The Mortgage Process: What You Need to Know

Keith Kreis
Published on October 6, 2017

The Mortgage Process: What You Need to Know

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The Mortgage Process: What You Need to Know [INFOGRAPHIC] | Simplifying The Market

Some Highlights:

  • Many buyers are purchasing a home with a down payment as little as 3%.
  • You may already qualify for a loan, even if you don’t have perfect credit.
  • Take advantage of the knowledge of your local professionals who are there to help you determine how much you can afford.

source: The Mortgage Process: What You Need to Know [INFOGRAPHIC] | Real Estate with Keith Kreis

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Can The Mortgage Process Go Completely Digital?

Technology is making the process of getting a home loan more efficient than ever before, but can it remove the paper trail completely?

Advances in technology have essentially re-invented TV, music, mobile phones and most other industries in the past 10 years. Currently advances in technology are finally starting to modernize the mortgage process.

As the tech savvy millennial generation prepares to purchase their first homes, some experts say  they will gravitate toward digital tools. Furthermore, recent home buyers tend to have higher income and a more-educated background than in the past, this means that they are more likely to shop on the internet (and probably apply) for mortgages online.

Is it truly possible however, to have a 100% digital mortgage? Process of Buying a House

Can The Mortgage Process Go Completely Digital?


What You Need to Know About Qualifying for a Mortgage

Some Highlights:

  • Many buyers are purchasing a home with a down payment as little as 3%.
  • You may already qualify for a loan, even if you don’t have perfect credit.
  • Take advantage of the knowledge of your local professionals who are there to help you determine how much you can afford. Process of Buying a House

What You Need to Know About Qualifying for a Mortgage


What Are the Experts Saying about Mortgage Rates?

Mortgage interest rates have risen over the last few months and projections are that they will continue their upswing throughout 2017. What impact will this have on the housing market? Here is what the experts are saying:

Laurie Goodman, Co-director of the Urban Institute’s Housing Finance Policy Center:

“In 1984, 1994, 2000, and 2013, every time we have rate increases, we have increases in nominal home prices. We expect this to be more pronounced, as there is a big demand-and-supply gap at the present time.” Process of Buying a House

Scott Anderson, Chief Economist for Bank of the West:

“The tightening labor market, rising wage growth, high levels of consumer confidence and a millennial generation with a pent-up demand for housing should allow the housing market to weather the storm of gradually rising interest rates.” Process of Buying a House

 

What Are the Experts Saying about Mortgage Rates?


What to consider when buying a home – 5 things you should know as a buyer

If you are a like a majority of the US population, when it comes to buying a home, you are likely going to rely on financing and working with a mortgage lender. Many people tend to feel overwhelmed at the process of choosing a lender, interest rates, and the process of buying a home in general. With the right agent by your side, and with the right information in hand, you shouldn’t be worried about the process. Consider these five factors when purchasing, to ensure you find the lowest rates, and the right lender for your mortgage needs. Process of Buying a House

1. How much does it cost? –
Understanding the true cost of home ownership is the initial phase of purchasing a home. Your ownership costs consist of 4 major categories which are: the principal, interest rates, taxes, and insurance. Your mortgage payment is made up of the principal and interest rates; interest will pay borrower fees while the principal amount pays down the overall balance due on the home. Amortization calculators come in handy when calculating ownership costs. Process of Buying a House

What to consider when buying a home – 5 things you should know as a buyer

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The Mortgage Process: What You Need to Know
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