Did you know you can buy a house without putting a single dollar down on the closing table? Though it sounds too good to be true, the United States Department of Agriculture Guaranteed Rural Development Loan, also known as a UDSA or rural development loan, helps potential homebuyers become homeowners with several perks unheard of…
Author: Laine Smith
Mortgage Goals: How to Build Home Equity
Home equity is arguably one of the biggest perks of being a homeowner. It is an asset and part of your total net worth. You can use it to pay off other debts, fund your retirement, pay for a child’s education or wedding, or use it to purchase your next home. However you plan to…
Mortgage 101: How to Improve Your Credit Score
If you have applied for any type of loan in the past, you know that your credit score determines a large part of your eligibility for approval. Lenders use your credit score as a numerical indication of your financial responsibility. Your credit score can determine your interest rate, the amount you are approved to borrow,…
Loan Application Checklist
Your loan application is one of the first steps to getting the ball rolling on your home financing. You can fill out a loan application in person with your loan officer, or depending on the lender, you can start the process over the phone or online. If you’ve already been pre-approved, you may have filled…
Mortgage Loan Process
To reach full loan approval, your loan application goes through various steps of verification, documentation, processing, and underwriting before your closing date. Check out the step-by-step process of your loan from application to closing.
Principal, Interest, Taxes and Insurance (PITI)
During the mortgage process, you may see the acronym “PITI” in reference to your monthly mortgage payment. “PITI” stands for the sum of monthly principal, interest, taxes, and insurance. PITI can also include homeowners association fees, if applicable.
Purchasing a Foreclosure (Rehab Loans)
Most buyers associate buying a foreclosure with getting a home for an extremely reasonable price. Though that assumption can be true, there is also a good amount of risk in buying a foreclosed property. Approximately 5 million homes have gone through foreclosure in the last half decade since the housing market collapsed. To make sure…
Mortgage Glossary
Applying for a mortgage is a big financial decision. The financing process and terminology can be confusing at times for both first-time and repeat homebuyers. Get definitions on mortgage terms that are likely to come up throughout your loan process from our mortgage glossary.
How to Check Your Loan Status
One of the many benefits of working with Compass Mortgage on your home financing is your ability as a borrower to stay informed on the status of your loan at all times. Through our website, our clients can get the current status of their loan through a secure login ID and password. This information is updated…
What Factors Affect Your Credit Score
Your credit score is a number lenders use to determine the risk of lending to you. Credit card companies, auto dealerships and mortgage bankers are a few of the type of institutions that will assess your credit score before deciding if and how much they are willing to lend you and at what interest rate….