homebuyers: 3 Questions to Ask Before You Buy Your First Home
- 03/25/19 06:42 AM
Hunting for your new home can be a confusing process. There are countless factors you need to take into account to ensure your new location fits your family's lifestyle and preferences. In their excitement, first-time home buyers can easily overlook some essential points about their potential property. When you're searching for your new residence, ask these questions to get exactly what you're looking for. Am I Financially Ready For A New Home Purchase? It takes more than money to find the right home. Your credit rating is an important factor in your ability to secure enough funding to finance your dream. Check out your … (4 comments)
homebuyers: Look Beyond The Interest Rate: What Else Matters When Choosing A Mortgage Lender?
- 06/29/18 10:56 AM
Most consumers securing a mortgage plan to remain in that loan for 30 years. During that time, the borrower maintains a relationship with the loan servicer or lender. Most often, home buyers do not think twice about who the mortgage lender is, but rather focus on the interest rates offered. Look beyond this information. Borrowers need to take into consideration much more before they sign on the dotted line. Here's what to look for specifically: Choosing a Specialized Lender Can Help Home buyers interested in special loan programs must select a lender approved to provide those loans. FHA, USDA and VA loans, in … (1 comments)
homebuyers: Understanding the Factors That Impact Your Credit Score
- 06/28/18 07:55 AM
Most consumers believe if they pay their bills on time, they need not worry about their credit score. Oftentimes, it is a rude awakening when they apply for a mortgage loan, car loan, or any revolving credit to learn they are not going to get the lowest rates available due to their credit score. This is because paying bills on time only accounts for 35 percent of your credit score. The remaining 65 percent is spread out among other factors that impact your credit score. Credit Usage and Impact on Score Nearly one-third, 30 percent, of your credit score is based on … (4 comments)
homebuyers: Understanding Your Debt To Income Ratio
- 06/06/18 09:12 AM
When you are filling out a mortgage application, the lender will be asking you for specific financial information. One of the reasons they ask for this information is to enable the underwriter to calculate your debt to income ratio. The debt to income ratio is what most mortgage lenders use to determine the level of risk they are taking when they agree to provide you a mortgage. Most mortgage lenders will use your debt to income ratio to determine your interest rate, down payment requirements, and in some instances, escrow requirements. How Lenders Calculate Debt to Income Ratio When your loan is being … (1 comments)
homebuyers: Manage These 3 Items Before Applying For A Mortgage
- 04/10/18 08:09 AM
Mortgage lenders weigh the risk of getting their principal and interest paid back by looking at the qualities of the prospective borrower. And due to the amount of money being requested and lent to purchase homes, those requirements can become daunting. Working with a trusted and qualified mortgage professional makes this sometimes confusing process a little clearer. To this end, there are three things that a potential homebuyer can do to prepare for the mortgage approval process. Manage Debt And Credit Levels For many homebuyers, managing their credit score is the biggest challenge. Mortgage lenders like buyers with strong credit. While getting strong … (4 comments)
homebuyers: 5 Tips For Prospective Buyers To Submit A Winning Offer
- 04/02/18 11:30 AM
In a hot real estate market, agents often tell buyers they must expect to make multiple offers before one is accepted. Disappointment may be the new normal rather than an exception. The stress of repeated rejections isn't easy, so be prepared. Significant numbers of first-time buyers find the process difficult, and recent research indicates that about 60 percent of Millennials choose to rent rather than own, delaying other important life decisions, including marriage and family. There are, however, at least 5 ways to strengthen your buyer profile and give yourself an advantage: Check Your Credit Take advantage of the free credit checks offered by the three credit … (3 comments)
homebuyers: New Construction vs. Existing Home: Why New Might Be Better
- 01/24/18 12:19 PM
Are you in the market for a new house? Whether you are a first-time home buyer or are upgrading to get more space, you will need to choose between buying an existing home or building a brand new one. As you might imagine, there are pros and cons to each kind of home. But if it is in your budget, you may want to lean towards a newer home over an older one. Let's explore three reasons why new construction homes are better than existing homes. Customize Every Aspect To Your Tastes Ask anyone living in a custom-built home and they are … (3 comments)
homebuyers: Buying in 2018? Get Your Down Payment Ready Now by Tapping These Helpful Sources
- 12/08/17 03:47 PM
Are you in the market for a new house or condo in 2018? With the new year just around the corner, now is the time to get all of your financial details in order. As you may know, buying a home is a significant financial transaction. But it all starts with your down payment, which is the lump sum that you invest in order to purchase the home. In today's blog post we will share a few sources of funds that you can tap into for help saving up your down payment. Peer Into Your Financial Future A helpful first step is to … (3 comments)
homebuyers: 3 Key Flaws to Watch Out For in an Older Home
- 12/05/17 10:42 AM
Are you a fan of homes with a bit more character than newer, modern designs? Whether in pristine condition or more of a "fixer upper," older homes are incredibly popular in cities across the country. However, there are some key factors to consider if you're thinking about buying a home built decades ago before modern standards were enforced. Old Electrical Designs Can Be A Significant Fire Hazard No matter when a home was built, it's almost guaranteed to have electrical wiring running through walls to supply rooms with lighting and power outlets. However, if the wiring was run in decades past it … (4 comments)
homebuyers: Make 2018 the Year You Escape the 'Rental Trap'
- 12/01/17 09:18 AM
Are you growing tired of paying rent each month and not building your net worth? Being stuck in the 'rental trap' isn't much fun, but if you are determined, you can break out. Let's explore some of the steps that you can take to make 2018 the year that you become a homeowner. Rent Money Is Lost Money First – why homeownership? As you may already understand, money spent on rent is 'lost' money. Each month you pay your rent, but you do not build any equity, own any property or get any other benefits in return. When you own a house, the … (1 comments)
homebuyers: Til' Debt Do Us Part: How to Get a Mortgage If One Spouse Has Poor Credit
- 04/12/17 08:18 AM
A poor credit history is a reality for many people, but it can be particularly daunting when it comes to investing in a house. Simply because you or yours have experienced bad credit doesn't mean that you should be penalized in the future. If your spouse has struggled with bad credit in the past but you're both preparing to move forward and invest in a home, here are some tips for getting it together financially. Face The Music Many people who have bad credit are too scared to look at their credit report and broach it honestly. But it's important to come … (5 comments)
homebuyers: Feeling 'Priced Out' of the Market? Here's How You Can Still Buy a Great New Home
- 03/07/17 07:21 AM
If you're trying to buy a new home, few things are more frustrating than a hot real estate market. When home prices are climbing fast it can feel like you'll never be able to save enough for your down payment. Here are a few ways that you can get in – even if you're feeling priced out. Start Smaller And Upgrade Later If you're a single professional or a young couple, it might be wise to start with a smaller starter home. While a townhouse or condo might not feel as large as a detached house, they are more affordable options. Starting small … (3 comments)
homebuyers: 3 Things You Should Never Say When Negotiating On A Home
- 02/14/17 09:37 AM
The prospect of finding the home you've always dreamed of can be such an exciting time that it's easy to forget all about the process of negotiating. However, it's important to keep a few things to yourself when it comes to the art of making the deal. If you're currently searching for the right place and preparing to sign on the dotted line, here are a few phrases it's best to avoid. Declaring It Your Dream Home There's nothing wrong with finding the ideal home and getting enthusiastic about the prospect of owning it. But it's very important not to say too … (9 comments)
homebuyers: Investing in a Fixer-Upper: What You Need to Know
- 02/06/17 01:00 PM
With all of the home renovation and fixer-upper shows on television, the idea of completely renovating and re-doing an old home can seem like an enticing premise. Unfortunately, investing in the wrong fixer-upper can mean an awful lot of expenditure without the added financial rewards. Whether you're considering investing down the road or you're ready to dive in, here are a few things to consider first. How Much Do You Want To Spend? It's easy to be swept away by possibility. But before making an offer you'll need to sit down and determine exactly what you're willing to invest into upgrades for … (5 comments)
homebuyers: What's Ahead For Mortgage Rates This Week - February 6, 2017
- 02/06/17 08:06 AM
Last week's economic news included several good signs for U.S. Labor Markets with higher than expected readings for private and public sector job creation. The Federal Reserve announced its decision not to raise the target federal funds range, and inflation rose. Mortgage rates held steady and pending home sales rose. Private and Public Sector Jobs Post Unexpected Gains ADP, which tracks private-sector job growth, showed a gain of 246,000 jobs in January against expectations of 168,000 new jobs and December's reading of 151,000 private sector jobs created. Analysts said 208,000 of jobs added were service-related jobs. January's Non-Farm Payrolls, which is issued by … (2 comments)
homebuyers: How Will Having a New President Impact Your Mortgage?
- 01/23/17 11:02 AM
There is always uncertainty in the market in an election year, but many people are wondering exactly what kind of impact Donald Trump's election will have on their mortgage and the real estate options available. Whether you are still paying off your home or have been shopping around for the right one, here are some possibilities for the real estate market following the results of the 2016 election. An Increase In Luxury Properties With the release of President Trump's tax plan, which provides the most sizable tax cuts to the wealthy, it could be the case that there will be an … (2 comments)
homebuyers: What's Ahead For Mortgage Rates This Week - January 23, 2017
- 01/23/17 09:42 AM
Economic news was impacted by the Martin Luther King holiday on Monday and the Presidential Inauguration on Friday. Readings released included reports on inflation, the National Association of Home Builders Housing Market Index and Commerce Department releases on housing starts and building permits issued. Weekly reports on mortgage rates and new jobless claims were released as scheduled. Home Builder Confidence Dips as Inflation Ticks Upward The National Association of Home Builders Housing Market Index dipped from December's reading of 69 to 67. Ongoing challenges including a short supply of lots for development and inability to hire skilled labor were cited, but builders … (2 comments)
homebuyers: New Homebuyer Checklist You Need To Get A Mortgage
- 12/16/16 03:22 PM
Buying a home is a significant expense. It doesn't matter whether you're a first-time buyer or have experience. Unless you have a large pile of cash, you'll need to ensure your finances are in order before closing. In this post we'll explore four financial items you'll want to check off before buying a new home. Figure Out Your Current Monthly Budget First, you're going to want to sort out your monthly budget. If you've never done a budget before, start with something basic. Open up a spreadsheet or take out a piece of paper. Make two columns: 'income' and 'expenses'. Fill in … (4 comments)
homebuyers: Self-Employed 101: How To Get Mortgage Approval
- 12/14/16 11:40 AM
There's a lot of flexibility and personal freedom associated with self-employment that can be a great benefit to your lifestyle and your pocketbook. However, because of the somewhat unpredictable nature of self-employment, it can make acquiring a mortgage a little more difficult. If you've recently become self-employed or have been in the game for a while, here are some things you may want to consider before submitting your mortgage application. Putting More Money Down 20% is often considered the magic number when it comes to the down payment because this will allow you to avoid homeowner's insurance. However, if you're self-employed, you may … (1 comments)
homebuyers: Mortgage 101: Three Easy Ways To Reduce Your Stress
- 11/15/16 05:18 AM
There are more than enough details involved in getting a mortgage and moving into your own home that you'll want to know how to make the process as seamless as possible. However, there's a chance you might not be aware of the things you can do to make it a little easier on yourself. If you're currently looking for a home, here are some things to do before applying to minimize mortgage-related stress. Get Electronic Documentation In order to get approved for your mortgage application, you'll need to provide documentation that will likely include bank statements, federal tax returns and recent pay … (0 comments)
NMLS ID: 247026
Colorado Mortgage License: 100019059
Benchmark Mortgage, Ark-La-Tex Financial Services, LLC NMLS ID 2143. Equal Housing Opportunity. This advertisement is for general information purposes only. Some products may not be available in all licensed locations. Information, rates, and pricing are subject to change without prior notice at the sole discretion of Ark-La-Tex Financial Services, LLC. All loan programs subject to borrowers meeting appropriate underwriting conditions. This is not a commitment to lend. Other restrictions may apply. Colorado Mortgage Company Registrant – Regulated by The Division of Real Estate #2143
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