Market News

You have probably heard the term “escrow” mentioned before, most likely by someone buying or selling a house. But if you’ve never gone through the homebuying process yourself, you might not have a clue as to what this term really means.

Throughout the mortgage process, you’ll come across many different people, each with a unique role. One of them is the loan officer, who serves as the primary point of contact for your mortgage lender.

Several factors play an important role in the mortgage process when buying a new home. Arguably the most important? Your credit.

If you're considering buying a new house, there are many new people you will soon meet. But who are each of these individuals and where do they fit into the home-buying process?

"Entry-level housing supply remains weak and is likely hindering some would-be-first-time homebuyers from finding a home. This, along with faster growth in the higher price tiers, is why the average loan application size has risen to a new high for three straight weeks."

If you intend to buy a home in the near future, a mortgage is probably part of your plan. This special type of loan makes homeownership a reality for most Americans, who otherwise couldn't afford to make a purchase of that size.