1st Time Home Buyers have many attractive mortgage programs to choose from. An important aspect of buying a home is getting pre-approved for a mortgage. Many potential home buyers make the mistake of running out to look at homes before getting pre-approved for a home loan. This is understandable but is a mistake. A mortgage… Read More »
Switching from renting to owning your home is exhilarating for many Americans. But buying a home is a complex process. If you follow the checklist below for the year before you buy a house, your first home purchase process will be much smoother. Lending Requirements to Buy a House in 2019 12 Months Out Get… Read More »
First time buyers who put a contract on a house are doing something very exciting. It is your first home, and you are about to take part in the American dream! But as soon as you submit the contract, you should order a home inspection. A home inspection is essential to ensure that the home… Read More »
Millennial homeownership is lower than what it has been for other generations of 25 to 34 year-olds. About one in three Millennials under age 35 own a home, according to the U.S. Census Bureau. While many factors may contribute to that statistic, one may be fear of homeownership. Nearly two thirds of Millennials say they… Read More »
The first step for home buyers looking to qualify for a mortgage is to determine their credit score. If you do not have a good enough credit score, you will have difficulty getting approved for a home loan with the vast majority of mortgage lenders. The good news is, there are various home loans available… Read More »
More and more renters are considering home-ownership. Banks and mortgage lending companies have announced new finance options for first time home buyers. In many instances, the guidelines have been loosened and the credit rules have been eased. 2018 appears to be great year for consumers to stop renting and make the plunge to home-ownership in… Read More »
If you were to ask your real estate agent when the best time is to buy a home? They will always say ‘now.’ But as of the end of 2018, as housing prices and mortgage rates are rising, this actually could be the best advice. According to the chief financial analyst at Bankrate, mortgage rates… Read More »
Working well with your mortgage loan officer is critical to your home ownership dreams. He or she is the one that can make your mortgage a reality or deny the application outright. So, it is essential to have good communication with your loan officer from the start and before you sign mortgage disclosures. But many… Read More »
Have you noticed interest rates slowly rising this year? Just last month, Mortgage News Daily reported that interest rates for 30-year, fixed rate mortgages had crossed the 5% mark. Since then, rates have decreased to the 4.7% range, but the rates are much higher than they were last year. Also, housing prices across the country… Read More »
If you want to buy your own home and do not have the cash for a down payment, you are not alone. Millions of first-time buyers in particular lack the cash for that all important down payment. But if you lack the dough for a down payment, you should not be discouraged. There are several… Read More »
The real estate market across the country in 2018 and into 2019 is continuing to be hot. If you are considering buying a home in this market this or next year, below are some trends to be aware of. #1 Homes Are Still Selling Fast In February 2018, data from Realtor.com showed that homes were… Read More »
Mortgage rates have been rising in 2018 as the US economy is gathering strength. Some renters who have been on the fence about buying a home have been starting to think about getting into the market before rates nudge above 5% in the next year or so. But buying your dream home is not as easy… Read More »
People who have a low credit score want to boost it so they have more financial options. From buying a home, a car or getting a credit card, having a good credit score will save you a lot in interest charges. Credit repair is one of the best kept secrets to help people boost their… Read More »
Many Americans believe that quitting their job and going to work for themselves is a major part of the American Dream, just as much as owning their own home. The good thing is that today, it is possible to be self-employed and own your own home with attractive stated income mortgage products becoming available this… Read More »
Mortgage rate trends are always unpredictable, just like recessions and the prices of stock in your investment portfolio. But with mortgage rates in 2018, it seems fairly clear what is likely to happen this year and into 2019, but how will this affect first time home buyers in the near future? With a hot economy,… Read More »
Reduced documentation and stated income home loan programs almost disappeared after the last financial downturn. Too many people who had questionable income sources were not fully verified and vetted by mortgage loan companies, and many could not afford to pay their mortgage payments when interest rates increased almost a decade ago. After the mortgage meltdown,… Read More »
It is always tempting when wanting to buy a home to go hit the streets and find your dream home. Then you make an offer. But if you have not even started the mortgage process before you make your offer, you will likely discover that the seller and the real estate agent will not take… Read More »
Most military members and retired military know about the VA home financing programs for getting a home loan guarantee with 100% financing, low interest rate and no mortgage insurance. The VA mortgage loan can be a great deal for many veterans and active military. But did you know there are other special home loan programs… Read More »
It is exciting to have a home built just for you. But most people are unfamiliar with owner builder home loans. Mortgage loans for new construction are a different animal, and if you want to build your home, it is smart to learn about this unique mortgage process. Find Lenders that Specialize in Owner-Builder Home… Read More »
Many people who want to get a home loan apply for a conventional loan. A conventional or conforming loan is one that is not backed by a government entity such as USDA, VA or FHA. It is a loan that follows the guidelines set by Fannie Mac and Freddie Mae, the two agencies that standardize… Read More »
There are more than 14 million self-employed mortgage borrowers in the US, and fortunately for them, it is getting easier to get a no-tax return home loan. Generally, guidelines in the last few years are getting easier for getting a home loan for the self-employed. For instance, you may only need a single year of… Read More »
There are some situations where getting a private money loan or hard money financing can make sense for some borrowers. A private money mortgage is typically funded by a single private investor or a group of private investors. A private money borrower usually secures the loan through the value of the property and not their… Read More »
The housing crash of a decade ago is fading from our collective memories, and home prices are rising nicely at a 6-7% clip per year. But what does this mean for investing in real estate and financing for that matter? Interest rates are slowly on the rise but are still under 5% for a 30-year… Read More »
You can get an apartment loan or multi-family financing that is either short term or permanent to fund the purchase or renovation of the building, with rates that typically range from 5% to 12%. Investors usually use the financing of apartment buildings to buy properties with more than five units to produce cash flow and… Read More »
Buying a piece of land allows you to build your dream home or to simply maintain a piece of nature. But land can be pricey in higher demand areas, so you cold need to find a vacant land loan to fund your purchase. You might think that a land loan will be easy and low… Read More »
If you are considering the purchase of a condominium, you may wonder how much of a down payment you need to get a mortgage. Depending upon the lender and other factors, you will probably need somewhere between 3% and 20% down to buy a condo, with 10% being the most common for people with condo… Read More »
For people with very low credit scores, you could feel as if there is no hope to get a mortgage. But there is still hope, even if you want to get approved for a mortgage loan with a 500 credit score on a purchase or refinance transaction. According to Ellie Mae, a mortgage software firm,… Read More »
Do you want to buy a second home? You probably have many questions about how to finance a 2nd-home. Whether you want to buy a second home for vacations or as an investment property, getting financing for this type of property comes with some challenges that you should be aware of. This article will explain… Read More »
One of the biggest barriers to buying a home for many Americans is the down payment. But many first-time home buyers have misconceptions about the down payment that is required, as well as what credit scores are needed. According to the National Association of Realtors, 85% of first time buyers think they need 10% down… Read More »
Most Americans need to get a mortgage to buy a home; current statistics state that 87% of home buyers use mortgage financing. But it is rare in 2018 to be able to buy a home for 100% of the purchase price. In most instances banks and lenders want the borrower to have skin in the… Read More »
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