Mortgage

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Everything You Need to Know About Appraisal Gaps

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With mortgage interest rates remaining low compared to historic averages, many people are financing their home purchases – a move that makes a lot of financial sense.

Whenever you buy a property and intend to take out a mortgage on it, whether it be a house, condo or cooperative, all mortgage lenders will require an appraisal, which is an unbiased estimate of the true or fair market value of the property. All lenders order an appraisal during the mortgage loan process so that there is an objective way to assess the home's market value, and ensure the amount of money requested by the borrower is appropriate.

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What’s the Difference Between Prequalified and Preapproved?

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The homebuying process comes with a language all its own, and two of the terms you may have heard are prequalified and preapproved. While both can be essential parts of obtaining a mortgage and buying a home, you may not know what they mean. Check out the information below to learn how each term may benefit you during your home search.

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Why the 20 Percent Down Payment Isn’t Always the Best Option

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The 20 percent down payment on a conventional loan is one of those “everybody knows” items, as in “everybody knows you have to put 20 percent down.” In reality, however, there are a variety of down payment options available in the mortgage marketplace, and a 20 percent down payment may not be the best choice for your particular home purchase scenario. Find out what you need to know to determine the down payment amount that’s right for you and for your next home purchase.

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