Q: Adjustable-Rate Mortgage (ARM)

What is an Adjustable-rate mortgage (ARM)? After an introductory period that could be 3, 5, 7, or 10 years, the interest rate on an adjustable-rate mortgage will be adjusted by the lender in accordance with current interest rates and your loan agreement. For instance, a 5/1 ARM will have a fixed rate for the first five years, then the rate will vary based on a variety of factors. Your lender will explain the details before you accept the loan. Typically, the interest rate on ARMs are lower for the fixed period which makes your payments more affordable during that period. However, the interest rate will generally go up along with your monthly payment after the rate is adjusted. Homeowners consider ARMs riskier as you can't predict what mortgage rates will be in the future.

Q: Amortization

What is Amortization ? Amortization of a mortgage refers to the process of paying off your home loan in regular monthly payments over a fixed period of time, usually 30 years. Do you know what kind of mortgage you have? Do you know whether your payments are going to increase over time? 📈 “Amortization” is the term used for the schedule of mortgage installment payments over a period of time. Typically, a buyer’s amortization schedule is one payment per month over 15 or 30 years. 📢 Important: 📝 There are both adjustable and fixed-rate mortgages. With an adjustable rate, the lender can increase the rate on a predetermined schedule, which would impact your amortization schedule. 📝 With a fixed rate, your payments with remain the same for the life of the loan, unless you refinance or there are changes to taxes or insurance.

Q: Bridge Loan

What is a bridge loan ? This short-term financing option can help you bridge the gap between buying a new home and selling your old one. It enables you to tap into your existing home equity before you’ve sold. However, there are some issues to consider before you apply for a bridge loan: 👉 The interest rates and fees are usually higher than typical home loans. 👉 The equity from your current home will be used to secure the loan. 👉 The credit requirements are often greater for bridge loans than for standard financing. If you think you may need to “bridge the gap” between buying a new home and selling your current one, give us a call. We can discuss your options and refer you to a lender who can help. 📲 865-364-0200 📩 Libby@guthriegrouphomes.com

Q: Conforming Loan

What is a conforming loan? A conforming loan is one that is limited to $647,200 for most of the U.S., which means you may be able to avoid the stricter requirements of a jumbo loan. Loan limits vary over time and by location so you should check with your lender or Realtor for the latest information. Other loan types include jumbo loans, FHA, and VA.

Q: Conventional Sale

Conventional sale: When the property is owned outright and has no mortgage . Conventional sales are often smoother transactions than those that require financing as there is no dependence on the buyer receiving a loan to purchase the property.

Question 1

2-1 Buydown

Libby Guthrie · Accepted Answer

Worried about rising mortgage rates? A 2-1 buydown could make a home purchase more affordable.

This type of financing agreement offers a lower interest rate for the first two years of the mortgage, typically a 2% discount in the first year and 1% in the second year.

For example, if you lock in a 6.5% 30-year mortgage with a 2-1 buydown, the first year’s rate might be 4.5%, while the second year’s rate would be 5.5%. After that, the rate would go up to 6.5% for the remainder of the loan.

Sometimes motivated home builders or sellers will offer to cover the cost of a 2-1 buydown as an incentive.

Interested in learning more about 2-1 buydowns and other homebuyer incentives we’re seeing in the market? Reach out for a free consultation!

Question 2

Adjustable-Rate Mortgage (ARM)

Libby Guthrie · Accepted Answer

What is an Adjustable-rate mortgage (ARM)?

After an introductory period that could be 3, 5, 7, or 10 years, the interest rate on an adjustable-rate mortgage will be adjusted by the lender in accordance with current interest rates and your loan agreement.

For instance, a 5/1 ARM will have a fixed rate for the first five years, then the rate will vary based on a variety of factors. Your lender will explain the details before you accept the loan.

Typically, the interest rate on ARMs are lower for the fixed period which makes your payments more affordable during that period. However, the interest rate will generally go up along with your monthly payment after the rate is adjusted.

Homeowners consider ARMs riskier as you can't predict what mortgage rates will be in the future.

Question 3

Amortization

Libby Guthrie · Accepted Answer

What is Amortization?

Amortization of a mortgage refers to the process of paying off your home loan in regular monthly payments over a fixed period of time, usually 30 years.

Do you know what kind of mortgage you have? Do you know whether your payments are going to increase over time? 📈

“Amortization” is the term used for the schedule of mortgage installment payments over a period of time. Typically, a buyer’s amortization schedule is one payment per month over 15 or 30 years.

📢 Important:

📝 There are both adjustable and fixed-rate mortgages. With an adjustable rate, the lender can increase the rate on a predetermined schedule, which would impact your amortization schedule.

📝 With a fixed rate, your payments with remain the same for the life of the loan, unless you refinance or there are changes to taxes or insurance.

Question 4

Assumable Mortgage

Libby Guthrie · Accepted Answer

What is an Assumable Mortgage?

A home loan that allows the buyer to take over, or assume, the seller’s mortgage at the original terms, including interest rate.

Mortgage rates have remained stubbornly high.

But did you know that homebuyers can take over certain types of mortgages from the seller—at their original interest rates? These loans are called assumable mortgages.

Many fixed-rate mortgages can be assumed; most variable-rate loans cannot.

If you have an assumable mortgage with a low interest rate, it could be a selling point for your home. However, there are some important factors to consider. Reach out for a free consultation to learn more!

Question 5

Bridge Loan

Libby Guthrie · Accepted Answer

What is a bridge loan?

This short-term financing option can help you bridge the gap between buying a new home and selling your old one. It enables you to tap into your existing home equity before you’ve sold.

However, there are some issues to consider before you apply for a bridge loan:

👉 The interest rates and fees are usually higher than typical home loans. 👉 The equity from your current home will be used to secure the loan. 👉 The credit requirements are often greater for bridge loans than for standard financing.

If you think you may need to “bridge the gap” between buying a new home and selling your current one, give us a call. We can discuss your options and refer you to a lender who can help.

📲 865-364-0200 📩 Libby@guthriegrouphomes.com

Question 6

Conforming Loan

Libby Guthrie · Accepted Answer

What is a conforming loan?

A conforming loan is one that is limited to $647,200 for most of the U.S., which means you may be able to avoid the stricter requirements of a jumbo loan.

Loan limits vary over time and by location so you should check with your lender or Realtor for the latest information.

Other loan types include jumbo loans, FHA, and VA.

Question 7

Conventional Loan

Libby Guthrie · Accepted Answer

What is a Conventional Loan?

A conventional loan is any mortgage loan that is not insured or guaranteed by the government. Conventional loans can be conforming or non-conforming.

Question 8

Conventional Sale

Libby Guthrie · Accepted Answer

Conventional sale: When the property is owned outright and has no mortgage.

Conventional sales are often smoother transactions than those that require financing as there is no dependence on the buyer receiving a loan to purchase the property.

Question 9

Credit Score

Libby Guthrie · Accepted Answer

A number ranging from 300-850 that's based on an analysis of your credit history.

Your credit score helps lenders determine the likelihood you'll repay future debts.

You'll need a score of 620 or better, but you'll get better financing rates with a score of 720 or higher.

Question 10

Debt-to-Income (DTI) Ratio

Libby Guthrie · Accepted Answer

Debt-to-Income (DTI) Ratio is a financial term that compares a person’s recurring monthly debt payments (credit cars, car loans, etc.) to their gross monthly income.

Lenders use the DTI ratio to assess a person's ability to manage the payments and repay the money they have borrowed.

It is generally calculated by dividing total recurring monthly debt by gross monthly income, and it is expressed as a percentage.

A lower DTI ratio is preferable as it shows you have a good balance between debt and income.

Question 11

Deed of Trust

Libby Guthrie · Accepted Answer

A Deed of Trust is like a mortgage. It is an agreement between a borrower (you) and a lender (a bank or other financial institution).

Question 12

Deposit

Libby Guthrie · Accepted Answer

What is The Deposit 🤔

The Deposit is an amount of money from the home buyer to the home seller, paid in good faith to show dedication to purchasing the property. 🏡

IMPORTANT FACTS 👇🏼

💰The amount varies by market 💰Goes towards the purchase of your home 💰Protects the seller if a buyer backs out 💰A buyer may get this money back – due to failed inspections or contingencies

Our best advice? When it comes to buying in a low inventory, competitive market, it’s essential to partner with a Buyer’s Agent who understands how to make your offer stand out to sellers 🥊

Contact our team for a ✨ free consultation ✨ to learn more about how to write a winning offer!

Question 13

Equity

Libby Guthrie · Accepted Answer

The equity in a home or property is the difference between how much your home is worth and how much you owe on your mortgage.

So if your home is worth $500,000 and you owe $450,000 on your mortgage, your equity in the home is $50,000.

Question 14

Escrow

Libby Guthrie · Accepted Answer

Escrow as it relates to real estate is a process of holding money and documents in a secure account while two parties complete a purchase.

Escrows are usually held by a Title and Escrow company.

This gives the buyer and seller peace of mind that the transaction is safe and that the buyer will not be able to take the money and run.

The escrow account ensures that the buyer has the necessary funds and that the seller will receive them when the transaction is complete.

Question 15

FHA

Libby Guthrie · Accepted Answer

What is the FHA?

The FHA (Federal Housing Administration) is an agency of the US government that provides insurance for mortgages. The FHA also sets rules and standards for lenders.

Question 16

FHA Loan

Libby Guthrie · Accepted Answer

What is an FHA Loan?

An FHA loan is a loan that is backed by the Federal Housing Administration. It is designed to help people buy a home who may not have the money to make a big down payment.

Question 17

FICO Score

Libby Guthrie · Accepted Answer

A FICO score is a type of credit score that indicates a person's creditworthiness.

Named after the Fair Isaac Corporation, which created the scoring model, a FICO score ranges from 300 to 850.

Financial institutions use this score to determine the likelihood of a person repaying their debts.

The higher the score, the lower the perceived risk.

It is calculated based on various factors, including payment history, amounts owed, length of credit history, types of credit used, and new credit.

Maintaining a high credit score can help individuals secure loans at competitive interest rates.

Question 18

Fixed-rate Mortgage

Libby Guthrie · Accepted Answer

What is a fixed-rate mortgage?

This mortgage's interest rate will never change, even if the term of the loan is 30 years.

Fixed-rate mortgages typically have a term of 15 or 30 years.

Homeowners prefer this type of loan as it has a lower amount of risk compared to variable-rate loans, and the monthly payment remains the same for the life of the loan.

Question 19

HELOC

Libby Guthrie · Accepted Answer

What is a HELOC?

A HELOC (Home Equity Line of Credit) is a type of loan that allows a homeowner to borrow against the equity in their home.

Question 20

Home Equity Loan

Libby Guthrie · Accepted Answer

What is a Home Equity Loan?

A home equity loan — sometimes called a second mortgage — is a loan that's secured by your home.

Unlike a HELOC, a home equity loan is a fixed amount. You receive a lump sum of money which is often used to purchase the home. It may also be used to consolidate other debt like credit card debt, at a lower interest rate.

Question 21

Jumbo Loan

Libby Guthrie · Accepted Answer

What is a Jumbo Loan?

Conforming loan limits are $647,200 for most of the U.S., so anything above this would be a jumbo loan.

Jumbo loan requirements are stricter and there are more requirements you will need to satisfy.

Find out more about jumbo loans here.

Question 22

Lender

Libby Guthrie · Accepted Answer

What is a Lender?

A (mortgage) lender is a bank or other financial institution that provides loans to people who want to buy a home.

Lenders include traditional banks, mortgage brokers, credit unions, and dedicated mortgage lenders like Rocket Mortgage^®. We usually recommend using a mortgage broker as they can "shop around" for the best loan for your circumstances.

Banks like Wells Fargo or Bank of America can only lend money to you with their in-house loans and those loan program guidelines.

When Realtors talk about lenders, they are referring to mortgage lenders.

Sometimes the homeowner can be the lender where you make the morgage payements to the homeowner instead of a bank or mortgage lender.

Occasionally, the buyer can assume the mortgage from the current homeowner.

Lenders in general offer other loans like personal loans, business loans, etc.

They can be an individual, group, or financial institution that provides money to a borrower with the expectation that you will pay them back, plus interest and fees, in the future.

Lenders include banks, private lenders, insurance companies, government agencies, credit unions, or non-bank lenders.

Question 23

Mortgage

Libby Guthrie · Accepted Answer

What is a Mortgage?

A mortgage is a loan that a person or persons take out to buy a house. The borrower pays the lender back over time with interest.

Question 24

Mortgage Rate

Libby Guthrie · Accepted Answer

The interest rate on a mortgage loan you pay to borrow that money when buying a home.

The lower the rate, the better.

BTW, the "t" is silent, so pronounce it "morgage".

Question 25

Non-Conforming Loan

Libby Guthrie · Accepted Answer

What is a non-conforming loan? 🤔

A non-conforming loan in real estate is a type of mortgage that does not meet the purchasing standards set by federal agencies such as Fannie Mae (the Federal National Mortgage Association) and Freddie Mac (the Federal Home Loan Mortgage Corporation).

These standards involve size, the borrower's credit history, debt-to-income ratio, and others.

Non-conforming loans typically have higher interest rates and may carry more risk, but they offer flexibility for borrowers who don't qualify for conventional loans.

They are often used for luxury, high-priced, or investment properties.

Examples include jumbo loans which exceed the conforming loan limits established by federal regulations.

Question 26

Pre-Approval Letter

Libby Guthrie · Accepted Answer

What is a Pre-Approval Letter? 🤔

📄 It is a letter from a lender indicating you qualify for a mortgage of a specific amount.

Getting Pre-Approved

📃 You’ll fill out a mortgage application, provide documents, and bank statements, get a copy of your credit report, etc.

Getting pre-approved is what you need to do before starting a home search. The person selling your dream home will want to make sure you really are qualified to buy. Most sellers aren’t willing to accept your offer with only a pre-qualification.

Question 27

Pre-Qualified

Libby Guthrie · Accepted Answer

What is getting Pre-Qualified? 🤔

You contact a lender, provide a bit of financial information to them, and they tell you about how much you can afford to buy. That’s about it. It’s usually done over the phone, and your credit report is not needed at this point.

WARNING! 🔥 It’s NOT a promise of a loan. You are not guaranteed any particular interest rate. And you are not ready to purchase a home. What you have is an idea of what you may be able to buy. It’s a starting point, and a good way to start planning.

You'll want to get a Pre-Approval Letter from your lender before you start shopping for a home.

Question 28

Pre-Qualified vs Pre-Approved

Libby Guthire · Accepted Answer

One of the first steps in purchasing a home is getting either pre-approved or pre-qualified for a mortgage. Unless of course, you’re buying with all cash. 😁

It’s very easy to get confused between the two things. So, should you get Pre-Qualified or Pre-Approved for a mortgage loan?

Without getting into too much detail, we’ll give you just the essentials in understanding the difference, not the complete procedure for each.

Pre-Qualified

This is the simpler of the 2 processes. You contact a lender, provide a bit of financial information to them, and they tell you about how much you can afford to buy. That’s about it. It’s usually done over the phone, and your credit report is not needed at this point.

WARNING! 🔥 It’s NOT a promise of a loan. You are not guaranteed any particular interest rate. And you are not ready to purchase a home. What you have is an idea of what you may be able to buy. It’s a starting point, and a good way to start planning.

Check out Investopedia for a more in-depth explanation if you’re curious. https://www.investopedia.com/articles/basics/07/prequalified-approved.asp

Pre-Approved

This one is where the rubber meets the road. Paperwork, and plenty of it. You’ll fill out a mortgage application, provide documents, bank statements, get a copy of your credit report, etc.

It takes more time and there are more questions. It’s best to start with plenty of time before you plan to start looking for a home. That way you can deal with finding the papers you thought were in that one file cabinet, get your updated investment info, and try to fix any credit issues you may have.

Getting pre-approved is what you need to do before starting a home search. The person selling your dream home will want to make sure you really are qualified to buy. Most sellers aren’t willing to accept your offer with only a pre-qualification.

Again find out more here. https://www.investopedia.com/articles/basics/07/prequalified-approved.asp

Conclusion

Save yourself some heartache, heartbreak, and hair-tearing-out. Get pre-approved before shopping for homes.

Better yet, call me, Libby Guthrie at 925-628-2436 and I’ll answer your questions about getting started, and if you like, I’ll connect you with the right lender for your situation.

Just so you know, before my 30+ years as a real estate agent and broker, I spent 15 years in mortgage banking. I know what I’m talking about and I love to share my expertise with you and your family.

Contact me today, share this article with a friend, and please, share on your favorite social site. Thanks!

Question 29

Principal

Libby Guthrie · Accepted Answer

The term "Principal" in real estate usually refers to the original amount of money invested or borrowed, excluding any interest or dividends.

In real estate, the term "Principal" refers to the original amount of money borrowed in a mortgage before interest is applied. It is the base amount upon which the lender calculates the interest for the loan. The principal is typically repaid over the term of the loan through a series of scheduled payments, gradually reducing the outstanding debt. When a borrower makes a mortgage payment, it typically includes an allocation for both principal and interest.

Alternatively, the term "Principal" refers to the main party involved in a transaction, which could be the buyer, seller, landlord, or tenant. In a brokerage agreement, the principal is the individual who has authorized the real estate agent or broker to act on their behalf in a transaction. This can include the selling, buying, or leasing of a property. The principal entrusts the agent or broker with certain responsibilities and makes the ultimate decision in the transaction. The term can also refer to the amount of money that is originally borrowed in a mortgage loan, excluding interest or additional fees.

Question 30

Private Mortgage Insurance (PMI)

Libby Guthrie · Accepted Answer

What is Private Mortgage Insurance (PMI)? 🤔

This is insurance that helps protect lenders if the borrower doesn't pay back their loan. 💰

You usually need PMI when you put a down payment that is less than 20% for a regular home loan. 🏡

PMI lets lenders give loans with smaller down payments. However, it costs the borrower more money each month for their mortgage.

How Much Does Private Mortgage Insurance (PMI) Cost?

The cost of this insurance can vary depending on factors like the amount of your down payment and your credit score.

Generally, PMI costs between 0.3% to 1.5% of the original loan amount per year. So, for a $500,000 loan, the cost would be between $1,500 and $7,500.

This cost is usually divided into monthly payments and added to your mortgage payment.

Do I have to Pay PMI forever?

No! Your mortgage lender will stop charging you for PMI automatically.

This happens either after you’ve paid off half of your loan term, or when you’ve built up enough equity in your home — meaning you own at least 22 percent of it, or when your LTV (loan-to-value) ratio drops to 78 percent.

If your lender doesn't automatically cancel the PMI, you can simply request them to do so.

Question 31

Refinance

Libby Guthrie · Accepted Answer

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Refinance in Real Estate[/caption]

Refinancing a home is the process of replacing an existing mortgage with a new one that has more favorable terms. The purpose of refinancing is to achieve one or more goals, such as:

Lowering interest rates This can reduce monthly payments and the overall cost of the home. Refinancing can be especially worth it if the interest rate can be lowered by 0.25%, 0.5%, 1%, or more.
Consolidating debts Refinancing can allow debts to be consolidated into one loan at a lower interest rate.
Changing the length of the loan Refinancing can shorten the term of the loan, such as moving from a 30-year loan to a 15-year loan.
Switching between fixed-rate and adjustable-rate mortgages Refinancing can allow a homeowner to switch from a fixed-rate mortgage to an adjustable-rate mortgage (ARM) or vice versa.
Accessing home equity Refinancing can allow homeowners to tap into their home equity to raise funds for home improvements, repairs, financial emergencies, or large purchases.

Question 32

Reverse Mortgage

Libby Guthrie · Accepted Answer

What is a Reverse Mortgage?

A financial agreement in which a homeowner relinquishes equity in their home in exchange for regular payments, typically to supplement retirement income. This type of loan is for adults ages 62 and older.

Should you get a reverse mortgage?

While it can be a great way to supplement your retirement income, there are some things to watch out for:

⚠️ High fees To get and finalize your reverse mortgage, you’ll be paying a range of fees that can add up quickly.

⚠️ Variable or high-interest rate The interest rate is often higher than that of a standard mortgage. It may also be variable, rather than fixed, which means it can increase in the future.

⚠️ Less money for your heirs The remaining amount of your estate will need to be repaid when you’re no longer here, usually in a specific period of time, which can be costly and stressful for your family.

This is why, in some cases, downsizing can be a better option. If you’re deciding between the two, contact us to discuss your options and make the best choice for your needs.

Question 33

Settlement Statement - HUD-1

Libby Guthrie · Accepted Answer

What is a Settlement Statement (aka HUD-1)? 🤔

A settlement statement, also known as a HUD-1, is a document that lists all the costs associated with buying or selling a home.

Question 34

Underwater

Libby Guthrie · Accepted Answer

The phrases "underwater" and "upside down" refer to a situation when the amount owed on a mortgage loan is greater than the value of the property.

Question 35

VA Loan

Libby Guthrie · Accepted Answer

What is a VA Loan? 🤔

A VA Loan is a specific type of mortgage designed for American veterans, active duty service members, and select military spouses. 🎖️

Private lenders provide this loan, which the U.S. Department of Veterans Affairs partially backs. 🪙

The main advantage is that it enables eligible individuals to purchase a home without a down payment and without needing private mortgage insurance (PMI), typically mandated in conventional loans for down payments under 20%.

🏡 Furthermore, VA Loans frequently feature competitive interest rates and more flexible qualification criteria than traditional [su_tooltip title="Mortgage" text="A mortgage is a loan that a person takes out to buy a house. The borrower pays the lender back over time with interest."]mortgages[/su_tooltip].

Veterans can also use these loans to refinance an existing mortgage or undertake home improvements. 🏚️

Question 36

VantageScore

Libby Guthrie · Accepted Answer

A Vantagescore is a credit scoring model used by some banks and lenders to assess the creditworthiness of individuals.

It one of the most commonly used credit scoring systems alongside FICO scores.

Question 37

Variable-Rate Mortgage

Libby Guthrie · Accepted Answer

What is a variable-rate mortgage? 🤔

A type of short term loan (3-10 years) where the interest rate changes periodically.

See Adjustable Rate Mortgage (ARM).

Question 38

Your First Mortgage

Libby Guthrie · Accepted Answer

Here are 5 common questions asked by homebuyers about getting their first mortgage loan.

How much do I need to save up for a down payment? 🤔

A conventional loan down payment is usually 20% of the sales price, but other types of financing require as little as 3.5% to 15%. A mortgage lender can tell you what types of loans you qualify for.

How do I know if I qualify for a loan and how much I can afford? 🫰🏼

Contact a mortgage lender to get pre-approval for a loan. The lender will ask you some basic questions about your income and debts and can tell you what amount you can be approved for, and how much your mortgage payments will be. Ask me for my lender recommendations!

What does the lender need from me to give me a loan? 💁🏼‍♀️

Usually, you are asked to provide your last two tax returns to show proof of income. You should also provide recent bank and credit card statements and proof of your current pay rate. You will also be asked for your social security number so they can run a credit check.

🏦 The lender may want to meet with you before asking for this documentation, or they may provide you with a list of which documents you need at your first appointment.

❗In my experience, you should be prepared to provide all the financial information you can. This can be a sticking point for many, as you need to trust a complete stranger with your most confidential info. But complete honesty on your part will get you the best mortgage at the best rate in a timely manner.

What if I'm Self-Employed? 🧑🏼‍🦰

⚒️ As a self-employed person looking for a mortgage, you may need to prepare several types of documentation to verify your income and financial stability for potential lenders.

Tax Returns: Lenders will want to see your personal and business tax returns for the past two years to verify your income.
Profit and Loss Statements: Also known as an income statement, this document shows your business revenue, costs, and expenses over a certain amount of time. It will give lenders an idea of your business' profitability.
Balance Sheet: This document provides a snapshot of your financial standing by showing your assets, liabilities, and equity.
Bank Statements: Lenders will want to see your personal and business bank statements to better understand your cash flow and ensure you have the funds to make your mortgage payments.
Business Licenses: If applicable, you will need to show proof of your business license to verify that your business is legal and operational.
A List of your Debts and Assets: This includes all of your current debts, such as credit card debt, car loans, student loans, and other mortgages, as well as assets like savings, investments, and property.
Credit Report: Though you won't provide this, lenders will pull your credit report to evaluate your creditworthiness.
In certain cases, you might also need a letter from your accountant verifying that you're in business for yourself.

🧠 Keep in mind that the specific documentation required can vary between lenders, so it's important to ask your mortgage provider what they need from you specifically.

What's the difference between pre-approved and pre-qualified?

❓While often used interchangeably, these terms don’t mean the same thing. Pre-qualification is an estimate of what you may be approved for based only on the verbal information you provide. Pre-approval means the lender has verified your income and debt information and run a credit check.

📙 Also, read "Pre-Qualified vs Pre-Approved" for more details about the difference between pre-approved and pre-qualified.

How do I know which mortgage option is right for me? 🤷🏼‍♀️

Your mortgage lender is the best person to advise you on this question. Their products and qualifications change from time to time, so they would know best what products are available to meet your needs.

❗Just so you know, a mortgage, a home loan, and a bank mortgage mean the same thing.

That said, you can always ask me if you want a second opinion or just want to chat about it with your trusted friend. I began my career in real estate as a mortgage lender, so I know. 🤙🏼 Call me anytime.

~ Libby

📲 865-364-0200 📧 Libby@guthriegrouphomes.com

Libby Guthrie, REALTOR Keller Williams 865-966-5005 Guthrie Group Homes, Knoxville TN Real Estate https://gghknoxville.com/

5 Roadblocks to Affordable Homeownership (and Ways to Move Past Them)

Frequently Asked Questions about Real Estate Financing

5 Roadblocks to Affordable Homeownership (and Ways to Move Past Them)

Frequently Asked Questions about Real Estate Financing

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