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Mortgage Tips | Gwaltney Group | RE|MAX Results Blog

Tuesday, June 18, 2019   /   by Brian Ness

Why Is So Much Paperwork Required to Get a Mortgage?

Why Is So Much Paperwork Required to Get a Mortgage?
When buying a home today, why is there so much paperwork mandated by the lenders for a mortgage loan application? It seems like they need to know everything about you. Furthermore, it requires three separate sources to validate each and every entry on the application form. Many buyers are being told by friends and family that the process was a hundred times easier when they bought their home ten to twenty years ago.
There are two very good reasons that the loan process is much more onerous on today’s buyer than perhaps any other time in history.
1. The government has set new guidelines that now demand that the bank proves beyond any doubt that you are indeed capable of paying the mortgage.
During the run-up to the housing crisis, many people ‘qualified’ for mortgages that they could never pay back. This led to millions of families losing their home. The government wants to make sure th ...

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  afford mortgage, mortgage, mortgage tips

Sunday, April 1, 2018   /   by Clark Jones

The first step in the buying process

So you've decided to buy a home.  Perhaps you're tired of renting or your current home just doesn't suit your needs anymore.  Perhaps you have a life event that may have pushed you toward this decision.  Whatever the case may be.  Well, this article will help  to jump start your buying process.  

The mistake that too many new home buyers make is they want to immediately jump into looking at homes. They've made the decision to buy and are super excited to start.  This can be a monumental mistake.  Why?  Too often people are in "la-la" land or in a fantasy world and want to visit homes that they think are pretty cool on line.  They've always wanted a big home.  They've always wanted a huge kitchen or perhaps a large yard.  So they see the home of their dreams on line, call a Realtor who they don't even know or have interviewed, and next thing you know they're standing in this beautiful home.  The Realtor asks them ...

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  first time buyers, home buyers, mortgage, mortgage tips, how much can i afford

Friday, February 17, 2017   /   by Brian Ness

4 Tips to Determine How Much Mortgage You Can Afford

By knowing how much mortgage you can handle, you can ensure that homeownership will fit in your budget.

Homeownership should make you feel safe and secure, and that includes financially. Be sure you can afford your home by calculating how much of a mortgage you can safely fit into your budget.

Why not just take out the biggest mortgage a lender says you can have? Because your lender bases that number on a formula that doesn’t consider your current and future financial and personal goals.

Think ahead to major life events and consider how those might influence your budget. Do you want to return to school for an advanced degree? Will a new child add day care to your monthly expenses? Does a relative plan to eventually live with you and contribute to the mortgage?

Consider those lifestyle issues as you check out these four methods for estimating the amount of mortgage you can afford.

1. Prepare a Detailed Budget

The oldest rule of thumb says you can typically afford ...

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  afford mortgage, how much can i afford, mortgage, mortgage tips

Gwaltney Group of RE/MAX Results
Robin Gwaltney
4123 26th St. NW
Rochester, MN 55901
507-259-4926

The data relating to real estate for sale on this web site comes in part from the Broker ReciprocitySM Program of the Regional Multiple Listing Service of Minnesota, Inc. Real Estate listings held by brokerage firms other than Gwaltney Group of RE/MAX Results are marked with the Broker ReciprocitySM logo or the Broker ReciprocitySM thumbnail logo (a little black house) and detailed information about them includes the name of the listing brokers.” Listing broker has attempted to offer accurate data, but buyers are advised to confirm all items.” Copyright2019Regional Multiple Listing Service of Minnesota, Inc. All rights reserved. Data last updated August 19, 2019