Mortgage Rate Lock: Costs, Expiration and Lender Assistance
In part one of this two-part blog series, we went over some basics on mortgage rate locks for those buying a home. A mortgage rate lock is an offer from a mortgage lender to a buyer to prevent their interest rate from rising between their loan application and closing date, and it’s often useful for […]
Financial Perks of First-Time Homeownership
If you’re thinking of entering the home market for the first time, there’s no question there are some challenges ahead of you. Being a first-time homebuyer comes with several new experiences to navigate, which is part of what the professionals at Primary Residential Mortgage are here to help with. We are a trusted local mortgage […]
Conforming Versus Non-Conforming Mortgage Loans
You’ll hear many new terms if you’re entering the mortgage and homebuying world for the first time, and one such term will be “conforming loan limit” and similar variations. There are a wide variety of mortgages out there, all of which either meet or don’t meet various standards that define a “conforming loan.” At Primary […]
Pre-Qualified or Pre-Approved What is the Difference?
Overview If you’re looking to buy property, you’ve probably heard that you should get pre-qualified or pre-approved for a mortgage. These two are the key steps in the mortgage-application process. Pre-qualifying is the first step which gives you an idea of how much of a loan you’ll likely qualify for while pre-approval is the second […]
How Down Payment Gifts Work
Confident real estate agent holding your new house keys and smiling at camera For many people, the most stressful or worrisome part of mortgage loans is the down payment. A standard home loan will come with a down payment requirement that may be up to 20 percent of the principal loan amount, and this can […]
Understanding Escrow for Mortgage and Homebuying, Part 3
In parts one and two of this multi-part blog series, we’ve gone over all the important information you need to know about escrow in a mortgage and homebuying situation. Used to keep both buyers and sellers protected with large sums of money changing hands, escrow involves money being held by a third party during certain […]
Factors That Make a Good Reverse Mortgage Candidate
At Primary Residential Mortgage in Fort Myers, we know that our clients have various goals for their mortgages and home purchases. On top of maintaining a comfortable residence, some buyers are looking to build equity and credit while others might be looking to capitalize on this. For those in the latter category, especially many older […]
Different Types of Mortgage Loans Available
Finding a mortgage loan that is right for you should be easy. However, there are many programs to choose from and many ways to structure a loan. Different loan programs offer benefits that appeal to borrowers at different stages of life. So, it is important to have a complete picture of how much your mortgage […]
Deciding Between Locking and Floating Mortgage Rates
No matter what kind of home loan you’re considering for a new home or refinance, mortgage rates will be one of the factors you care most about. With a huge impact on how much you pay over the life of a given loan, interest rates may vary based on market factors, your own financial situation, […]
5 Major Things You Need to Get Pre-Approved for Your Home Loan
The most important things you can do to improve your chances of obtaining your dream home is to apply for a pre-approval. Getting pre-approved for your home loan communicates a level of credit and financial worthiness in shopping for a house. In most cases, pre-approval is the key to get the home you’ve imagined for […]