Mortgage

Found 14 blog entries about Mortgage.

We've heard about it on the news lately, but what is it? What are the stipulations, will you go into default when you apply for it? How does it work, do you have to pay back the money after? Get the answers to these questions in our video!
Join Broker, Tamara Williams, and Loan Officer, Shannon Foley of Cornerstone Home Lending, as they dive into these questions and more.

For other COVID-19 updates check out these videos:
Mortgage changes with COVID-19 
COVID-19 | The Real Estate Market
Bozeman's Real Estate Market Changes Amidst COVID-19

 

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Looking to purchase a home but don’t know where to start?
This article will review 5 things you'll need in advance to complete your home purchase!

1: Mortgage Loan Pre-Approval

The first step in the home buying process is to acquire the funds to purchase the home. For the majority, that means qualifying for and obtaining a mortgage loan. A mortgage is a loan specifically used to purchase a home.

How do you get pre-approved? You can look online for lenders or give us a call and we’d be happy to give you a personal recommendation. The key is finding a mortgage lender who is there to help make the process as easy for you as possible. Once you’ve found a lender you are comfortable with, they will assist you in determining how much money you can borrow

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Thinking of buying a home but don't know where to start? Not sure of the process involved with buying a home, or just want a refresher? Then this article is for you!

RESEARCH

In order to save you time it is important to figure out how much home you can afford, what you are looking for in a home, and to determine an ideal timeline for purchasing.

LOANS

Now that you have your home purchasing goals started, it's time to get pre-approved! By getting pre-approved before you look at homes, you are saving yourself time and potential heartache. When you are pre-approved, you know exactly how much the banks are willing to loan you, giving you a price point for searching properties. By being pre-approved before you look at homes, you are also coming

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Before you start shopping for your new home, it is important to know how much home you can afford. 

When it comes to getting a mortgage, who you work with matters as every lender charges different fees and has different loan programs to offer. 

We have made it easy with this shortlist of questions to ask a lender and a few reputable lenders our clients have loved in the past. 

Questions to Ask a Lender:

1. Which type of mortgage is best for me?
2. How much of a down payment will I need?
3. What is my interest rate?
4. What are your fees as a lender?
5. Will I have to pay mortgage insurance?
6. What will my monthly payment be?
7. What are my estimated closing costs?
8. How long will it take to get a loan?

Preferred Local Lenders:

Cornerstone

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Are you looking to buy a home in Bozeman, Montana? 

This video covers some hot topics even if you are not a first time homebuyer. Tamara Williams and Graver Johnson with Cornerstone Home Lending are covering home buying and buying in a hot market. Before you start searching for homes on the internet, tune into this video! 

Topics discussed in the video above:

  • Pre-qualification and pre-approval
  • What is the 2-2-2 rule? 
  • Appraiser timeline - how quick can you close on a property? 
  • What is entailed when making an offer? 
  • Home Inspection and how long it takes to schedule an inspection 
  • What is involved with closing a home? 
  • First time homebuyer loan programs 
  • What is an express closing? 
  • Is Zillow reliable? Do they
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Being prequalified by a mortgage lender lets you know how much you can borrow. Should you get pre-qualified before you shop for properties? Short answer is YES! 

What if you have bad credit? What if you qualify for way less than you expected? Finding out these potential hurdles BEFORE you put a property under contract could save you thousands of dollars and most importantly, your time. We commonly have this conversation with our buyers to ensure they have a great lender they're working with and have their finances in order. 

Getting pre-qualified doesn't require a commitment from you or the bank. When you get prequalified, you can request a letter stating how much you may be able to borrow, based on the information you provided. You can give this

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Did you hear? FHA loan limits have increased for 2018!


(The above images and information are brought to you by Shannon Foley and Graver Johnson Cornerstone Home Lending Team)

See if you qualify today! Find out more information from Cornerstone Home Lending, Inc.

Then, checkout Tamara Williams and Company Real Estate to begin your home buying experience! 

Tamara Williams & Company
Tamara Williams - Broker
406.223.6823


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What is a Rural Development Loan (RD)? 

The RD home loan program is one of the best kept secrets.

This zero-down, 100% financing home loan backed by United States Department of Agriculture has been created to promote homeownership in more rural areas.

It’s often known as the Rural Housing Loan (RD Loan or USDA). The program is part of the larger Rural Housing Service under USDA's umbrella of programs.

But don’t let the name fool you. It’s not just for properties that are far removed from civilization. Areas outside of Bozeman city limits like; Four Corners, west of Gooch Hill (W of Ressler Auto), and Belgrade, Montana also qualify. Approximately 97% of U.S. land mass is eligible for RD financing.

How do USDA loans work?

Getting a USDA

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VA LOANS AND WHAT FEES SHOULD YOU KNOW ABOUT

There are great options when it comes to being a Veteran and homebuyer. To save a copy, right click on this image to print the flyer or simply email Info@BuyBozemanHomes.com.

If you have any questions what YOU could specifically qualify for, please contact Cornerstone - The Shannon Graver Team at TeamSG@houseloan.com or call the office line at 406-551-4016 for personalized assistance. 


Guide to VA Loans

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