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…
read more
If you’re a first-time home buyer, you might think you’re not ready to purchase a house. Perhaps you’re concerned about your job situation, your previous credit history, or your high monthly expenses. Whatever the circumstances, every borrower and financial situation is unique. Unless you’re a…
read more
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…
read more
One–third of Millennials had their best friends at heart — dogs, that is — when deciding to buy their first homes. According to an online survey conducted by Harris Poll, only wanting a bigger home and to build equity rather than pay rent to someone…
read more
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…
read more
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…
read more
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…
read more
A large part of a successful move is finding a good neighborhood. Here’s a few ways to find what pretty much everyone agrees makes up a good ‘hood: Schools: You can view demographics and stats for any school district in the US by navigating to…
read more
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…
read more
One of the first steps in the homebuying process is fully understanding your finances. Here is a checklist to help you prepare. Avoid making changes to your financial story that could hurt your ability to qualify for your home loan. Do Make and stick to…
read more