Remove Loan Officer Remove Pre-approval Remove Principal Remove VA loan
article thumbnail

How to Apply For a First-Time Home Buyers Loan: Simplifying the Process Into 8 Doable Steps

HomeLight

Second mortgages : These are loans you can take out to subsidize the down payment in addition to taking out a principal mortgage. You can qualify for loans with as little as 3.5% Service members, veterans, and surviving spouses qualify for these loans with 0% down. Step 5: Get preapproved for your loan.

Loans 97
article thumbnail

Looking for a Mortgage Lender? Here Are 19 Questions to Ask Them Before You Commit

HomeLight

These are things you just might not know as a buyer — but your agent and loan officer can give you guidance! What type of home loans do you offer? There are several types of home loans out there, and you’ll want to ask any potential lender which ones they offer, as not all lenders support all loan types.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Mortgage Broker vs Lender: What’s the Difference and Which Should You Choose

HomeLight

Lynn Devine, a five-star-rated loan officer with Fairway Independent Mortgage Companies Kansas branch suggests borrowers first consider their credit score, because it’s one of the biggest pre-approval factors and can sway this decision (more on that below). Decisions, decisions.

article thumbnail

What You Need to Buy a House in 2021

Redfin

Money that is not going against the principal of your mortgage. However, there are other types of home loans, such as FHA-backed loan, Conventional and VA loans if you have served in the military and qualify, that may allow you to put down less than twenty percent while avoiding PMIs altogether. Get Pre-approved.

article thumbnail

131 Real Estate Terms & Definitions Your Clients Expect You to Know in 2023

The Close

How else would you and your clients understand how much is being paid in principal and interest over the years? Clients may be confused about the difference between an interest rate on their mortgage loan and an APR. It’s an official form certifying that a veteran has met the terms that qualify someone for a VA loan.