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What You Need to Know About the Mortgage Process

July 9, 2018 6:48 pm Published by Leave your thoughts

  What You’ll Need to Qualify for a home loan in Today’s Market: We’re here to help breakdown the mortgage process! Down Payment: Generally, between 5-20%  of the purchase price is a traditional down payment (However, many buyers are putting down 10% or less – with some putting down as little as 3%). Income Verification,... Read More »

What Does a Title Company Do?

June 29, 2018 6:57 pm Published by Leave your thoughts

What is a Title Company? When you purchase property,  you don’t want to pay for real estate that doesn’t actually belong to the seller. A title company helps to ensure you don’t! A title company reviews the real estate transaction to legitimize that the property for sale truly belongs to the seller.  The Title Company then issues title insurance... Read More »

What is a FICO score?

June 28, 2018 7:21 pm Published by Leave your thoughts

What is a FICO score and why do lenders need it? origin of fico score: Back in 1956, an engineer named William Fair and a mathematician named Earl Isaac came up with a formula to calculate the first credit scoring system. This calculation measures a consumer’s credit risk and has become a fixture in consumer... Read More »

USDA Increases Income Limits Making More Eligible

June 15, 2018 5:05 pm Published by Leave your thoughts

Great news home buyers!  USDA Rural Development recently increased their 2018 Income Limits for the Single Family Guaranteed Loan Program. Higher limits mean more people will now fall within the income guidelines for USDA RD loans. Did you know that 97% of American homes qualify for USDA financing? There are many residential properties in suburban... Read More »

How Does My Credit Score Impact My Loan?

June 6, 2018 7:33 pm Published by Leave your thoughts

How Does my credit score impact my loan? Lenders use credit scores to determine: Who qualifies for a loan At what interest rate What credit limits typically, credit scores will range from 300-850. fair to excellent credit scores will range from 300-850. there are many benefits to having a fair to good credit score You’ll... Read More »

5 Steps to Homeownership

June 6, 2018 7:25 pm Published by Leave your thoughts

5 steps to HOME OWNERSHIP by: lh lending step 1: Talk with a loan officer to get pre-qualified for a home loan they’ll help you determine how much home you can afford, down payment requirements and more! step 2: shop for your dream home! step 3: get a contract on your home to be purchased... Read More »

How Much Home Can I Afford?

June 6, 2018 7:13 pm Published by Leave your thoughts

  how much home can you afford? buying too much house can quickly turn your home into a liability instead of an asset. That’s why it is important to know what you can afford before you start looking for a home. general rule of thumb Keep monthly mortgage payment to 25% or less of total... Read More »

Interactive Budget Worksheet and Tips

June 5, 2018 8:45 pm Published by Leave your thoughts

Use our interactive worksheet to give you an indication of your financial health when including a monthly mortgage payment and typical homeowner expenses. LH Lending Interactive Budget Worksheet and Tips This worksheet will help you to understand your total debt-to-income (DTI) ratio, which compares your earnings against monthly expense obligations. Mortgage lenders consider DTI ratio... Read More »