Homebuying January 09 2018

Your Loan Estimate: What to Look For

After you apply for a mortgage, you will receive the most important document in the loan process—the Loan Estimate. The Loan Estimate is a three-page form covering important information regarding your potential loan. This form will give you an estimated interest rate, monthly payment, closing costs and more! This estimate does not necessarily mean that the lender has approved your loan application, so don’t get too excited! The lender will provide the loan estimate in order to show the terms they may be able to offer you if you decide to move forward. Once you accept, you will then need to provide additional financial documents in order to get a full approval. You will want to make sure to review all the information on your loan estimate carefully and make sure it matches what you have previously discussed with your loan officer.

How much are you borrowing?

Check out the loan amount and make sure it accurately reflects what was discussed with your loan officer.

What is your interest rate?

Is it the rate you were expecting? If not, give your loan officer a call.

What is your monthly payment, how much are your closing costs?

Make sure these payments and fees match your expectations before moving forward.

Is everything spelled correctly?

It may seem simple but even a minor misspelling can cause major issues later on. Check your name carefully, as well as all of your loan officer’s information. Keep in mind, loan officers are required to be licensed with the Nationwide Mortgage Licensing System & Registry. You can look up Loan Officer’s credentials in the NMLS database. Below is an example of a loan estimate with the details that you should look for in yellow. Click the image to open the pdf. Loan estimate sample - what to look for

Sources: consumerfinance.gov

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March 05 2020

Homeownership is More Attainable Than You Think

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Tips for Buying a Home in 2020

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Haven't Considered a Refinance? You Should!

When you refinance, you are replacing your current mortgage with a new home loan. This new home loan also comes with a new term, interest rate and monthly payment that is normally more affordable in the long-run. Refinancing can present a number of benefits...

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Buying a Home Together

Moving in together is a big step in any adult relationship, but buying a home together comes with a whole new set of hurdles. A home is often the most expensive purchase that you will be making…together! Below are some tips to help you prepare for this...

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Tax Incentives for Homeowners*

The dream of homeownership comes with many financial incentives. These financial perks extend beyond the more obvious such as building equity and investing in your future, to the size of your tax return each year. Tax season is fast-approaching, so we thought it...

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Save Time, Close Online with Eagle Express Close

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January 23 2020

New Decade, New Design Trends

If you’re looking to tackle a new project in 2020, look no further than your own home. The new decade is a perfect time to update your living spaces.

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January 16 2020

Is a Mortgage Refinance Right For You?

You’ve probably heard by now that refinancing your home loan may result in benefits like lowering your monthly mortgage payments. But how does that work, exactly?

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January 10 2020

How do Interest Rates Affect Purchasing Power?

Purchasing power refers to the price of the home you can afford based on the budget you have available. Naturally, if interest rates start to increase, you will not be able to afford the same home on the same budget. In a nutshell, you will be paying more for...

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