So you’ve decided you want to buy a house – congrats! You’ve budgeted carefully and crunched the numbers to get a sense of what you can afford but, before you spend valuable time searching for your perfect dream home, there’s one more crucial step you ought to consider: getting a pre-approval letter.
You probably already know that a mortgage is the loan you need to buy a house when you don’t have several hundred thousand dollars of cash on-hand. You may or may not, however, know that the word “mortgage” originates from the Latin and Old French words for “death pledge.”
The journey toward homeownership is undoubtedly an exciting one, but also one fraught with questions that can send even the most ‘zen’ individual into a tailspin. Of these questions, the first – and perhaps the most crucial – one that you should ask yourself when starting the homebuying journey is: how much home can I actually afford?
You got a mortgage and bought a home. Between keeping the yard mowed, setting up smart home devices, maintaining gutters and all the other responsibilities that come with being a homeowner, refinancing may have never crossed your mind. Is it the right move for you? Let’s discuss.
We know that navigating your way around the homebuying process can be daunting, especially as a first-time homebuyer. That’s why we’ve put together this A-Z of key terms that you may encounter as you embark upon this process – and remember, if you still find yourself stumped, you can feel free to get in touch with Simplist’s expert loan officers.
You’re probably familiar with the scenario: you encounter a mortgage comparison site that promises to quickly and conveniently help you to compare rates and lenders. You diligently go through the painstaking process of entering all your information, you hit the submit button and... realize it was all for nothing.