Home Loans

USDA Rural Housing Loans

What is preventing you from getting that dream home you’ve been watching for the past month? Is your credit score low? Do you not have a down payment? A USDA loan may be the difference you’ve been needing. USDA loans are guaranteed by the Rural Development Wing of the Department of Agriculture. These loans target…

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Mortgage Basics

Mortgage Rate Education

Know what factors influence the actual rate for your loan. Securing the lowest possible rate has less to do with scouring ads and more to do with the particulars of your transaction. Lenders typically pick the best scenario as the basis for advertisements. Unfortunately, best-case doesn’t apply to every loan.   Here are some factors that…

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Mortgage Basics

Mortgage DOs and DON’Ts

Here are Mortgage DOs and DON’Ts to follow during your loan process. DO: Keep All Records in Good Order. Availability– Keep your financial records close at hand in case updates are requested. Income– Be aware that underwriters typically verify your income and tax documents through your employer(s), CPA, and/or IRS tax transcripts. Hold onto new…

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Mortgage Basics

Planning Ahead for the Mortgage Application

Preparing in Advance Will Save You Time and Trouble Once You’ve Started Making Offers. INCOME Provide Your Last two paystubs along with your W2s and Federal tax returns for the last two years (include all schedules). State returns are not needed. If you are self-employed, ask me for the additional documentation requirements. If you receive…

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Mortgage Basics

Mortgage Rate Lock

Rate Locks: Why do longer ones cost more? It’s all about risk. Between the times you make application and close your Home loan, interest rates will do what they always do – change. At times, the rate of change is exceptionally volatile, even from one minute to the next. “Locking in” your interest rate protects…

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Home Loans

VA Mortgage Loans

VA Loans are mortgage loans geared specifically for active duty members and Veterans of our nation’s armed forces.  In order to be eligible, you must have served a designated amount of time in the Military or in some cases surviving spouses of Veterans are eligible as well. It is important to understand the difference between…

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Home Loans

What is an FHA home loan?

If you are a first-time homebuyer with limited amounts of funds to put towards your purchase, or if you have had credit problems in the past, you may find that an FHA loan gives you the freedom and flexibility you need to get into a house and start making it a home for your family. If…

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Mortgage Basics

Mortgage Rates and Affordability

Rising Mortgage Rates and Affordability: How Much Can You Finance with $960/Month? As rates rise, affordability dwindles. If you want more home for the same monthly payment, acting before mortgage rates rise further may be a direct path to success. Each example here shows the principal and interest payment for a 30-year, fixed-rate loan. 1-…

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Home Loans

Options for first time home buyers

There are many different loan options for first time home buyers and USA Mortgage continues to find the right programs and opportunities for their clients. Below are some of the many options available: 1. MHDC Gift Money: MHDC (Missouri Housing Development Commission) offers up to 4.5% gift money towards down-payment and closing cost for qualified…

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Home Loans

USDA Loan Benefits & Requirements

Consider The Benefits USDA loans are backed through the Rural Housing Division of the U.S. Dept. of Agriculture. They are available to millions of eligible primary home buyers with low to moderate incomes or scarce funds for down payments. Features, benefits and things you need to know: Zero Down – No down payment is required…

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Mortgage Basics

Must Know About Mortgage Rates

One Thing You Must Know About Mortgage Rates The lowest mortgage rate is the best, right? The lowest rate certainly sounds best. But did you know the lowest rate doesn’t always mean the lowest cost? Mortgage interest is just one component of the real cost of owning a home. Interest rates are a reflection of…

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Home Loans

FHA loan Benefits

Still Working When Others Might Not The FHA Loan program continues to evolve, and total mortgage insurance costs have risen. While the increase makes these loans less advantageous than in the past, they are still a good option if your needs and situation preclude you from qualifying for a conventional loan.   Here are a…

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Mortgage News

Rising Mortgage Rates

You Can’t Keep a Good Thing Down Ever try to hold a life preserver underwater? It’s hard, isn’t it? It can be equally hard for the Fed to keep Mortgage rates low against a rising tide of market expectation. The Winds of Change. The Fed’s actions to keep interest rates low have worked for a…

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Benefits of Refinancing Your Mortgage
Refinancing

Benefits of Refinancing

Refinance & Reduce Your Balance Faster: Refinance and reduce your balance a lower interest rate, you pay more principal with each payment, especially in the first years of the loan. EXAMPLE: After five years of payments on a 30-year loan of $200,000 at 4% you would pay $19,706 in principle vs. $17,105 on the same…

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Buy a Home

Home Appraisals

Many factors go into calculating value of a home. Most importantly, recently sold comparable properties must be considered. “Comps” should be similar in location, size, style, room count, condition, utility, etc.   Appraisal is part art and part science, and the latter is hard to change. Sometimes, the hardest thing for owners is to be…

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Refinancing

Mortgage Refinance Process:

The Application: After determining that refinance will be beneficial for you, we can start the application which is very similar to the original application once you bought the house. Your loan officer will collect the initial documents which could consist of assets, income and other verification. Processing: Next, it’s getting the processing started which is…

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