3 Reasons You Need to Find a Lender Before You Find Your Dream House

If the stars have aligned and it’s time to buy a new home — even if you’re stuck with virtual open houses given our current circumstances — don’t skip step one. Before you start hunting for that dream house, and possibly even before you link up with a real estate agent, you need to talk to a mortgage lender. Here are three reasons why. Continue reading “3 Reasons You Need to Find a Lender Before You Find Your Dream House”

Are All Mortgage Lenders Basically the Same?

This is a great question, because it addresses a common misconception about the mortgage industry as a whole. You might assume that all mortgage lenders are essentially offering versions of the same thing, and they’re all similarly motivated to get you the best deal. That’s somewhat true, with caveats, but it largely discounts individual experience — an important consideration. Continue reading “Are All Mortgage Lenders Basically the Same?”

Does Shopping for a Mortgage Lender Hurt Your Credit?

One of the biggest considerations for anyone financing a new home is the lender. Don’t make the mistake of assuming all lenders are the same, or that you’ll get the same experience no matter which one you choose. Taking the time to do your homework is never a mistake, and we’ve shared tips previously for finding the right lender. But does shopping for a mortgage lender hurt your credit? Continue reading “Does Shopping for a Mortgage Lender Hurt Your Credit?”

What is PMI, and How Can I Avoid It?

If you’re gearing up to buy a new home, you’ve probably stumbled across the acronym PMI somewhere. It stands for private mortgage insurance, and it’s a policy designed to protect lenders from defaults or foreclosures. Anyone looking for home financing should be very clear on PMI, from when it’s necessary to what might be done to avoid it. Continue reading “What is PMI, and How Can I Avoid It?”

The Pros and Cons of a Low Down Payment

For prospective homeowners, the down payment on a new home can be a big hurdle to clear. That’s especially true if you’re scraping together the full 20% of the purchase price. But there are multiple ways to finance a home — the Cushing team here at Guild Mortgage in Reno is happy to go through options with you — and a 20% down payment isn’t always required. If putting down less money upfront sounds like a dream to you, it’s worth investigating the pros and cons of a low down payment. Continue reading “The Pros and Cons of a Low Down Payment”

10 Questions to Ask a Lender Before Committing to a Loan

Financing a new home is a huge decision, and you should feel comfortable and confident in your choice of lender before you start signing paperwork. The home-buying process can be a fraught experience, but don’t rush things unnecessarily — taking time to find the right lender is never a mistake. The best way to get a feel for a lender and a potential loan option is straightforward — ask questions! You’ll learn a lot about what you can expect, and your lender will learn about you, too. The more they understand your circumstances, the better equipped they are to steer you in the right direction. To help you get started, the Cushing Team of Guild Mortgage here in Reno is sharing ten questions to ask a lender before you commit to a loan.
Continue reading “10 Questions to Ask a Lender Before Committing to a Loan”

Should You Put 20% Down on a Home Purchase?

Wondering how much money to put down a house is standard among prospective buyers, and especially for first-time homeowners. Like all things related to the mortgage process, there is no one-size-fits-all answer. Depending on the circumstances, it can be more strategic to put down less money. While conventional wisdom holds that a 20% down payment on a home purchase is the standard, there’s a lot more to the story. Continue reading “Should You Put 20% Down on a Home Purchase?”

Loan Options — What’s a USDA Loan?

The United States Department of Agriculture (USDA) is best known for its role in nutrition and food safety, which is why it surprises many to learn of the agency’s involvement in rural development. In fact, the USDA has its very own mortgage assistance program, which is geared to rural and suburban homeowners. Here’s a rundown on the USDA loan and qualifications for eligibility. Continue reading “Loan Options — What’s a USDA Loan?”

Can You Buy a House with No Money Down?

For many prospective homeowners, the biggest hurdle is the down payment. While conventional loans can require a 20% down payment, there are other loan options with much lower down payment requirements. And in some cases, you may be eligible for a mortgage with zero down. But just because you may qualify to buy a house with no money down doesn’t always mean you should. Here’s what to know about types of zero down payment mortgages, plus their pros and cons. Continue reading “Can You Buy a House with No Money Down?”