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 […]
Learning About Various Down Payment Options
For many homebuyers, particularly those going through the process for the first time, the down payment can be one of the biggest sources of stress. This lump sum, paid upon closing as a percentage of the principal loan amount, is generally the largest single figure you’ll pay during the home loan process, and some people […]
Credit Score Changes | Primary Residential Mortgage Fort Myers
When you’re searching for mortgage loans, one of the most important single factors in your search will be your credit score. This score in large part dictates the kind of mortgage rates you can get, and also has a huge effect on the loan programs you’ll qualify for. At Primary Residential Mortgage, we have loan […]
Basic Steps of the Mortgage Process
A house on top of a table with mortgage application form, calculator, blueprints, etc.. For many people, especially those entering the market for the first time, looking for mortgage loans can be an intimidating process. There are several steps along the way that you have to navigate properly, and some people are unsure of certain […]
Mortgage Rate Lock: Basics, Float-Down and Timing
As those who have been in the mortgage market in the past are well aware, this market fluctuates significantly over months, weeks and even days. Changing rates as you negotiate and search for a home are something buyers definitely have to keep in mind, and one tool that’s sometimes offered by lenders to mitigate this, […]
Understanding Verification of Rent for First-Time Homebuyers
There are a few elements of certain mortgage situations that are unique to first-time homebuyers, and one such element is known as a verification of rent. Often used for people who do not have a significant credit history, but also simply required for first-timers by some lenders, verification of rent is a process used to […]