Is it possible to buy a house with no money down? Yes. Is that a smart choice? It depends. Securing a mortgage, especially for the first time, comes with many different considerations. Continue reading to learn more about avoiding a down payment from the team at GVC Mortgage.
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Buying a House with No Money Down
What is the Difference between Interest Rate and APR?
When purchasing a home, there are many new terms to learn. PMI, escrow, earnest money, and the list goes on and on. Two particular terms that can trip people up are interest rate and annual percentage rate, or APR. Why are there two different rates? Why is one higher than the other? When looking at […]
How Appraisal Gaps Affect Your Mortgage
Today’s housing market is a little crazy, to say the least. We’re seeing many changes in interest rates and costs of homes being listed. There is currently less supply than there is demand. A market like this, along with rapid changes, makes appraisal gaps much more common. What is an appraisal gap, and how does […]
Is Buying a House Cheaper Than Renting?
The bulk of most individuals’ money each month goes to keeping a roof over their heads. Whether through renting or buying, we all need a place to hang our hats, so to speak. And while there are an incredible number of factors that go into that decision, there are advantages and disadvantages to both options. […]
Top 3 Questions to Ask Your Mortgage Lender
When you’re trying to buy or refinance a house, nothing is more important than research – and that includes researching the mortgage company you choose to use. You will likely have countless questions regarding types of mortgages, terminology you may not be familiar with, and payment plans, so you need to work with someone you […]
3 Important Mortgage Terms
Whether you’re a first time homebuyer or a veteran in the mortgage office, there are always new terms to learn or relearn. And because buying a home can be stressful enough without feeling lost on closing day, GVC Mortgage is here to help. Today we are discussing three important mortgage terms you’re likely to encounter […]
Is It Time to Downsize?
When it comes to homes, bigger isn’t always better. It’s much more important that your house fits your lifestyle and current circumstances than it be a big, impressive size. However, moving to a smaller home can be an uncomfortable thought. If you’re used to a large home, you might feel cramped in a smaller one. […]
3 Signs It’s Time to Move
Homeowners in northern Indianapolis know that buying a home is a huge achievement as well as a huge commitment. However, very few people stay in their first home forever because needs can change dramatically over the years. If your home isn’t meeting your needs anymore and you’re finding yourself browsing homes for sale online, it […]
How to Buy a House During a Pandemic
There’s just no getting around it, we’re living in an unprecedented time and many of us feel our lives have been put on pause. However, the Covid-19 pandemic affects everyone differently and if you had planned on buying a house this spring, you may not want to cancel those plans. Traditionally, spring is the most […]
Get Preapproved Before the Spring Rush
It’s common knowledge that the housing market really picks up in the spring. After those long, hard Indiana winters, homeowners are ready for a change and we’re already seeing houses fly off the market. So what does this mean for the prospective buyer? It means that in order to secure your dream house, you can’t […]
- 2 most recent paycheck stubs
- 2 months of bank statements (checking, savings, etc.)
- 2 years full federal tax returns (including W-2s and 1099s)
- Copy of your driver’s license
- Insurance agent contact information
If applicable, the following items will also be needed
- Divorce decree
- Bankruptcy papers
- Proof of child support
- Awards letter (social security and pension)