What Credit Score is Needed for a First Time Home Buyer Loan this Year? If you have your sights on buying a home this year, credit scores are probably on your mind. After all, the higher your credit score, the lower your rate, and the better chance you will be approved for the loan. What… Read More »
Many renters may think they don’t have enough income to qualify for a home loan. That isn’t usually true. Most mortgage lenders aren’t concerned with only your income. Income is just one part of the mortgage qualification puzzle. Even if you don’t have a high income, you still should investigate home ownership. Qualifying for a… Read More »
Millions of Americans rent instead of own, so it is often a good move to buy a rental property. If you manage it well, it’s possible to earn passive cash flow every month without doing too much. If you decide that you want to buy a rental property in the US, below are the essential… Read More »
People who want to fix and flip houses for a profit are moving into an exciting business, but you have to know what you’re doing to have success. Most people need to work with private and hard money lenders to get the money they need for a fix and flip loan. This is because most… Read More »
Have you done well with the equity in your home in the last year or two? You may be thinking about buying a second home so you can live in a different city, state, or even country. It’s estimated there were about 7.5 million second homes in the US as of 2016, or about 6%… Read More »
The rapid rise of home prices during the COVID-19 era is fueling what could be the biggest increase in the Fannie Mae and Freddie Mac conforming loan limit since 1970. An increase in the conforming loan limit allows home buyers wanting Fannie or Freddie-backed loans to avoid jumbo loans that are harder to get and… Read More »
Did You Know Fannie Mae Offers a Second Home Mortgage Program with Easy Requirements If Your Parents Reside in the Home? If you are thinking about buying a home with your parents or other family member, you should know you aren’t alone. Buying a home with a family member besides your spouse can be a… Read More »
Are you interested in commercial real estate? Good! Investing in multi-family residences can be an outstanding investment that can provide you with steady cash flow for many years. Most of us don’t have the cash to buy a commercial property outright, so there are various commercial loans available that can get the deal done. Below… Read More »
If you are interested in a vacation property or second home, you may wonder about financing fractional home ownership. Before you move forward, it’s important to understand what fractional homeownership is and how financing works. Fractional Ownership Overview Fractional ownership usually deals with owning a vacation property where several owners use it based on units… Read More »
If you’re a military veteran or active-duty military, and you want to buy a home. You may be looking into a VA mortgage loan and wonder if it’s a good choice for you. For many active military and retired military, VA loans can be the way to go. Let’s take a closer look at these… Read More »
Over the past decade, Florida has expanded by more than 2.6 million people, the second-highest numerical population increase in the country, behind only Texas. So it shouldn’t come as a surprise that the state’s housing market is also expanding and values are rising. The coronavirus pandemic has put a damper on housing markets across the… Read More »
While Alabama isn’t among the biggest U.S. states, it is one of the states in its region that’s added the highest number of residents over the past decade. In fact, Alabama ranks in the middle among all Southern states when it comes to population increase since 2010. The state’s population growth has a knock-on effect… Read More »
Nevada is one of the fastest-growing U.S. states, both according to the total number of new residents since 2010 and the percentage growth rate resulting from the hundreds of thousands of new Nevadans. All that growth has made the Nevada housing market one of the most exciting in the country. Like the rest of the… Read More »
Mortgage refinance rates at the end of 2020 are approximately 2.5%, so many homeowners are tempted to refinance. But if you want to take advantage of these record-low interest rates, you’ll need to get your finances in order, especially when it comes to your credit score. Different lenders and programs require various credit scores to… Read More »
California has long been one of the most expensive housing markets in the country, and it’s no wonder why. It’s the state with the highest population, and it’s growing. In fact, the state has added more than 2 million residents over the past decade, with the population climbing by more than 8% in that time.… Read More »
Like the rest of the country, the housing market in Texas has experienced a roller-coaster ride in 2020 because of the coronavirus pandemic. But with the population in Texas continuing to climb (the state added the highest number of people over the past 10 years), all signs point to purchasing a new home in the… Read More »
Published on August 20th, 2020 by Refiguide.org. Reviewed by Peter G. Miller The Coronavirus pandemic has upended the real estate market so far in unexpected and varied ways. Record low mortgage interest rates combined with people spending most of their time at home has caused a boom in home buying in many housing markets despite… Read More »
At the very same time we have the COVID-19 pandemic we also have historically-low mortgage rates. Has the virus caused the interest levels we’re seeing today, rates in the 2% range for many borrowers? Freddie Mac reported that for the week of August 6th the typical 30-year mortgage was priced at 2.88%, the lowest rate… Read More »
There’s a reason that lenders often reemphasize one common phrase throughout the homebuying process: it’s one of the most expensive purchases you’ll ever make. With that purchase comes risk, as real estate transactions are often established through financing that runs 30 years or more. The reality is, that financing is established on properties that can —… Read More »
Housing, particularly in the United States, has a fairly predictable lifecycle. The reason is that most homebuyers who buy a house finance that purchase with a mortgage earlier in life and therefore engage in a long-term financial obligation in which they ‘agree’ to accumulate equity in their home. Home loans for seniors and the elderly… Read More »
Are you house hunting? If so, there’s something else you should be thinking about before locking in your mortgage: wealth building. In a perfect world, you’d find a lender who could outline hypothetical outcomes and give you the lay of the land when putting a comparable Federal Housing Administration (FHA)-insured mortgage against a conventional mortgage… Read More »
Are you currently serving your country or a recently discharged military veteran? If so, you know your branch of service has likely instilled discipline, strong values, a sense of duty, and loyalty. Among those numerous positive outcomes that can result from military service, there’s also another one you might not have thought of — homeownership. … Read More »
The COVID-19 pandemic is here and it divides American mortgage borrowers. For some it means higher credit scores and record low mortgage rates. For others the result has been job losses and a growing stack of unpaid bills. We now face a virus that has brought illness to millions, shut down much of the economy,… Read More »
Prospective homeowners who want to enjoy higher energy efficiency savings and possibly afford a larger mortgage have a great option – the Energy Efficient Mortgage (EEM). An EEM is a mortgage that credits your home’s energy efficiency into the home loan itself. An EEM gives you the chance to finance energy-saving measures into one mortgage.… Read More »
If you are self-employed and do not have a traditional income with W-2s and pay stubs, you may wonder if you can get a mortgage in 2021. Yes, there are options for self-employed professionals to get a home loan without traditional proof of income. These are known as stated income mortgages. But the rules for… Read More »
COVID-19 is here and yet the FHA mortgage program just keeps chugging along. It allows borrowers to buy real estate with as little as 3.5% down and it’s been the go-to mortgage option for first-time buyers for decades. More than 40 million FHA-backed mortgages have originated since the program started in the 1930s. But now… Read More »
Becoming a homeowner is quintessential part of the ‘American dream’, so obtaining the right mortgage is a critical step in the first time home buyer process. It’s no secret that the U.S. housing market has been surging, so it is natural that mortgage companies are comfortable expanding credit and home loan financing for first time… Read More »
If your credit score is cringe-worthy and you’re thinking about buying a house, you may have some legitimate concerns about your chances of getting approved. But fear not: You may still be able to get a mortgage with bad credit. However, your credit history will undoubtedly make the application process more nerve-wracking, complex, and expensive.… Read More »
If you’re trying to buy a house, you need to understand all the aspects of obtaining a mortgage rate and the various factors that will influence that number. Why? If you go into your house hunt with no clear idea of how mortgage rates work, you’ll face a more complex process and potentially walk away… Read More »
Are you in the market for a home loan in the new year? Whether you are buying your first home or refinancing your existing one, you can improve your odds of being pre-approved for a home loan this year if you follow our helpful tips below. #1 Make Sure You Know Your Credit Score As… Read More »
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