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 »
Down payments are a big hurdle for many home buyers. Monthly mortgage costs are affordable but down payments are a hurdle. The good news is that there are ways around down payment roadblocks, you don’t have to be a victim of old-fashioned down payment requirements. The 20% standard Down payments have been a barrier to… Read More »
When it comes to mortgage rates no one knows what the future will bring. There is no better example than 2019. Many economists forecast mortgage rates of 5.5% and even more. What really happened was that rates went down. According to Freddie Mac, for the first 11 months of 2019 mortgage rates averaged 3.95% and… Read More »
Bank statement mortgages are becoming more common, loans where monthly bank statements can be used instead of tax returns to support a mortgage application. There is new evidence that bank statements can lead to better credit scores for many borrowers, especially those with lower credit scores. In turn, better credit scores can mean reduced mortgage… Read More »
FHA mortgages should cost less. This is a government program that churns out billions of dollars in annual surpluses, money that comes from borrowers. If FHA mortgage loans were less costly then more people – especially first-time buyers – could buy homes. That would be great for buyers and also sellers, lenders, and brokers. It… Read More »
Buying a house can be a stressful time, so it is important to be organized and understand what the credit requirements are up-front for the various mortgage programs in the United States in 2020. Read on to see what home financing programs are available and what the minimum credit scores are set by the banks… Read More »
There are many reasons why VA loan requirements are so attractive to borrowers with military credentials this year. The U.S economy is booming again, the housing market is soaring and eligible VA home loan applicants have access to arguably the best mortgage to refinance or buy a house in 2020. When most people look at… Read More »
There are many great home financing advantages to being a military veteran or active military. One of the biggest pluses that you can enjoy is getting a VA loan with competitive interest rates, low closing costs and no down-payment required. If you are VA eligible you owe it to yourself to learn about the benefits… Read More »
Do you want to use an FHA mortgage to buy your next home? If so, you probably have a lot of questions about the FHA home loan process and what you need to do to be approved. It is important for perspective house buyers to know what the qualifications are to be approved for an… Read More »
Buying your first home can be overwhelming in many ways. There are so many decisions to make an many people do not realize that there are home buying grants available in all 50 states. One of the most important of course is getting approved for a mortgage and saving up for a down payment. The… Read More »
The current mortgage rates are still very low, with a 30 year fixed mortgage hovering in the 4% range and 15 year fixed mortgages at 3.625% (3.855% APR). With rates this low, many people are thinking about either buying a new home or refinancing. 15 Year Mortgage vs 30 Year Mortgage A 15 year mortgage… 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 »
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. This year appears to be a great year for consumers to stop renting and make the plunge to… 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 »
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 »
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 »
So, you were recently pre-approved for a mortgage. Congratulations! But don’t pop the champagne until closing day and all the home loan documents are signed and recorded. Despite what you might hear, there are plenty of things you can do to kill your mortgage approval before closing day. Here are some of the most common… Read More »
When it comes to credit scores, Americans are seeing some positive trends in 2020. For the first time in history, the average national credit score for Americans hit 700, according to FICO, which is one of the most common credit scores used by lenders. The range of FICO scores goes from 300 to 850. How… Read More »
First time home buyers who are looking for a tax credit could be thinking of the federal program enacted under President Obama. Unfortunately, that program ended several years ago and the 2020 first time home buyer tax credit does not exist. It was enacted in the aftermath of the last financial crisis to help first… Read More »
Many home buyers are wondering if private mortgage insurance or PMI is still tax deductible in 2020. With all of the media publishing articles about the year-end GOP tax reform bill, it is imperative that you get the facts on tax deductions for PMI before committing to a home loan in the new year. The… Read More »
Today the jumbo loan amount is anything over $510,400 for conforming Fannie Mae and Freddie Mac mortgage programs. People who are shopping for a more expensive home, especially in a higher cost of living area, may consider a jumbo mortgage program. A jumbo loan is a type of mortgage where the amount is more than… Read More »
Home prices are continuing to rise in 2018, and inventory in many areas is shrinking. If you are a first-time house buyer in a tight market, you may have many people bidding on the same house you are. How do you make your offer stand out and to be the strongest among them all? Here… Read More »
Starting a business to fix and flip home for a profit can be an excellent way to grow wealth in real estate. One of the biggest challenges for people starting in this business is to qualify for a fix and flip loan to get you started. It is easiest to get funding for fixing and… Read More »
The Department of Housing and Urban Development is making big efforts to reward the good neighbors of our nation with its Good Neighbor Next Door loan program. If you are a teacher, police officer, or firefighter, you may be eligible for buying a HUD home for 50% off the list price. And if you are… Read More »
Interest rates are very low and house prices are going up, so many people are deciding to buy a home in 2020. But how many of us are worried about funding that down payment? The process of buying a home can be emotionally and financially stressful, so getting help with down-payment assistance can be a… Read More »
People who are buying their first house typically have a challenge with coming up with the down payment for the home loan. A recent MPA survey revealed that confusion in regards to down payment requirements was one of the main reasons people in the U.S. delay becoming a homeowner, so we’ll discuss some strategies in… Read More »
How much do you know about government home loans? First, when we say that, what we really mean is that the loan is backed by the full faith and credit of the federal government. If you default on the government home loan, the US government reimburses the lender for most of the loan balance. The… Read More »
Renters who want to buy a piece of the American Dream and get a home of their own in 2020 may want to consider a USDA loan. Did you know that USDA home loans are available with 100% financing, low mortgage rates, affordable payments, and plenty of underwriting flexibility? That means that people in non-metropolitan… Read More »
Your credit score can save you a lot of money … or it can cost you a lot of money. Yet, some people don’t even know their credit score, or how to make it better. That’s bad news when you’re hoping to get the best deal on a mortgage (and looking at 30 years of… Read More »
If you are planning to build your own home this year, you will probably need a new home construction loan. This article will highlight the critical parts of construction loans so that you can make an informed decision on how to finance new home construction loans. Talk to Experienced Construction Mortgage Lenders in Your Area.… Read More »
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