As the housing market starts improving the supply and demand will shift towards seller’s market. This means multiple offers on a same property and the chances of your offer getting accepted may not be as great as it used to be in the buyer’s market. Here at USA Mortgage we strive to not only provide…
The Truth about Rates and Where They’re Heading
When buying a home, mortgage rates are important! The truth about mortgage rates? They are always changing. It is wild to think that they can change from one day to the next, but it’s true.When dealing with mortgage rates, being educated is the first step in understanding how your mortgage rate can affect you and…
6 Tips for the First Time Home Buyer
Have you recently decided that the time is right to buy your first home? With Spring weather upon us, the market is starting to become active and many great homes are beginning to be listed for sale. The process of buying your first home can be a very exciting time. It’s truly a fresh start in a…
High Credit Scores Equal Lower Mortgage Rates
Your credit score is extremely important when it comes to applying for any type of loan or credit account, especially when you’re looking to purchase a home. Not only does your credit affect the total amount of a loan you may qualify for, but it also helps mortgage lenders determine a mortgage rate they’re willing…
How Mortgage Amortization Works
How does mortgage amortization really work? A fixed rate loan can also be referred to as a fixed payment loan – However, the amount of principal and interest paid changes with each payment. Interest Paid – The math behind “amortization” or paying a loan off in a fixed period of time starts with the amount…
APR: Comparing the cost of loans
APR (Annual Percentage Rate) Comparing the cost of Home loans When you see a loan rate advertised, you’ll also see a corresponding APR (4.5%/4.762% APR). This Annual Percentage Rate is the total cost of your loan (interest and fees) expressed as a single number. The purpose is to give you one number for comparing multiple loans.…
Get Pre-Approved for a Mortgage
Buying a home is an exciting process however you must ensure you have the details worked out for your loan to secure the home of your dreams. Getting all the details worked out for financing ahead of time will make the entire process much more enjoyable and stress-free as moving forward. Applying & Getting Pre-Approved…
Renting vs. Owning a Home
There’s more to comparing the costs of renting and owning a home than the dollar cost of payments. Even with numbers like these, some still say renting is better: “Investing in a home is riskier than renting.” No risk, no reward. Besides, even studies conducted by the Federal Reserve show that owning can provide a net worth…
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…
Mortgage DOs and DON’Ts
Here are Mortgage DOs and DON’Ts to follow during your loan process. Mortgage DOs Keep All Records in Good Order. Keep your credit shining. Continue making payments on time. Your credit report may be pulled again, and any negative change to your score could cause you to lose your approval and your home. Understand that things…
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…
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…
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…
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 expectations for inflation and the supply/demand equation for…
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 few…
Rising Mortgage Rates
First, who is the Fed and what do they do? The Federal Reserve Board (the Fed), controls the Fed Fund Rate and the Discount Rate. These are charges for overnight loans from bank to bank or from the Fed to member banks. You Can’t Keep a Good Thing Down Ever try to hold a life…
