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Thinking About Buying a Home - Here is a checklist.
Thinking About Buying a Home?
 Thinking About Buying a Home? 1024 536 Vellum Mortgage
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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…

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Before you make an offer, 4 tips for success.
Before You Make An Offer, Here Are 4 Tips For Success!
 Before You Make An Offer, Here Are 4 Tips For Success! 1024 536 Vellum Mortgage
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With these four tips in mind you will be better prepared to make a successful offer. Understand How Much You Can Afford While it’s not nearly as fun as house hunting, fully understanding your finances is critical in making an offer. This ‘tip’ or ‘step’…

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What to do after closing on your home loan.
To Do After Closing On Your Home
 To Do After Closing On Your Home 1024 536 Vellum Mortgage
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After you finish signing at the closing of your new home, you’re handed the keys and the house is officially yours! But, there some things you should do to make sure the transition from your old place to your new address goes as smoothly as…

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Pen Pals with Your Lender? Underwriters have questions.
Pen Pals with Your Mortgage Lender?
 Pen Pals with Your Mortgage Lender? 1024 536 Vellum Mortgage
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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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Should you refinance to a shorter-term loan?
Should You Refinance to a Shorter-Term Loan?
 Should You Refinance to a Shorter-Term Loan? 1024 536 Vellum Mortgage
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New homebuyers often choose to take out longer term mortgages such as a 30 year term mortgage on their new homes due to the security and peace of mind that a consistent monthly mortgage payment provides. However, a 30 year term can be really long…

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Paying Extra Toward Mortgage Principal Pays Off
Paying Extra Toward Mortgage Principal Pays Off
 Paying Extra Toward Mortgage Principal Pays Off 1024 536 Vellum Mortgage
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Prepaying your mortgage: How reducing your loan principal can lead to big savings. When you prepay your mortgage, it means that you make extra payments on your principal loan balance. Paying additional principal on your mortgage can save you thousands of dollars in interest and…

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Appraisal Methods
Appraisal Methods
 Appraisal Methods 1024 536 Vellum Mortgage
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When you’re buying a home using a mortgage, refinancing your existing mortgage or selling your home to anyone other than an all-cash buyer, the home appraisal is a key component of the transaction. Whether you’re a buyer, owner or seller, you’ll want to understand how…

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Pre-Approval - Verified by Vellum
Getting Pre-Approved Should Be Your First Step
 Getting Pre-Approved Should Be Your First Step 1024 536 Vellum Mortgage
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Many potential homebuyers underestimate their purchasing power and overestimate the down payment and credit scores needed to qualify for a mortgage today. Completing a quick and easy pre-approval is the first step in determining all mortgage options available to you. Benefits of being Verified by…

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What's the Point? How paying extra points might lower your rate.
What’s the Point?
 What’s the Point? 1024 536 Vellum Mortgage
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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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Not Ready to Buy a Home? You Should Still Talk to a Lender.
Not Ready to Buy a Home? You Should Still Talk to a Lender.
 Not Ready to Buy a Home? You Should Still Talk to a Lender. 1024 536 Vellum Mortgage
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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…

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