home buying: What You Need To Know About Short Sales - 06/06/18 01:10 PM
On the surface, a short sale seems like the perfect deal. However, before you take the plunge, you need to understand how this type of home purchase works.
What Is a Short Sale?
A short sale is a home sale in which the homeowner is selling the home for less than he or she currently owes on the mortgage. In most cases, this means that the buyer is paying less for the home than it’s worth, which leads to instant equity.
Short sales allow homeowners to get out from under mortgages without damaging their credit as much as a foreclosure. Lenders often agree to … (0 comments)

home buying: Pros And Cons Of Buying A Foreclosure - 06/05/18 11:23 AM
When a homeowner stops making regular mortgage payments, the bank can foreclose on the property. This means that the bank takes possession of the property in an attempt to recover the debt the homeowner owes. In some cases, the bank may try to recover this debt by selling the property at auction. In other cases, the bank will simply list the foreclosed home for sale.
Choosing to purchase a foreclosed home has both advantages and disadvantages for the buyer. Weighing these advantages and disadvantages carefully is essential.
Pros of Buying a Foreclosure
When you decide to buy a foreclosure, you will be working with … (0 comments)

home buying: How To Qualify For An FHA Loan - 06/01/18 08:35 AM
Borrowers who cannot qualify for a conventional mortgage are often able to obtain an FHA loan. However, to secure this type of loan, you must still meet certain requirements.
What Is an FHA Loan?
FHA loans are mortgage loans that are backed by the Federal Housing Administration. It is designed to help borrowers who are unable to meet the requirements for a conventional mortgage or other types of financing. These loans can be used to purchase single-family and multi-family homes.
What Are the Requirements for an FHA Loan?
When you apply for an FHA loan, the underwriter will consider many of the same characteristics considered … (0 comments)

home buying: Understanding Your Debt To Income Ratio - 05/31/18 09:47 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 underwritten, … (0 comments)

home buying: What You Need To Know About Your Home Appraisal And Your Mortgage - 05/24/18 05:44 AM
When buying a home, there are certain steps a buyer should go through before the home sale is official. First the buyer makes the offer, then the offer is accepted.
Next the buyer schedules the inspection and home appraisal. Finally, everyone is ready for closing.
It’s easy to overlook the impact of some of these steps, but when it comes to a mortgage, the home appraisal is actually quite important. Banks want to see that they are lending money for an investment that is worthwhile, so that appraisal is a crucial step to getting financing. Here is what buyers need to know about … (0 comments)

home buying: What’s Ahead For Mortgage Rates This Week – May 21st, 2018 - 05/21/18 07:40 AM
Last week’s economic releases included the National Association of Home Builders Housing Market Index for May, Commerce Department reports on housing starts and building permits issued. Weekly readings on mortgage rates and first-time jobless claims were also released.
Home Builder Confidence Rises in May
According to the National Association of Home Builders, home builders surveyed indicated higher confidence in housing market conditions for May. April’s reading was downwardly revised to an index reading of 68; analysts expected a reading of 69.  May’s home builder confidence reading was 70. Any reading over 50 indicates that more builders consider housing market conditions to positive.
Three-month rolling … (0 comments)

home buying: Tips For Home Buying In The Digital Age - 05/16/18 06:22 AM
The digital age has changed the way buyers browse for and purchase goods and services, including real estate. While home buyers still can check out property listings via a print newspaper or by driving through desired neighborhoods in hopes of finding a “for sale” sign, digital sources offer more options and can make the home buying process easier. 
The National Association of REALTORS® (NAR) states in their 2017 Report: Real Estate in a Digital Age, that 44-percent of home buyers look online when beginning their search.
Social Media As Sources For Home Buyers
According to the Pew Research Center, 68-percent or two-thirds of U.S. … (0 comments)

home buying: 5 Important Questions to Ask When Buying New Construction - 05/15/18 12:54 PM
Buying a new home is exciting. Buying a brand new home can be even more so with the realization of being the first owner and possibly being able to choose your own layout and finishes. The prospect of owning new construction is definitely exciting, but it doesn’t come without its own set of questions.
If you’re in the market for a new home, and considering new construction, make note of the questions below when you begin your property search.
What Are The Long Term Plans For The Community?
Unless you’re looking at custom homes on acreage, it’s likely new construction in your area will … (0 comments)

home buying: New Home Buyer? Don’t Make These 3 Common Mistakes! - 05/11/18 06:45 AM
Looking for your new home can feel like a daunting task, especially if it’s your first time going through the home buying process.  Sometimes, all of the choices may feel overwhelming. You want to make the best decision for yourself and your family. 
Here’s a quick list of three common pitfalls that some home buyers experience:
Choosing to Skip the Inspection
A home inspection is a necessity. This is your opportunity for a professional to uncover any potential problems in a property that you cannot see. Or even something that you might not have known to check. Your new home is likely the largest … (0 comments)

home buying: Ensuring A Stress-Less Closing - 05/09/18 01:28 PM
Buying a home is an exciting and exhilarating time. Between the time your offer is accepted, and when you finally have keys in hand and you are ready to step into your new home, it can be stressful. The escrow period, also known as the closing, can take the most easygoing home buyer to the brink of insanity.
After you have negotiated your best price and come to an agreement, there are ways to make the escrow process less anxiety-provoking. Here are some tips from top real estate agents to help you get through the escrow process without losing your cool. 
Utilize Your … (0 comments)

home buying: Don’t Let a Renter Assume Your Mortgage Payment as a Landlord - 05/08/18 01:57 PM
When it comes to a property that’s been financed with a mortgage, homeowners can experience the need or desire to live elsewhere from time to time. Renting may be considered as a way to recover some of their costs when they are not using their home.
In some cases, homeowners – when acting as landlords – may also consider that it’s more efficient to have the tenant pay their monthly mortgage payment directly to a lender. After all, the money is just being received and turned over in another check to the lender anyway. It may seem like a logical idea to … (0 comments)

home buying: 5 Ways Millennials Can Snag Their Dream Home In This Sellers Market - 05/02/18 12:23 PM
According to the 2017 Home Buyer and Seller Generational Trends Report, Millennials bought 34% of the homes sold; the largest of any generation last year. 
Millennials looking to buy their first, or second, home need to ready themselves for a surprisingly competitive market. Lack of supply causes attractive homes to garner multiple offers in just a few hours!
What can a Millennial buyer do to appeal to sellers and be the one who ends up with the home? Here are 5 ways they can snag their dream home in this seller’s market. 
Get Pre-Approved
Figuring out what a home buyer can afford is a crucial step and … (1 comments)

home buying: 5 Key Factors That Affect Your Mortgage Rate - 05/02/18 12:21 PM
Many first time home buyers often wonder what factors determine their mortgage rate. Is it their credit score? Is it the type of loan chosen? Is it the size of the loan?
The truth is, there are many factors at play. Mortgage interest rates are not standardized across the board, so they vary from lender to lender and from borrower to borrower.
Here are 5 common factors that determine or affect your mortgage interest rate:
1.    Default Risk
Risk is a key consideration when determining mortgage interest rates. Banks and other lenders are in a risky business because there is always a chance of a … (0 comments)

home buying: The Home-Buying Closing Process in a Nutshell - 04/26/18 06:29 AM
The closing process for a home purchase is an exciting time. The home is finished, the purchase is ready to be finalized and it’s almost time to move in. The final steps of the closing process ensures both parties are able to meet their requirements and all the paperwork is in place and verified.
The Key Players
There are actually four parties involved in a typical closing: the buyer, the seller, the bank or lender financing the purchase, and the escrow agent. Each has an important role in making sure the closing happens effectively and efficiently.
As is common with most purchases, the buyer … (0 comments)

home buying: Solar Roof Panels: A Mainstream Option For Homeowners? - 04/25/18 01:30 PM
Do rooftop solar panels add value to a home, and are they cost-effective in terms of energy savings? The short answer is yes, say the experts. Although more than a million U.S. homes boasted solar panels in 2016, the percentage of solar-equipped households is still miniscule. 
That may change, however, as domestic prices for solar installations continue to decrease and property values rise.
The Pros And Cons Of Solar
While there is global agreement on the need to encourage cost-effective, non-polluting renewable energy sources, it is also acknowledged that solar effectiveness is not equal in all locations or situations. 
Several Southwestern states boast abundant sunshine, a high percentage … (0 comments)

home buying: Best Tax Deductible Home Improvements for Homeowners - 04/19/18 11:21 AM
Before delving into tax-deductible home improvements, it’s important to understand that these tax deductions won’t be applied immediately. In most cases, homeowners can only benefit, tax-wise, from their home renovations later, when they sell their home.
It’s important for homeowners to keep receipts for their improvements, though so they have proof of the improvements they made, even if it’s years later when they sell their residence.
Typical Renovations/ Home Improvements That Can Yield Eventual Tax Benefits
A home improvement is any project that substantially adds value to a home. It can include adapting it to be more useful or be improvements that allow it … (0 comments)

home buying: Should You Pay Discount Points When You Get Your Mortgage? - 04/17/18 03:17 PM
One of the challenges you will face when deciding how much money to put down on your new home is whether to put down a larger down payment or to take a bit of money from your down payment and use it to buy “discount points” to lower your interest rate.
There are pros and cons to doing both and each borrowers situation will be different so it’s important to understand which option is best for your individual situation. Some factors you should consider include:
Cost of borrowing – generally speaking, to lower your interest rate will mean you pay a premium. Most … (2 comments)

home buying: What’s Ahead For Mortgage Rates This Week – April 16th, 2018 - 04/16/18 07:07 AM
Last week’s economic reports included readings on inflation, the minutes of the most recent meeting of the Fed’s Federal Open Market Committee and weekly reports on mortgage rates and first-time jobless claims. The University of Michigan released its Consumer Sentiment Index for April.
Inflation Grows, Fed Indicates Future Rate Hikes Likely
The minutes of the Federal Open Market Committee Meeting held March 20 and 21 indicate Fed policymakers are likely to increase the target federal funds rate at their June meeting. Economic indicators including strong labor markets and low unemployment rate were cited as contributing to expectations for federal rate hikes throughout 2018.
How the … (0 comments)

home buying: Look Beyond The Interest Rate: What Else Matters When Choosing A Mortgage Lender? - 04/12/18 02:48 PM
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 particular, … (0 comments)

home buying: Manage These 3 Items Before Applying For A Mortgage - 04/11/18 05:55 AM
Mortgage lenders weigh the risk of getting their principal and interest paid back by looking at the qualities of the prospective borrrower. 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 credit … (1 comments)

 
Joe Gonzalez, NMLS# 126036 (610) 739-6563 (CrossCountry Mortgage, LLC NMLS #3029) Rainmaker large

Joe Gonzalez

NMLS# 126036 (610) 739-6563

King of Prussia, PA

More about me…

CrossCountry Mortgage, LLC NMLS #3029

Address: 625 W. Ridge Pike, Building C, Suite 100, Conshohocken, PA, 19428

Office: 610.355.8039

Mobile: 610.739.6563

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