Most first-time homebuyers think that the mortgage process begins when they find the home of their dreams—but this really isn’t the most cost-effective strategy. Instead, before you begin browsing the market, consider these four tips. They will significantly minimize your stress throughout the mortgage process. 

Applying for a mortgage can get a little confusing—especially for first-time homebuyers. You see, the trick to the trade is understanding the lender lingo before setting foot in the mortgage specialist’s office. Then, by understanding the mortgage process’ most basic terms, you save yourself tons of time and confusion. Take a look at the top 14 most common mortgage terms and their definitions and you’ll sound like a pro in no time.

This year, nearly two-thirds of loan applications have been approved by mortgage lenders—and with a new “credit card” rule, these numbers are only expected to increase. According to the Federal Reserve, Fannie Mae has completely changed the way mortgage lenders calculate a borrower’s debt by altering the credit reporting industry.

At some point in their lives, most homeowners experience mortgage stress—which occurs when a homeowner’s monthly mortgage payments are more than 28% of their gross income. It’s common throughout the nation, whether or not you’re a first-time owner, but some cities actually record higher rates of mortgage stress than others.

Eustis Family of Companies Becomes Corporate Parent and Company Launches

Buying a house is no instantaneous process. It takes time to find a house, make an offer, close, and finally move. Once you get to making that offer and getting that offer approved, there’s two things you should do before closing. Namely get an inspection and get homeowners insurance. Both will ensure that your new home is safe and will stay this way for as long as you live there.

This week, the Federal Open Market Committee held its monthly meeting to discuss the state of the nation’s interest rates. According to Janet Yellen, Federal System Chair of the Board of Governors, the Committee decided to forgo raising interest rates to help the U.S. market recover from the impact of Brexit. In fact, the Federal Reserve may even wait out raising rates until after the election.

You have a friend or family member who wants to buy a house. His financial records aren’t great, so he wants you to co-sign so he gets approved on the mortgage. Should you help?

This year, nearly 75 percent of mortgage applicants are approved for their requested loan—that’s the highest approval rate this decade! Although the remaining 25 percent is not initially approved on their loans, there is still a great chance to receive approval in the future. In fact, in most cases, an unapproved mortgage loan means “not now” and lenders encourage these potential homebuyers to re-apply with changes to their applications. But what changes can you make? Check out our suggestions to change your status from “eligible” to “approved”.

This summer, refinancing was recorded as one of the most popular mortgage applications submitted to lenders throughout the country. It’s a smart, cost-effective option for many homeowners, but remember that this home financing option isn’t for everyone. Check out our list to determine if refinancing will save you money!