One Source Lending

read moreWhether you are buying or selling a home, you should have a professional home inspection performed. If you are buying a home, you need to know exactly what you are getting. A home inspection, performed by a professional home inspector, will reveal any hidden problems with the home so that they may be addressed BEFORE the deal is closed. You should require an inspection at the time you make a formal offer. Make sure the contract has an inspection contingency. Then, hire your own inspector and pay close attention to the inspection report.

read moreBuying a home will likely be the largest investment you make in your life. So before you commit to the transaction, you want to be sure that the "title" of the property is free of other claims. A title insurance company ensures that your new home is free of encumbrances and other legal obstacles. You pay the title company a single premium which includes the cost of verifying clear title and covers you in case some fault is later discovered in the title. The title company searches the property's title history.

read moreDo you want to tap into your home's equity to pay for a home remodeling project or to pay off a credit card? With a home equity loan, a fixed or adjustable rate loan is secured by your home equity. You will repay this loan over an agreed time period by making payments monthly, just like with your original mortgage. You can use the terms "home equity loan" and "second mortgage" to mean the same thing. Getting your current mortgage is a process similar to that of a home equity loan. You'll be pleased to learn the closing costs are lower with a home equity loan, and even though there is a larger interest rate than a first mortgage, the interest can be deducted from your taxes.

read moreKeep a running total of each principal payment. Make yourself aware of the purchase prices of other homes in your neighborhood. If your mortgage is under five years old, chances are you haven't paid down much principal you have paid mostly interest. At the point you determine you've achieved at least 20 percent equity in your home, you can start the process of canceling your Private Mortgage Insurance. You will need to notify your mortgage lender that you want to cancel PMI payments. The lending institution will require documentation that your equity is high enough.

read moreIt has been said that only when your new interest will be at least two points lower, should you refinance your loan. That may have been true a while back, but with the fact that refinancing has been costing less recently, it is never the wrong time to think about a new mortgage! A refinance is often worth its cost many times over, because of the advantages that it brings, in addition to a lower interest rate. When you refinance, you may be able to lower the interest rate and monthly mortgage payment amount, perhaps significantly.

read moreA rate lock or a rate commitment is a lender's promise to hold a certain interest rate and a certain number of points for you for a specified period of time while your application is processed. This prevents you from going through your whole application process and at the end of it finding out the interest rate has gone up. A rate lock period can vary in length, and longer ones usually cost more. A lender will agree to "hold" your interest rate and points for a longer period, say 60 days, but in exchange the rate and maybe points are higher than with a shorter rate lock period, for example.

read moreMake no mistake, there's a lot involved in getting a mortgage loan. You wouldn't be here on our website if you could fill out a one-page application and get the best loan for you funded the same day. What we do is most of the heavy lifting for you, so you can concentrate on what's important -- preparing to move into your new home, saving money, or making plans for your home equity line of credit. This is a function of a couple things. How much of a monthly payment can you afford? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you?

read moreMany folks who would like to buy a new house qualify for various loan programs, but they can't afford a large down payment. Cut expenses and save. Look for ways you can reduce your expenses to set aside funds for a down payment. You also could enroll in an automatic savings plan to automatically have a specific amount from your paycheck deposited into savings. You might look into some big expenses in your budget that you can do without, or reduce, at least temporarily. Here are a couple of examples: you may decide to move into less expensive housing, or skip a family vacation.