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House Hunting? Here’s What to Understand about your Debt-to-Income Ratio

Determining the appropriate mortgage amount for hopeful homebuyers involves a number of considerations and tools. A calculation known as the debt-to-income ratio (DTI) is one of them. If you’re ready to take the plunge on a new house, the Cushing Team in Reno is sharing what you should understand about your DTI ratio. Continue reading “House Hunting? Here’s What to Understand about your Debt-to-Income Ratio”

What to Know Before you use an Online Mortgage Lender

Here’s something interesting. Getting a mortgage means taking on an enormous financial responsibility, and yet, homebuyers tend to settle for the first lender that crops up. In fact, according to the Consumer Financial Protection Bureau, close to half of homebuyers don’t shop around for the right lender. Kind of startling, right? Most of us are used to researching our options online when it comes to purchases like a new laptop or shoes. Why don’t we do the same for the right lender? The catch, of course, is using the web to our advantage – for research and to compare your options – and not getting sucked in to something that’s likely too good to be true. To that end, here’s what to know before you use an online mortgage lender. Continue reading “What to Know Before you use an Online Mortgage Lender”

What Credit Score Do I Need to Buy a House?

It’s a common online search for any prospective homeowner – what credit score do I need to buy a house? There’s a short, easy answer – lenders usually want to see a minimum FICO score of 620 – but it’s also an incomplete picture. If you’re in the market for a new home, here’s what you should understand about your credit score and the bigger credit report. Continue reading “What Credit Score Do I Need to Buy a House?”

Getting Your Mortgage Pre-Approval? Here’s What You’ll Need

Before the house hunt should come the pre-approval. It’s an important first step that will give you a defined price range to better guide your search. It shows real estate agents and sellers that you’re serious and able to buy, and it puts you in a good position come negotiation time. Plus, a pre-approval can help clarify details about your mortgage as you move into the loan process. Here’s what you’ll need if you’re ready to get that mortgage pre-approval. Continue reading “Getting Your Mortgage Pre-Approval? Here’s What You’ll Need”

Six Application Tips for your Home Loan

Buying a new home is an exciting, emotionally-charged experience. Navigating the process may feel a little overwhelming, but there are things you can do to keep things on track. The Cushing Team here in Reno has years of experience helping people secure the homes of their dreams, and we have advice for those just beginning the process. Here are six application tips for your home loan. Continue reading “Six Application Tips for your Home Loan”

Three Tips for Finding the Right Loan Officer

Whether you’ve just found the home of your dreams, or even better, you’re ready for that pre-approval so you’re clear on your price point, you’re going to need a great lender. But finding the right loan officer may be an even bigger decision. You need someone with the skill set and experience for your type of mortgage program, but you also need someone you can trust. How can you be sure that’s what you’re getting? Easy – just follow these three tips from the Cushing Team here in Reno for finding the right loan officer. Continue reading “Three Tips for Finding the Right Loan Officer”

Loan Options – What’s a Jumbo Loan, and Do I Need One?

Home prices in Reno-Sparks hit a median home price of $400,000 for the first time ever, and prices will likely continue to surge. That means more people may be considering financing options beyond conventional loans. Here’s what the Cushing Team in Reno wants you know about jumbo loans and how to determine if you need one. Continue reading “Loan Options – What’s a Jumbo Loan, and Do I Need One?”

Real Estate 101: What’s the Difference between a Condo and a PUD?

The Cushing Team is a mortgage lender here in Reno, which means we field a lot of questions. One of them comes up again and again, which makes sense given our current housing market. As local builders deal with a surging population and prime land becomes harder to find, common interest developments are becoming more popular. These properties are a good way to kill two birds with one stone – builders can maximize limited land and prospective homeowners enjoy affordability with the added amenity bonus that’s often included in these kinds of developments. Condominiums and planned unit developments, or PUDs, fall into this category, which brings us to that question we routinely hear – what’s the difference between a condo and a PUD? Continue reading “Real Estate 101: What’s the Difference between a Condo and a PUD?”

Pre-Approval to Closing – Understanding the Five Big Steps in the Mortgage Loan Process

Buying a home is one of the biggest purchases most people make in their lifetime. And one of the best ways to ensure things go smoothly is by doing a little homework before you dive in. Knowing what to expect can help prevent unpleasant surprises. Read on for a little understanding of the five big steps in the mortgage loan process. Continue reading “Pre-Approval to Closing – Understanding the Five Big Steps in the Mortgage Loan Process”

Loan Options – How Do I Know a Conventional Loan is Right for Me?

Figuring out how to pay for your new home is one of the most important considerations of the entire home-buying process. While most people borrow money via a mortgage, narrowing down your home loan options can feel a little intimidating. What’s the difference between a conventional loan and an FHA? How do you know a conventional loan is right for your needs? The Cushing Team can help you answer that more definitively, but here’s some general information to help you understand the basics. Continue reading “Loan Options – How Do I Know a Conventional Loan is Right for Me?”