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What documents are required to refinance?

Your documentation allows underwriters to verify that you’re a good fit for the loan option you’ve selected. Here is a list of some of the most common documents that your loan officer may ask for: Your lender will also need to pull your credit report as a part of the refinance process, so have your Social Security […]

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Will a refinance help get rid of my PMI?

Refinancing a mortgage can potentially help eliminate private mortgage insurance (PMI), but it depends on individual circumstances. PMI is typically required when a homeowner puts down less than 20% on a home purchase. Refinancing to a new loan with a lower loan-to-value ratio may allow for PMI removal. However, it’s crucial to consider refinancing costs […]

Non Qm Home loan

Non-Qm Home loan

A Non-QM (Non-Qualified Mortgage) home loan is a type of mortgage that does not meet the strict qualification requirements set by the government and conventional lenders. Non-QM loans are designed to help borrowers who may not fit into the traditional mortgage box, such as self-employed individuals or those with non-traditional income sources. One of the […]

Renting vs Buying

Benefits of Renting Vs. Home Buying

The cost of renting vs. buying a home is a common dilemma that many individuals face. While renting may offer flexibility and lower upfront costs, buying a home can provide long-term financial benefits and a sense of ownership. However, navigating the home-buying process can be overwhelming, especially for first-time buyers. That’s where Pilgrims Mortgage comes […]

How Current Interest Rates Can

How Current Interest Rates Can Have A High Impact On Your Purchasing Power?

According to Freddie Mac’s latest Primary Mortgage Market Survey, interest rates for a 30-year fixed-rate mortgage are currently at 4.61%, which is still near record lows in comparison to recent history! The interest rate you secure when buying a home not only greatly impacts your monthly housing costs, but also impacts your purchasing power. Purchasing power, simply put, is […]

Home Inspection

Home Inspections: What To Expect

So you made an offer, it was accepted, and now your next task is to have the home inspected prior to closing. Oftentimes, agents make your offer contingent on a clean home inspection. This contingency allows you to renegotiate the price you paid for the home, ask the sellers to cover repairs, or even, in some […]