mortgage: Taking A Closer Look At Affordability: Renting And Buying
- 07/23/21 02:12 PM
There are many people who are looking at the housing market wondering if now is the time to make the jump from renting to owning. At the same time, is it more affordable to rent a home? Or, is it a smarter move to buy a home? Even though many people like the comfort of renting because it is someone else’s problem if something goes wrong, waiting too long to purchase a home could be costly. Here are a few of the most important points you need to keep in mind when it comes to renting versus buying a home.
Renters Spend … (0 comments)
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mortgage: The Pros and Cons of Mortgage Rate Locks
- 07/21/21 10:57 AM
If you’re just jumping into the game of home purchasing, you are likely considering all of your loan options and may even have heard the term mortgage rate lock. For those who don’t like to gamble, a mortgage rate lock can offer a bit of reassurance, but there are also some downsides to this type of protection. Before signing off on this, here are the details on rate locks so you can make an informed decision.
What Is A Rate Lock?
For many people who are buying a home, the idea of interest rates can make the heart race a little faster, but … (0 comments)
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mortgage: Deciding Whether To Move or Refinance: Which Is The Better Option?
- 06/17/21 12:21 PM
There are a lot of people who are wondering if now is the right time to move or refinance their current home loan. With interest rates still favorable, a lot of homeowners have the potential to save a lot of money if they are able to secure a home loan with a lower interest rate. There are two ways homeowners can secure a home loan with a lower interest rate. The first is to refinance. The second is to move. Which option is better? There are a few key points to keep in mind.
Taking A Closer Look At Refinancing
There are a lot … (1 comments)
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mortgage: Do You Have Enough Of A Down Payment Saved Up?
- 06/15/21 10:32 AM
If you are planning on purchasing a home in the near future, you need to make sure you have enough money saved up. While there are a lot of expenses that go along with purchasing a home, the biggest expense is the down payment.
The common belief is that people have to put 20 percent down; however, even if you don’t have 20 percent saved up, you might still be able to purchase a home. It will depend on whether you can get a lender to provide a loan that is greater than 80 percent of the purchase price of a home. … (0 comments)
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mortgage: Understanding Appraisals and What to Do If Your Home Doesn’t Appraise
- 06/08/21 01:23 PM
It can be a bit of a surprise if your home turns out to be valued at less than the purchase price offered, but this is the type of thing that can occur in an appraisal situation. While this can change everything from your contract to the amount of your down payment if your home has been appraised at less than you envisioned, here are some options you may want to consider.
Review The Appraisal Contingency Clause
If an appraisal contingency clause is built into the terms of your contract, this means that the terms of your contract can be re-evaluated and re-negotiated … (1 comments)
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mortgage: In The Current Housing Market, Prospective Buyers Must Remain Patient
- 06/03/21 03:14 PM
The housing market has been through many ups and downs during the past 12 months. Now, buyers are facing a unique challenge as they try to find the right house in the perfect seller’s market. Right now, real estate is extremely competitive, as low inventory has continued for several months.
As mortgage rates remain low, more people are looking for homes, increasing the competition. Some people are reluctant to sell because they know they will face the same challenges of trying to find a new home themselves. As a result, the housing market has record-low inventory making it difficult for buyers to … (0 comments)
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mortgage: Top 8 Things New Homeowners Need
- 05/13/21 10:54 AM
Moving into your first home is an exciting experience, but it can also be overwhelming. To manage the move properly, you need a wide variety of tools you may never have considered before. You may not realize you should have purchased a certain item until you need it.
To prepare for the move into your new home, make sure you have all of the items listed below.
Storage For Documents
As a homeowner, you will need to keep and organize a variety of documents, including receipts, warranties and even your mortgage papers. Consider buying a fireproof box or cabinet to store these items.
Fire Extinguisher
Every … (1 comments)
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mortgage: How to Become a Homeowner: First Time Home Buyer Guide
- 05/11/21 08:54 AM
Becoming a homeowner for the first time is exciting. However, for many potential buyers, the process can also be confusing. Below is an overview of the steps you need to complete in order to buy your first home.
Work Out The Finances
The first step in buying a home is deciding on a price range. This price range will be determined by your income, as well as your own comfort level with home prices and monthly payments. Consider all of these factors to determine the maximum amount you are willing to spend on your new home.
In most cases, you will be required to … (0 comments)
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mortgage: Don’t Miss Out On How To Handle Common Home Buying Pitfalls
- 05/10/21 09:59 AM
The process of buying a home can be riddled with obstacles. However, you can avoid many of the most common home buying pitfalls with some advanced preparation. Below are some of the most frequent problems home buyers face, as well as tips for avoiding them.
You Can’t Qualify For A Mortgage Nothing is more frustrating than learning that, even though you make enough money to afford your dream home, you cannot qualify for the mortgage you need. This may happen because your credit score is low or because you cannot verify your income in a way that satisfies your lender. To avoid this pitfall, … (0 comments)
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mortgage: Buying in a Sellers Market
- 05/06/21 03:17 PM
Home buying is often made possible or unreachable due to the local and national economy. Fortunately, what goes up, must come down. So, for buyers who can wait, economic changes in supply and demand can create opportunities. These shifts in real estate are known as buyer’s markets and seller’s markets.
The seller’s market specifically tends to be the harder one for homebuyers. In short, sellers see a lot of demand, so they can command higher prices for a sale. Things are competitive, sell fast, and inventory is low.
For buyers, it’s a headache, but there are ways of handling the challenge.
Understand Your Local … (1 comments)
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mortgage: Why Green Homes Are Gold In Your Pocket
- 05/05/21 10:31 AM
If you’re selling a home today, you know that it’s a seller’s market in many areas throughout the country. What you may not know, though, is that there are still things you can do to make your home even more desirable. From adding SMART home features to properly staging a home, there are plenty of things you can do to drive up the price and create a frenzy of bidding activity for your home. One of those things is to add green features to your home.
What Are Green Home Features?
Adding green features to your home doesn’t mean you’re painting the walls … (0 comments)
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mortgage: Stimulus Checks And Your New Mortgage
- 04/28/21 01:35 PM
Most of the focus on stimulus checks has been on “when” they will arrive, but if you are in the market for a new home (and mortgage) you should know how that payment will impact your financing. Part of the latest Covid 19 relief package includes payments and protections for existing borrowers and renters, but what about those who are looking to buy? According to the IRS, here are a few things to know about how your stimulus impacts your upcoming mortgage.
Stimulus Money Is Not Taxable
Any funds you are qualified to receive are not taxable; this is important to know as … (0 comments)
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mortgage: The Potential Pitfalls of Buying a Second Home for Income
- 04/27/21 01:17 PM
Aside from owning a business, owning rental property has been one of the top investment choices for people, most commonly done through buying a second home. Handled right, income properties can generate significant gains for investors, both in terms of real estate appreciation as well as monthly income from tenants. However, it’s not sure a surefire approach to financial success. There are a lot of ways that a budding real estate investor can go sideways with an investment property home purchase as well.
Watch Out for the Seller-Renter
Many times people will sell a home but then offer to rent it from the … (0 comments)
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mortgage: Boosting Your Credit Score To Qualify For Better Rates
- 04/14/21 02:12 PM
The better your credit score, the better the mortgage interest rate for which you should qualify. That can mean thousands of dollars saved over the life of the mortgage. If your credit score needs improving, get started prior to your search for a new home.
Pay Bills On Time
The simplest way to boost your credit score is by ensuring your bills are always paid on time. Nothing harms a credit score more than late payments.
Check for Credit Report Errors
Check your credit reports for any errors. These issues are not uncommon, and can really impact your score. Each of the three major credit … (1 comments)
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mortgage: Looking at Home Mortgage Refinancing in 2021
- 04/08/21 10:47 AM
In 2019 many people expected that the home lending market was going to eventually grow more expensive. Instead, 2020 spent its entire 12 months becoming more affordable when it came to financing a personal home, moving in the opposite direction of what was expected. Not only did the loan cost drop break previous records, but it also presented an additional opportunity for homeowners to reposition and take advantage of lower borrowing costs again.
The General Advantages of a Home Loan Refinance
The refinancing of a mortgage has traditionally been three-fold. First, it is a chance to re-negotiate the loan on a home purchase … (0 comments)
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mortgage: VA vs FHA vs USDA What’s the Difference?
- 04/07/21 11:49 AM
You may have more options than you think when it comes to securing a mortgage for your new home. While many buyers opt for conventional financing, another option or program might be a better choice for you, depending on your personal and financial situation. Learning more about FHA, USDA, and VA loans ensures you get the best possible deal for your mortgage and that you secure the loan that you need for your new home. Here’s what you need to know about these useful mortgage options.
FHA Loans
These are traditional mortgages that are backed by the FHA: when you take out an … (0 comments)
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mortgage: Approved With Conditions: What Does It Mean?
- 03/24/21 11:39 AM
Applying for a home loan might not be the most exciting part of purchasing a home; however, many homeowners need to go through a lender to purchase a home. It is exciting to hear that the approval letter has gone through; however, it is also possible for someone to see that they have been approved with conditions. What does this mean?
What are some of the most common reasons why someone might have conditions?
It Could Just Be Standard Procedure
Sometimes, people see that they have conditions to meet as a simple part of the approval process. For example, someone might be missing standard … (0 comments)
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mortgage: Interesting Facts To Know About Mortgages
- 03/17/21 11:16 AM
Many people have heard that there are a lot of changes taking place in the real estate market right now. As a result, a lot of people are thinking about purchasing a new home or refinancing an existing mortgage.
When looking at a mortgage, many people focus on the interest rate, the term of the loan, and the size of the loan. Even though these are all important factors to consider, it might be helpful to take a look at a few fun facts about mortgages as well.
Where Did The Word Come From?
When people take out a student loan, a car loan, … (0 comments)
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mortgage: Understanding The Difference Between A Co-Borrower And A Co-Signer
- 03/16/21 11:13 AM
There is a lot of jargon that comes with purchasing a home. Even though this could be confusing, purchasing a home is also a significant decision. Therefore, it is critical for everyone to understand exactly what they are signing before they scribbled their name on the dotted line. In some cases, a co-borrower or a co-signer (also called a non-occupying co-borrower) could be needed to strengthen the application. What is the difference between these two terms?
What Is A Co-Borrower?
First, a co-borrower is simply a co-owner. Both names are on the title of the home. The co-borrower also shares the responsibility of … (1 comments)
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mortgage: What’s Ahead For Mortgage Rates This Week – March 15, 2021
- 03/15/21 01:06 PM
Last week’s economic reporting included data on inflation and job openings, and weekly readings n mortgage rates, and jobless claims.
Inflation Rate Rises in February
Consumer prices grew by 0.40 percent in February according to the federal government’s Consumer Price Index; the year-over-year inflation rate rose from January’s reading of 1.40 percent to 1.70 percent. Consumer prices rose at their fastest pace in six months as rising fuel prices caused the jump in consumer prices. The Core Consumer Price Index, which does not include volatile food and fuel sectors, rose by 0.10 percent in February and matched analysts’ expectations.
Analysts expect continued economic expansion … (0 comments)
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There are many people who are looking at the housing market wondering if now is the time to make the jump from renting to owning. At the same time, is it more affordable to rent a home? Or, is it a smarter move to buy a home? Even though many people like the comfort of renting because it is someone else’s problem if something goes wrong, waiting too long to purchase a home could be costly. Here are a few of the most important points you need to keep in mind when it comes to renting versus buying a home.
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