Before taking out a loan, it’s important to learn how they work and how you can borrow smartly, safely and at the lowest possible cost. There are a few key things to understand, and the more you know, the more prepared you’ll be. Here are the mortgage loan basics. What is a Mortgage Loan? A […]
When you are purchasing a home, you have a lot of decisions to make. One of them is whether you want to increase your closing costs and lower your interest rate with mortgage points, or discount points. So, what are mortgage points and when does it make sense to use them? What is a Mortgage […]
If you have started the process of getting a mortgage, you may be wondering if you should get a 15 year or 30 year fixed mortgage. Each length of mortgage has its advantages and disadvantages. The decision between both mortgages will be based on your current financial situation. Here is what you need to know, […]
Whether you’re a first-time homeowner or planning to move, buying a new home is an exciting process. You may not know this, but there are many opportunities for tax deductions on your home that can put some money back in your pocket. Below are the top three tax benefits of owning a house. Mortgage Interest Deduction […]
Getting a mortgage pre-approval can put you ahead of other buyers and speed up the mortgage process, helping you secure your dream home. Here are the essential steps to the mortgage pre-approval process. Difference Between Pre-Qualification and Pre-Approval It is critical to understand the distinction between pre-approval and pre-qualification because they are not the same. […]
If you’ve ever been denied for a mortgage or are starting the process of buying a home, you may be wondering how to avoid rejection. Here are some tips on how to avoid a mortgage denial. Recent Large Purchases Mortgage lenders will be evaluating your finances when you apply for a loan. If you make […]
If you are self-employed, you may think that getting a mortgage is out of your reach. However, working for yourself does not mean you won’t be able to own a home! With the right financial planning, documents, and time you can get the mortgage you need while self-employed. Work History & Income It’s important to […]
One of the toughest parts of the home buying process is coming up with a down payment for your new mortgage loan. One way of doing this if you don’t have the cash on hand is by using gift funds. However, if you aren’t careful, using gift funds for your home purchase can lead to […]
If you’re 62 or older, and want money to pay off your mortgage, supplement your income, or pay for healthcare expenses, you may consider a reverse mortgage. A reverse mortgage allows you to convert part of the equity in your home into cash without having to sell your home or pay additional monthly bills. Here […]
It’s important to have a relative understanding of what Private Mortgage Insurance (PMI) is when you are in the final steps of the mortgage approval process. Here is some information to learn what PMI is, how much it costs, and how to avoid or get rid of it. What is Private Mortgage Insurance? Private mortgage […]
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Ken Venick
Phone: 443-471-4310
kvenick@equitymortgagelending.com