How to Get Pre-Approved for a Mortgage

One of the best ways to start the home buying process is to get Pre-Approved for a mortgage. Getting pre-approved before you begin your search empowers you to get ahead of the game.  Not only will you have the security of knowing the financing will be there for you when you find your home but […]

What is a Mortgage Payment?

A mortgage payment is a monthly payment that generally consists of 4 parts: Principal & Interest – This is the portion of the payment that goes towards the loan balance plus the interest you pay as a cost of financing. Escrow* – Taxes & Insurance Taxes – This is the portion of the payment that […]

How do I set a budget when buying a home with a mortgage?

This is a great question! Figuring out what you can afford is a great way to start the home buying process. We at Bayer Home Loan Team at e Mortgage Management work closely with our clients to assist them in developing a personalized purchase budget before buying a home. There a few main factors that […]

What are closing costs?

Many people are surprised when they are told that when buying or refinancing a home there are additional costs beyond just down payment. These costs are called Closing Costs. In other words they are costs associated with closing a loan on your home or investment property. Closing costs usually consist of: Credit Report Fees Appraisal […]

What is mortgage insurance?

Mortgage Insurance aka Private Mortgage Insurance** or PMI is a premium paid to cover the lender in case of a default on the loan.  Generally it is required on any home loans with less than a 20% Down Payment for a new purchase and more than 80% Loan to Value on Refinance Loans. Facts about […]