28
Feb
By Todd Grey
Home Mortgage Tips, ,

How the Purchase and Refinance Mortgage Process Works

When it comes to home financing, purchasing and refinancing a mortgage share similarities but serve distinct purposes. Understanding how each process works can help you make informed decisions about homeownership and financial planning. The Purchase Mortgage Process Buying a home starts with assessing your budget. Before house hunting, it's crucial to determine how much you can afford by evaluating your income, expenses, and existing debts. Getting pre-approved for a mortgage will give you a clear picture of your budget and strengthen your offer when you find the right home. Once you identify the perfect property, you make an offer, which…
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13
Feb
By Todd Grey
Home Buyer Tips, ,

How Obtaining a Mortgage Can Impact Your Credit Score

When considering homeownership, many potential buyers wonder: Will getting a mortgage help my credit score? The answer is yes—if managed correctly. A mortgage is a major financial commitment, but it can also be a powerful tool for building and maintaining strong credit. Here’s how a mortgage can affect your credit score and what you should keep in mind. Building Credit with On-Time Payments One of the most significant factors influencing your credit score is payment history. Mortgage payments, like other loans, are reported to credit bureaus. Making your payments on time and in full each month demonstrates financial responsibility and…
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06
Feb
By Todd Grey
Home Mortgage Tips, ,

Ensure a Stress-Free Home Purchase with These Gift Fund Tips

Imagine you are about to purchase your dream home, and a generous financial gift from family or friends is making it possible. It’s a moment to celebrate!  But did you know that mishandling gift funds can lead to delays, added stress, or even jeopardize your loan approval? Don’t worry, we are here to guide you through the process! Let’s explore the top mistakes homebuyers make when receiving gift money and how to avoid them. 1. Skipping the Lender Consultation Before accepting any funds, consult your lender. Gift money rules vary by loan type, and your lender will ensure the funds…
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29
Jan
By Todd Grey
Home Financing Tips, ,

Can You Be a First-Time Homebuyer Again?

Purchasing a home is a significant milestone, and first-time homebuyer programs make the process easier for many stepping into homeownership. But what if you’ve owned a home before or are currently a homeowner? Can you qualify as a first-time homebuyer again? Surprisingly, the answer is yes. Under certain conditions, you may be eligible for these programs more than once. Here's a closer look at how it works, the eligibility criteria, and how to make the most of these opportunities. Who Qualifies as a First-Time Homebuyer? The term “first-time homebuyer” doesn’t always mean it’s your first-ever purchase. According to the U.S.…
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23
Jan
By Todd Grey
Home Buyer Tips, ,

Is It Time to Stop Paying Rent and Start Building Equity?

Have you ever calculated how much rent you’ve paid over the years? It’s a staggering number. According to studies, the average American spends between $133,000 and $155,000 on rent in just six to seven years. Let’s break that down and explore what it means for your financial future—and how you might be able to change that narrative. What Does This Number Represent? These figures aren’t just numbers; they’re the cost of temporary housing over time. Rent payments are necessary to secure a place to live, but unlike a mortgage, they don’t build equity. When you rent, your monthly payments benefit…
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