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Mortgage

Mortgage Education

Article - What's the Point
What’s the Point?
What’s the Point? 1024 536 Vellum Mortgage

Your financial house is in order and you’re ready to make your dream of homeownership a reality. Now it’s time to get a mortgage. So what are these so called “points” and is there a point in paying them? A “point” equals one percent of…

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Things to Remember
Things to Remember 1024 536 Vellum Mortgage

There are many factors that can change your ability to qualify for a mortgage. It’s important to follow these guidelines until your loan is closed. Do Pay all your monthly bills on time Keep track of all your bank deposits and statements Find and organize…

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Mortgage - 13 Mortgage Questions to Ask
13 Mortgage Questions to Ask
13 Mortgage Questions to Ask 1024 536 Vellum Mortgage

Having a list of mortgage questions to ask potential lenders is just the start. Knowing the answers you’re looking for puts you ahead of the game. Which type of mortgage is best for me? This question will help you know if you’re talking to just a…

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Understand Your Loan Options
Understand Your Loan Options
Understand Your Loan Options 1024 536 Vellum Mortgage

Not all home loans are the same. Three key choices are the loan term, or length of the loan, the interest rate type and the loan type. Knowing what kind of loan is most appropriate for your situation prepares you for speaking to lenders. A…

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3 Keys to Buying a Home
3 Keys to Buying a Home 1024 536 Vellum Mortgage

Mortgage guidelines for first-time homebuyers have changed over recent years. In order to ensure loan approval, you need to have everything in order before your application. Credit Credit is very important for the first-time homebuyer. An FHA loan allows a lower credit score, sometimes as…

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Pre-Qualification vs. Pre-approval
Pre-Qualification vs. Pre-approval 1024 536 Vellum Mortgage

Two often confused terms in the home buying process are a mortgage loan pre-qualification and a home loan pre-approval. Here’s what you really need to know about each one. Pre-Qualification A mortgage pre-qualification is simply an estimate of how much home you can afford and…

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Private Mortgage Insurance
Private Mortgage Insurance
Private Mortgage Insurance 1024 536 Vellum Mortgage

PMI, aka private mortgage insurance, is a type of mortgage insurance from private insurance companies used with conventional loans. Similar to other kinds of mortgage insurance policies, PMI protects the lender if you stop making payments on your home loan. PMI can be arranged by…

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New Mortgage Rules For Self-Employed Borrowers
New Mortgage Rules For Self-Employed Borrowers
New Mortgage Rules For Self-Employed Borrowers 1024 683 Vellum Mortgage

Being your own boss comes with a lot of perks. Easier mortgage approval may not be one of them. If you’re self-employed, you must meet different requirements than a salaried person to qualify for a mortgage. The rules about updated in recent months to take…

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Why Use a Local Mortgage Lender
Why Use a Local Mortgage Lender?
Why Use a Local Mortgage Lender? 1024 667 Vellum Mortgage

Real estate agents who would represent you as a buyer do care which lender you use. They’ll often suggest that you use a local lender who’s experienced with your area’s nuances, such as local taxation rules, settlement procedures and appraisal methodologies. These areas are all…

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Pen pals with your mortgage lender?
Pen Pals with Your Mortgage Lender?
Pen Pals with Your Mortgage Lender? 628 419 Vellum Mortgage

According to a piece in the Wall Street Journal, it is a common practice for underwriters to reach out to borrowers asking for letters of explanation sometimes referred to as “comfort letters” to firm up mushy spots in their knowledge of borrowers’ situations. These letters…

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