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What is a Condop? How to Get a Mortgage for a Condop
A condop is a mixed-use building found in New York City rarer than traditional condos or co-ops. It is referred to as a condop because of a co-op forming within a condo.
What Does a Condop Look Like?
Since a condo...
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Tricks to Lower Your Debt-to-Income Ratio when Applying for a Mortgage
What is a Debt-to-Income Ratio?
Your debt-to-income (DTI) ratio compares your monthly debt expenses to your monthly income. This evaluates how much debt you have and your ability to repay those debts with your current income stream.
How to...
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What is Mortgage Insurance?
Mortgage insurance is an insurance policy that protects the mortgage company if you happen to default on your loan. There are different insurance policies that may be required when buying a home, but primate mortgage insurance (PMI) is one of the mo...
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What are the 5 C’s of Credit?
The 5 C’s of credit are a way for financial institutions to evaluate how responsible and trustworthy you are based on your ability to handle and repay debt obligations. This is also referred to as your ‘creditworthiness.’ The 5 C’s include c...
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What is a Gift Letter for a Mortgage?
If you are thinking about buying a home, you should consider how much money you will have for a down payment. A down payment is one of the highest up-front costs to purchasing a home. Many people, especially first-time homebuyers, rely on gift lette...
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How to Choose a Mortgage Lender: Questions to Ask When Shopping for a Mortgage
A significant question people face during the mortgage process is determining which mortgage company to choose. Just remember, choosing the right lender is not always about getting the lowest rate. Many prospective borrowers spend countless hours co...
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Should I Lock my Mortgage Rate Today? Questions to Consider
Mortgage rates have remained at historic lows, and may rise, so people may be wondering, “Should I lock in my mortgage rate today?” Mortgage rates fluctuate often, so we recommend locking in that rate if you are quoted a rate with monthly paymen...
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Mortgage Underwriting Process: Steps, Timeline and Approval
The mortgage underwriting process is the lender’s review of your finances, credit, loan details, and the property before issuing final approval. The process may take anywhere from one day to several weeks, depending on the complexity of the applic...
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Questions to Ask When Refinancing Your Mortgage
With rates at historically low levels, many homeowners can lower their mortgage payments or get cash-on-hand for significant expenses. We have answered some common questions when refinancing, which may help you determine if now is and the ...
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7 Different Styles of Homes in the U.S. and Their Origins
When buying a home, you may want to look at homes with varying architectural and design styles. Familiarize yourself with the most popular types of homes in the U.S. to see which one is right for you!
Cape cod
Cape cod homes date back t...
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