Did you know securing a home loan isn't a done deal until the final closing? It's true! Any financial changes between your application submission and the final signing can impact loan approval. To help you navigate this critical stage successfully, here's a friendly reminder of what to avoid after applying for your home loan.

Steer Clear of Depositing Large Sums of Cash 

The lenders assessing your loan application need to track the source of your money. Depositing large amounts of cash can be challenging to trace. To ensure transparency, talk with your mortgage professional to understand how to document such transactions.

Be Cautious with Big Purchases

It's not just home-related purchases that impact your loan eligibility. Any

Let's explore five features that could potentially be a waste of money, helping you make smarter choices for your future home.

1.) Large Yard:

While a spacious yard can be appealing, it's essential to consider the associated costs and maintenance needs. A large yard often requires additional resources and time to maintain, such as mowing, landscaping, and irrigation. These expenses can add up over time, potentially straining your budget. Instead, think about how much outdoor space you genuinely need and consider finding a balance that suits your lifestyle without breaking the bank.

2.) Short Commute:

Having a short commute to work is undoubtedly desirable, but it's essential to evaluate the long-term benefits against the added costs.

As a remote worker, you have the advantage of choosing where you live, opening up a world of possibilities both personally and financially. Whether you prefer the tranquility of rural areas or seek more affordable housing options outside expensive cities, getting a mortgage while working remotely may require some additional documentation, such as a remote work letter.

In this article, we'll explore the importance of a remote work letter in the mortgage application process and what it entails.

Do You Need a Remote Work Letter for Your Mortgage?

In most cases, yes, you will need a remote work letter when applying for a mortgage loan. The purpose of this letter is to provide verification of your employment and income during the underwriting

Figuring out how much to spend on a house can be hard when you have a sea of houses to choose from. But no need to fret! As your local mortgage professional, Steadfast Mortgage can guide you through the quest for homeownership.

How to Use DTI to Calculate Home Affordability

First things first, let's talk about Debt-to-Income Ratio (DTI). DTI helps us mortgage professionals determine how much house you can afford. Think of it as a comparison between the money you earn and the money you spend. We're talking about your recurring expenses like housing costs, car payments, student loans, and credit card debt. After crunching the numbers, we'll get a DTI percentage.

Here's what that might look like. Let's say you earn $2,000 a month, and your

When it comes to tipping the scales in your favor in homebuying, negotiating the asking price is often the first item on the list. But did you know that there are other things you can negotiate with the seller for your benefit?

What's even better is that these items can often be negotiated even in a seller's market!

And when you combine it with a competitive mortgage rate with us **wink wink**, you'll be well on your way to saving thousands and making your home-buying experience work an awesome and affordable one.

1.) Closing costs: Closing costs can include a variety of fees, such as appraisal fees, title insurance, and attorney fees. Buyers can negotiate with the seller to pay some or all of these costs or ask for a credit to offset the

For most people, entering a mortgage agreement is the single largest financial responsibility of their lives. Finding the best loan is more complicated than simply accepting the first mortgage offered at your bank, though. Various lenders offer different arrays of loan types and terms, so we do recommend that everyone takes the time to shop around before signing a loan agreement.

The best way to determine which of the potential home loans is the most advantageous is by asking the best questions!

The answers to the following questions will yield a great deal of information for you to examine, which will ensure that you’re fully prepared to choose the single best mortgage for your situation.

Will you be performing a hard credit check on me

Homeowner's insurance is a crucial component of property ownership, providing financial protection in case of unexpected disasters or accidents. The right coverage can mean the difference between recovering from a devastating event and suffering immense financial hardship.

In this article, we will explore the factors you need to consider when determining how much homeowners insurance coverage you need.

Rebuilding Cost

One of the main considerations when determining your homeowner's insurance coverage is the cost of rebuilding your home if it is destroyed by a covered event such as a fire, hurricane, or tornado.

You can consult with a local contractor, use an online rebuilding cost calculator, or hire a professional appraiser to estimate

Are you currently searching for your first home in Middle Tennessee? If so, it’s essential that you formulate your budget differently than you have as a renter. In addition to the costs of your base mortgage payment, your interest payment, and property tax will also be due monthly.

Additional scheduled and unexpected costs like routine maintenance costs, repairs, and homeowners’ insurance must also be accounted for. Your true costs will be far different from a simple monthly repayment of the principal on your loan.

Today, we’re explaining everything you need to know about property taxes as a homeowner in Middle Tennessee. Let’s dive into rate calculation, payment rules, and the consequences of falling behind. Take a deep breath—you’ve got this!

As this year’s tax season draws to a close, many homeowners are beginning to plan their home-related tax strategies for 2024. To help, we want to share tips on maximizing your tax return through certain types of home improvements. While the specifics of your own tax filings should invariably be discussed with a qualified accountant, there are general guidelines regarding which home improvements are tax deductible.

Please note that you can only take advantage of the following home improvement tax deductions when you sell your home. Keep every record of the improvements you make to your home. This careful documentation will ensure that you are able to apply for every possible tax deduction.

Categories that Are Not Deductible

Repairs, routine

The idea that you should put 20% down on a home is one that has been the "gold standard" for years. After all, when you put 20% down, you avoid paying for private mortgage insurance, and you'll have a smaller loan amount with lower monthly payments. It's something that could save you a lot of money in the long run—but there's also a catch.

Not everyone can easily afford 20%, especially with home prices having risen at a record pace over the last few years. So, what should potential buyers do? Let's explore the pros and cons of putting 20% down on your next home purchase.

The Financial Benefits of Putting 20% Down

Let's start by talking about the financial benefits of putting 20% down. In most cases, if you can afford it, it makes good