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Mortgage Guide

All the information you need to buy a home.

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    FHA Self Sufficiency Caclulator NewCastle Home Loans


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    Transfer Tax Calculator NewCastle Home Loans


    Can you get a mortgage if you're already a co-signer?

    Can you get a mortgage if you're already a co-signer?

    As a co-signer, you've committed to another person's financial obligation to the loan. You probably co-signed a car loan, student loan, or mortgage to help out a friend or..

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    Homeowners Insurance | How much do you need?

    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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    Seller closing cost credit. How to get the seller to pay closing costs when buying a home.

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

    Sellers can pay the buyer's closing costs. It's called a seller or closing costs credit when the sellers of a property agree to credit a sum of money to the buyer at closing time...

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    How to buy a mixed-use property with an FHA loan

    Home buyers can use an FHA loan to buy a mixed-use, multi-unit property with a down payment of only 3.5% of the property's purchase price. FHA's low down payment option and..

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    Debt-to-Income ratio | What is a good DTI for a mortgage?

    Debt-to-income (DTI) is a measure that compares your debt to the income you receive. Mortgage lenders use this ratio to determine how much you can afford to pay for a home loan. A..

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    Down Payment on a house. How much?

    Down Payment | How much for 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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    Mortgages for non-permanent residents with a pending asylum status

    Can a non-permanent resident (pending asylum) buy a house?

    In this article, I'll explain how to get approved for a mortgage to buy a home while waiting for the United States Citizenship and Immigration Services (USCIS) to decide on your..

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    Why a verified mortgage pre-approval is better

    In this article, I explain how a verified pre-approval letter improves your chances of getting the home you want.

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    How a mortgage credit check affects your score

    How a mortgage credit check affects your score

    Multiple inquiries from mortgage companies within 45 days are grouped and counted as a single inquiry, which minimizes the impact on your credit score. In this article, I'll show..

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    When should you get pre-approved for a mortgage?

    When should you get pre-approved for a mortgage?

    Getting pre-approved for a mortgage is generally a good idea before you start looking for a real estate agent or viewing homes to buy.

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    fha loan 3-4 units self-sufficiency test

    FHA Self-Sufficiency Calculator | 3-4 unit properties

    An FHA loan is a good option for financing the purchase of a multi-unit property. However, 3 and 4 unit properties must be self-sufficient. This means the property must have a..

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    Multi family property mortgage, 2-4 unit home loan

    2 to 4 Unit Home | How to buy a multi-unit property

    Multi-family, 2 to 4 unit homes are affordable and surprisingly easy to buy.

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    How a mortgage co-signer can help you buy a home

    When your income, savings, or credit history falls short, adding a co-signer to your application can give you the boost you need to get approved for a mortgage. In this article,..

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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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    FHA Mortgage Insurance | How much is it? Can you cancel it?

    All Federal Housing Administration (FHA) loans require mortgage insurance. Homebuyers pay two types of mortgage insurance when purchasing a home using an FHA loan. First, you pay..

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    Gift letter for a mortgage

    Gift Letter | How to use a gift to buy a home

    In this article, I'll show you the best way to prove that your gift is from an acceptable donor so that everything goes smoothly with your home purchase. Feel free to download the..

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    Mortgage Insurance How much is PMI?

    Mortgage Insurance | How much is PMI?

    The cost of private mortgage insurance (PMI) varies depending on several factors, including the lender. Some lenders charge more than others for the same PMI. In this article,..

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    What is loan-to-value (LTV) for a mortgage? How to calculate LTV

    Loan-to-Value | How to calculate LTV for a mortgage

    Loan-to-value (LTV) ratio is a measure that compares the amount of the mortgage loan to the value of the property. Lenders use it to determine the risk of lending you money for a..

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    Earnest money buying a home

    Earnest Money | How it works when buying a home

    Earnest money is a deposit made by you, the homebuyer, to demonstrate that you are serious about purchasing a property. The earnest money is held in escrow and applied toward the..

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    Mortgage Contingency | How it works when buying a home

    In this article, I'll explain the mortgage contingency, show you where to find it in a real estate contract, and tell you why you need to know about it when buying a house. First,..

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    FHA Single-Unit Approval | Buy a condo with an FHA loan.

    Financing a condominium with a Federal Housing Administration (FHA) loan is challenging for many homebuyers.  First, before you can buy a condo using an FHA loan, the condo must..

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    Notice of intent to proceed

    Notice of Intent to Proceed

    The mortgage lender must honor the terms of the Loan Estimate for ten days. If you wait more than ten days after receiving a Loan Estimate to give your intent to proceed, the..

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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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    principal residence, second home, investment property

    Principal residence, second home, or investment property?

    When you buy a new home, who lives there will help determine how much your mortgage will cost.

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    Mortgage staffing agency

    Can you get a mortgage if you work through a staffing agency?

    If you work for a staffing agency, you might need help buying a house. Most banks won't use your staffing agency income to approve your mortgage. And, unfortunately, without a..

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    rental income investment property mortgage

    How future rental income can help you buy an investment property

    As a homeowner, you know that owning property is a stellar way to build wealth over time. But if you’re interested in expanding your homeownership with a rental property, we’ve..

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