face it, picking the right mortgage can feel overwhelming. But what if we made it more fun? Think of home loans like candy bars: each one has a distinct flavor, a specific audience, and its own perfect time and place. Whether you're buying your first home, building your dream house, or tapping into retirement equity, there’s a mortgage match made just for you. So let’s have a little fun with this sweet comparison... FHA Loan – Milky WaySmooth, classic, and made for first-timers.FHA loans are the Milky Way of the mortgage world, soft, reliable, and oh-so-comforting. Designed for buyers…
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08
May
By Todd Grey
Mortgage, ,

The Impact of Rental Income on Mortgage Qualification

For real estate investors and homeowners looking to purchase additional properties, rental income can play a crucial role in mortgage qualification. Lenders often consider this income when assessing a borrower’s ability to repay a loan, but the way it is calculated and applied varies based on different loan programs and underwriting guidelines. Understanding how rental income factors into mortgage approval can help buyers maximize their borrowing potential and secure favorable financing terms. How Lenders Assess Rental IncomeLenders typically evaluate rental income based on documentation such as lease agreements, tax returns, and property appraisals. The amount of income they recognize depends…
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18
Apr
By Todd Grey
Mortgage, ,

What Every Buyer Should Know About Home Appraisals

Buying a home is an exciting yet complex process, and one critical step often catches buyers off guard—the home appraisal. This professional evaluation determines the fair market value of a property, ensuring that both you and your lender are making a sound investment. Understanding how appraisals work can help you navigate this stage with confidence and avoid potential roadblocks. What Is a Home Appraisal? A home appraisal is an unbiased, professional assessment of a property's value, conducted by a licensed appraiser. Mortgage lenders require an appraisal before approving a loan to confirm that the home's value aligns with the purchase…
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17
Apr
By Todd Grey
Mortgage, ,

Why Did My Mortgage Lender Change?

Buying a home is one of the most significant financial steps you’ll ever take. After securing a mortgage, you expect to send your payments to the same lender for years to come. So, when you receive a notice saying your mortgage has been sold and your payments should now go to a different company, it might feel alarming. However, this is a common practice in the mortgage industry, and it doesn’t change the terms of your loan. Understanding why mortgages are sold can help ease any concerns. Why Do Lenders Sell Mortgages? When a lender issues a mortgage, they provide…
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