Blog
Why should you get a pre-sale inspection before selling your home?
Are you planning to put your home on the market? If so, it may be worth considering a pre-sale inspection. While it may sound like an added hassle and expense, having a thorough inspection of your home before listing can be incredibly beneficial in the long run. (more…) ...
Reading and understanding your closing disclosure
Regarding the home-buying process, one of the most important documents you will receive is your closing disclosure. This document outlines all the necessary details about your mortgage loan and the final house purchase costs. (more…) ...
How the Closing Disclosure replaced and enhanced the HUD-1 Settlement Statement
During the process of buying a home, chances are you’ve come across something called the HUD-1 Settlement Statement – an incredibly important form used to itemize all of the costs paid at closing. Fortunately, this form has recently been replaced by an enhanced version known as the Closing Disclosure. (more…) ...
P.I.T.I: Understanding the four parts of your mortgage payment
If you plan on purchasing a home, you will likely take out a home mortgage. Since your monthly mortgage payment is a combination of four charges bundled into one, it’s essential to understand each element of your overall payment and how it can fluctuate over time. Using the acronym P.I.T.I. can help you remember. (more…) ...
What is a debt-to-income ratio, and how can you improve it?
DTI ratio, or debt-to-income ratio, is the amount of debt you pay off each month in relation to your gross monthly income. This number lets your lender know how much of your overall income will be available to cover your mortgage and is represented as a percentage. For example, if 50% of your income goes to debt payments, you’ll most likely need to reduce debt before taking on the financial responsibility of a home. (more…) ...
Before you buy, determine how much house you can afford
Whether it’s your first home or your second, buying a home is an exciting adventure, and getting lost in the moment can be easy. But take a step back and ask yourself: How much house can I realistically afford? (more…) ...
How good faith estimates and the Truth in Lending Act protects borrowers
According to the United States Attorney’s Office, “Predatory lending practices, broadly defined, are the fraudulent, deceptive, and unfair tactics some people use to dupe us into mortgage loans that we can’t afford.” An educated homebuyer, as well as laws that loan officers are required to follow, safeguards borrowers against predatory lending: (more…) ...
Understanding the fees in your good faith estimate
Are you having trouble understanding the good faith estimate on your mortgage loan? You know that the fees can add up, but do you know what each of them are for? You have a right to question any charge at the closing of a home that you may consider excessive and/or unexpected. Being able to identify these fees may be able to save you hundreds of dollars. (more…) ...
What is a home inspection?
A home inspection is one of the most important steps in the homebuying process. This type of inspection will provide a potential homebuyer with valuable insight into the condition of their future residence and should not be overlooked or waived. (more…) ...
Loan estimate vs closing disclosure. What’s the difference?
When obtaining a home loan, you’ll receive two important documents from your lender: a loan estimate and a closing disclosure. On the surface, these documents are very similar, but they both serve different purposes. Here’s what you need to know about the differences between these two forms and what each means for you: (more…) ...
The information provided herein has been prepared by a third party company and has been distributed for education purposes only. The positions, strategies or opinions of the author do not necessarily represent the positions, strategies or opinions of Guild Mortgage Company or its affiliates. Each loan is subject to underwriter final approval. All information, loan programs, interest rates, terms and conditions are subject to change without notice. Always consult an accountant or tax advisor for full eligibility requirements on tax deduction.
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