Blog
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…) ...
Why get a home environmental inspection?
Home inspections are an essential part of the homebuying process. Evaluating the condition of the home and identifying problems in areas such as roofing, plumbing, or foundations will help prevent unwelcome surprises that might crop up after purchase. But have you ordered a professional environmental inspection? (more…) ...
4 Tips for purchasing a home with a variable income
When qualifying a homebuyer for a mortgage, lenders need to verify that the borrowers have a steady income. If you have an irregular or variable income, this process becomes more complex. It’s possible to purchase a home with a variable income, but it does take some extra considerations. (more…) ...
Easy ways to take control of your finances in 2023 and beyond
Are you tired of feeling like your finances are out of control? Whether you’re a young adult just starting out, or an empty nester adjusting to a fluctuating income and retirement expenses, it can be hard to keep up with the constant changes in your budget. This especially comes into focus when looking to buy a new home, when your finances will be reviewed to qualify for a mortgage. (more…) ...
What’s an escalation clause?
Whether you’re buying or selling a home, you may come across what is known as an escalation clause. Simply put, this practice increases your bid on a home by a specified amount whenever there is a competing bid. However as simple as it sounds, there are a lot of rules and intricacies to follow and know in order to use it correctly. (more…) ...
What’s the difference? Earnest money versus down payment
You’ve found the home you want to purchase and put some earnest money into it. But then you discover that you also must pay a down payment! What’s going on? Was the money you paid previously not the down payment? While earnest money is not the same as the down payment, they are entwined. Here’s what you need to know about earnest money versus a down payment: (more…) ...
Your guide to pet-friendly home buying
We love our pets and want the best for them. In fact, many pet owners buy homes in order to provide a good place to live for their furry friends. But purchasing a home with a pet is not often as simple as we like to think: There are a lot of details you must take into consideration for not only your benefit, but your pet’s as well. (more…) ...
Gifting a down payment to your adult child for their first home
According to the National Association of Realtors, parents gifting money to their children to help purchase a first home is a common experience. Gifting money is a type of down payment assistance that can help them realize their dreams of homeownership. (more…) ...
5 essential tips to save for an emergency
Emergencies occur when we least expect them, and to ensure long-term financial stability, it’s best to have a plan to weather them. When an emergency happens, be it a natural disaster, illness, or job loss, many people can find themselves struggling to keep up. Here are five essential tips to help you save for an emergency: (more…) ...
What determines the down payment on a home?
When you purchase a home, chances are you will put money down on it. This down payment is an up-front payment made in cash that is a percentage of the total home cost. This percentage is typically 20%, though it can vary based on your circumstances and loan program. Here’s what you should know about what determines your down payment: (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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