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Mortgage Guide

All the information you need to buy a home.

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    principal residence, second home, investment property

    Principal residence, second home, or investment property?

    "Occupancy" refers to how you will use the property you plan to buy. Will it be your principal residence, second home, or investment property? Whether or not you will live there..

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    Mortgage Discount Points Calculator Jim Quist NewCastle Home Loans

    Mortgage Discount Points | Calculator

    Paying mortgage discount points is a way to lower your interest rate. You pay a lump sum at closing in exchange for a lower interest rate on your home loan. Points allow you to..

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    Earnest money deposit NewCastle Home Loans Jim Quist

    Earnest Money | How it works when buying a home

    Earnest money shows sellers you're interested in buying their house. It's a small amount, like 1% to 3% of the house price, that you deposit upfront when offering to buy the..

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    Seller Credit Mortgage Purchase NewCastle Home Loans

    Seller Credit | Can the seller pay the homebuyer's closing costs?

    Sellers can pay the buyer's closing costs. A seller credit is a sum of money the property seller agrees to give the homebuyer at closing. The buyer can use the credit to pay..

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    mortgage interest rate lock

    Mortgage Rate Lock | How an interest rate lock works

    Like stock prices, mortgage interest rates constantly change. By locking in, you freeze the lender's rate and origination charges. As a result, you know how much your loan will..

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    PITI Mortgage Calculator NewCastle Home Loans

    What does PITI mean? PITI mortgage calculator

    PITI stands for Principal, Interest, Taxes, and Insurance. The term refers to the components of your monthly housing expense.

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    Mortgage down payment NewCastle Home Loans

    Down Payment | How much is a down payment on a house?

    If you're considering buying a home, you should know you have choices regarding a down payment. The popular belief is that homebuyers need 20% of the property's purchase price...

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    Chicago real estate transfer tax calculator

    Real Estate Transfer Tax Calculator | Chicago metro area

    Real estate transfer taxes are fees that the state, counties, and local municipalities charge buyers and sellers when transferring property ownership. Use our real estate transfer..

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    Mortgage homeowner's insurance

    Homeowners Insurance | How much do you need for a mortgage?

    When buying a home, you must purchase a homeowner's insurance policy that meets the lender's requirements. Homeowner's insurance protects you and the lender in an accident or..

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    Prepaid items mortgage escrow account

    How much are prepaid items & mortgage escrow?

    Prepaid items are homeowner’s insurance, mortgage interest, and property taxes you pay at closing when you buy a home. In this article, I'll explain how to estimate the money..

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    What's the difference between mortgage interest rate and APR?

    Because the APR represents the overall cost of your mortgage, it should make it easier for you to compare loan offers to find the best deal on your mortgage. However, APR can vary..

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    mortgage loan purpose newcastle home loans

    Loan Purpose | How loan purpose affects your mortgage rate

    When applying for a mortgage, the first question on the mortgage application is, "what is the loan's purpose?" You have two options, purchase or refinance. I'll explain how the..

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