Preparing to buy a home? We encourage buyers to ask prospective lenders these 10 important questions at or prior to mortgage application. (1) What are your qualifying guidelines? Ask about requirements relating to your income, employment, assets, liabilities and credit history. Qualifications for 1st-time homebuyer programs, Veterans Affairs loans and other government-sponsored mortgages are typically less stringent. […]
Finding down payment cash is often the biggest challenge to buying a home. Rest assured we have lots of ideas to help you overcome this hurdle. PMI While PMI or Private Mortgage Insurance has pretty much made the traditional 20% down payment a thing of the past, buyers who are able to put more money […]
So you’ve just discovered errors in one or more of your credit reports, or even worse, accurate references to late payments or other debt-related issues! Don’t panic, the errors can be fixed, and it’s possible that even some of the negative items can be eliminated! An individual’s credit score is one of the most influential […]
So you’ve made a decision to buy a home and intend to apply for a mortgage to fund your purchase. From now until you close, there are a number of simple, yet important mistakes you want to be sure to avoid. Even if you have good credit, there are things you can do to make lenders think […]
ECO-Link is a loan program offering reduced interest rates on qualifying loans to homeowners completing energy-efficient upgrades or installing renewable energy products such as new windows, furnace, refrigerator, solar panels, etc. Eligible homeowners receive up to a 3% interest reduction on ECO-Link loans for up to 7 years. The homeowner must use at least 50% […]
Buying a home is a huge investment—probably the most significant purchase of your life. It’s not something you should do without preparation. Before you start on the road to homeownership, make sure you’re ready. The first step is to determine if you qualify for a mortgage, a lender can help you with this however, to […]
In recent years FHA loans have taken on renewed importance for today’s mortgage borrowers. Simply stated, an FHA loan is a mortgage insured by the Federal Housing Administration, a government agency within the U.S. Department of Housing and Urban Development. Borrowers with FHA loans pay for mortgage insurance, which protects the lender from a loss if […]
After years of speculation about mortgage interest rates, the Federal Reserve has begun increasing the Fed Funds Rate. The Fed Funds rate sets the cost of borrowing for the banks, and consequently the cost of mortgages for homebuyers. With additional moves at hand, there is concern that more expensive mortgage rates could hamper the housing […]
A new program allows employers to help workers’ down payment on a home, similar to how companies contribute to a 401(k). HomeFundMe, a Fannie Mae and Freddie Mac-approved down payment crowdfunding platform, allows borrowers to crowdfund their down payment from several sources, including their employer. CMG Financial, a mortgage banking firm, created the HomeFundMe program. Employers can […]
Choosing a lender or a mortgage broker can be a bit overwhelmoing — there are so many options to choose from, and your choice will have a large impact on the rates and terms of your mortgage. Follow these tips to select the banker or broker who can get the best mortgage deal for you. […]
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