An appraisal is a critical piece of the home buying process because it establishes how much the lender will allow you to borrow to purchase the property. Because an appraisal determines the value of a property, a lender will not lend more than the value outlined. When an appraisal comes back lower than expected – […]
My Appraisal Came Back Too Low Read More »
If you’re interested in buying a new home or refinancing a property, using mortgage calculators can help you do some of the hard math that comes along with the home financing process. Warp Speed Mortgage offers mortgage calculators that can help you determine your estimated monthly mortgage payment, how much home you can afford, the income
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Once you’re ready to begin the process of buying a home, the first thing you will want to do is get pre-approved. A pre-approval is a letter from your lender that contains a definitive assessment of your purchasing power and outlines the amount you are qualified to borrow along with other important information. It will also give
Getting Pre-Approved Read More »
Your credit score is one of the most significant factors considered by mortgage lenders when you apply for a mortgage and can make or break your mortgage application, as a low credit score could result in your application being denied. Even if your credit score is high enough to qualify for a mortgage, you’ll likely
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The first step in the home financing process is getting pre-approved. Once you’ve been pre-approved you’ll have a good idea of how much you can borrow to buy your dream home. During pre-approval, you will be asked to provide employment history, financial information that ideally demonstrates good credit, a stable income, a low debt-to-income ratio, and
Steps to Take if You’ve Had Trouble Getting Pre-Approved Read More »
There are many reasons to refinance your mortgage, from getting a lower rate to taking cash out, while some homeowners may be interested in refinancing for a shorter loan term. This financing strategy can allow homeowners to pay down their mortgage quicker and with a lower interest rate. However, this route may not be for
Refinancing a 30-year Fixed to a 15-year Fixed Read More »
If you’re preparing to buy a new home, you’ve likely already heard all the mortgage jargon terms that lenders tend to throw around and one of the most common terms are traditional and portfolio mortgage loan options. Just from the names, it can be hard to tell what these terms may be referring to, so
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