The Federal Housing Administration (also known as FHA) requires only a minimum credit score of 500, while also allowing borrowers a down payment as low as 3.5%. FHA loans will also allow a zero-credit score by supplementing with non-traditional credit. With the options offered by FHA, this is a common loan program often utilized by…
Applying for a mortgage can feel overwhelming at first, especially if you aren’t familiar with industry jargon. Two terms that are often thrown around are adjustable-rate mortgages, or ARMs, and fixed-rate mortgages. Understanding the differences between these two types of mortgages will make you feel more comfortable and confident with the application process. They may…
When people think about buying a home, they likely envision attending open houses and picking out new paint colors, not securing a mortgage. While getting a mortgage isn’t as glamorous as other aspects of buying a home, it is arguably the most important step in the process. Without a mortgage, most people wouldn’t have a…
Columbia, Missouri has a way of winning people over. With three colleges, a lively downtown and plenty of beautiful outdoor areas, there’s always something new and exciting happening in Columbia. USA Mortgage is a premium relocation lender in Columbia, and we love introducing new residents to the area. If you’re planning to relocate to our…
Are you thinking about purchasing your first home? If so, congratulations! Homeownership is a wonderful experience, and the road to buying your first house is an exciting one. It’s likely different from any purchase you’ve made in the past, so it’s important to be prepared for the unique process. Below are my top four pieces…
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…
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…
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…
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 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 of interest…
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.…
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…
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…
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. What is a USDA Rural Housing Loan? USDA loans are guaranteed by the Rural Development Wing of…
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…
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…
