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On Par GSF Blog

Refinance or Not to Refinance - That is the Question.

Refinancing your home is when you pay off your existing mortgage and replace it with a new mortgage loan.  The old rule of thumb on refinancing was you needed to save one percent on your current rate.  Every homeowner has different financial goals and needs, so saving one percent shouldn't always be the deciding factor in refinancing.

The Undeniable Advantages of Homeownership

Owning a home has long been presented as the ultimate financial and personal goal of Americans across the country. Whether it's to have their own place to call home or to build generational wealth, owning a home has provided purpose and value for several homeowners. That's because there are key advantages that homeownership brings. Here are a few benefits of owning a home: Equity Equity is a key benefit of...

The Final Step to Homeownership

You and your family are finally ready to move to your new home. Your mortgage loan was approved, your house passed inspection, your belongings are packed, and everyone is looking forward to moving day.  All that’s left is to attend your closing.

Disclosures Provide You Transparency

The Loan Estimate, discussed in last week’s blog, also includes certain disclosures that will enable you to see the total cost of your mortgage under the terms of your particular mortgage loan. The disclosure documents are required by law to inform you of the complete cost of your loan and allows you the opportunity to ask questions and understand how much you will pay for the mortgage loan you will get.

Understanding Your Costs Through The Loan Estimate

After you have completed your mortgage loan application process, your loan officer will provide you with a variety of documents outlining the costs associated with your loan, such as the Loan Estimate form, which is required by law and there for your protection.

The Mortgage Loan Application - Part 2

There are 10 sections in the mortgage loan application and this week we cover the second half of the application. Your loan officer will assist you with many sections of this document, especially as they relate to the type of mortgage and terms of the mortgage loan. 

The Mortgage Loan Application - Part 1

Last week’s blog we discuss the key professionals in the homebuying process.  This week we take a closer look at the forms and paperwork necessary to purchase a home.  The mortgage loan application is one of the first steps towards your dream of homeownership.

Key People in Buying a Home

The process of obtaining a mortgage can seem quite complicated because of the number of people involved. Although it can appear overwhelming at times, it is important to recognize that each person you work with provides a specific service that will help you become a homeowner.

Understanding How Your FICO Score is Calculated.

Credit bureaus use a statistical formula to review your credit information and compare it to credit performance of consumers with similar profiles. A credit scoring system awards points based on specific factors. The total of your points determines your credit score and gives your lender a prediction of how you may repay your loan. 

What is a Credit Score?

Your credit score is a major factor that will be considered by a lender when they review your loan application. The lenders want to know what your credit history is and whether you have the ability to pay back the loan you are requesting.