The process of obtaining a mortgage loan can be complex and overwhelming. Understanding the key factors that influence mortgage loan approval is essential for prospective homebuyers. This article aims to provide a detailed overview of these factors, empowering readers to navigate the loan approval process with confidence. 1. Credit Score and Credit History A person’s […]
The Loan Limits Blog
Should I Waive Contingencies to Make My Offer More Appealing to Sellers?
When making a purchase offer on a home, buyers often face a challenging decision: whether or not to waive contingencies in order to make their offer more appealing to the seller. Contingencies are contractual clauses that protect buyers by allowing them to back out of the agreement under specific circumstances. Waiving these contingencies may increase […]
Federal Reserve’s Role in Mortgage Rates: Exploring the Connection
The Federal Reserve, often referred to as the “Fed,” plays a crucial role in the U.S. economy. Among its responsibilities is the management of interest rates, which have a significant impact on various sectors. One area where interest rates hold particular importance is the housing market, where mortgage rates directly influence affordability and homebuying decisions. […]
How to Compare Mortgage Lenders: Factors Other Than the Interest Rates
When it comes to securing a mortgage for your dream home, finding the right lender is crucial. While interest rates often take the spotlight in mortgage discussions, there are numerous other factors that savvy home buyers should consider when comparing mortgage lenders. Beyond the interest rate, understanding a lender’s reputation, loan products, customer service, fees, […]
Income Requirements and Criteria for First-Time Home Buyers in 2022
Planning to buy your first home? Do you have questions about the income requirements and criteria for first-time home buyers seeking a mortgage? You’re in the right place! Below, we’ve provided an overview of the basic income requirements and qualifications for first-time buyers seeking a mortgage loan in 2022. In short: One of the most […]
The California Mortgage and Escrow Closing Process, Step by Step
How does the mortgage and escrow closing process work in California? How long does the real estate closing take, for home buyers? And what steps are involved in this process? These are some of the most common questions home buyers have about real estate escrow and mortgage closing. Today, we will examine the various steps […]
What’s the Lowest Down Payment for a Conventional Loan in 2022?
Home buyers tend to have a lot of questions regarding the down payment needed to buy a house with a mortgage loan. One of the most common questions has to do with the minimum or lowest down payment required for a conventional home loan. We’ve answered this question below. Short version: The lowest down payment […]
Here’s How Student Loan Debt Affects Your Mortgage Approval
Student loan debt can make it harder to get approved for a mortgage loan. It can increase your debt-to-income ratio and influence your credit score. It could limit your ability to save up for a down payment and closing costs. Even so, it’s possible to qualify for a mortgage loan with student loan debt. Student […]
Texas Conforming & Jumbo Loan Limits for 2022: Now Up to $647,200
5 key highlights from this report: Texas conforming loan limits were increased for 2022. The revised limit for a single-family (one-unit) property is $647,200. Anything above that amount would be considered a jumbo loan in Texas. Housing officials made these changes due to major home-price growth. Austin home prices could soon surpass the conforming loan […]
Forecast: California Home Prices Will Slow, But Not Drop, in 2022
Key highlights from this housing report: California home prices are expected to rise more slowly in 2022 But home prices in California are not expected to drop in 2022 That’s according to a forecast from the state’s Realtor association Supply and demand imbalance is putting upward pressure on prices Overall, the market is expected to […]