Foundations of the Mortgage Industry
Understanding the foundations of the mortgage industry can be very helpful when venturing into for the first time. Even if you have some experience with getting financed for a home, knowing and understanding these foundations can give you an upper hand when shopping for the best deal. Let’s get started. The fact is that 93% of homes in America are financed through either the private sector or government sector. The breakdowns of these sectors are below. Read the rest of this entry
How Much Home Can You Afford?
Among the most common questions from a home buyer is “How much home can I afford?” The answer, however, like many things, is that “it depends”. There are no concrete rules for how much home you can afford, or how big your mortgage should be. This is because the way that a mortgage lender calculates your maximum purchase price will be different from how you would calculate it yourself. Let’s look at both approaches to home affordability. Read the rest of this entry