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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Buy a Home

HOW and WHY of Escrow Accounts

Understanding the HOW and WHY of Escrow Accounts Escrow accounts provide for the timely payment of taxes and insurance on your home. This prevents tax liens, loss of property and any lapse of insurance coverage. As part of your regular mortgage payment, 1/12th of the annual cost is collected. These funds are held and paid out as bills…

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Home Loans

4 Keys to Your First Home

Before making an offer on your first home, make sure to complete these four steps. 1. Know how much you can afford and how much cash you will need: Knowing what you qualify for before searching for any homes will save you time and disappointment that can come from falling in love with a home…

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Mortgage Basics

DOWN PAYMENT! How Much Is Enough?

If you are saving up to buy your first house or wonder if you have enough equity to trade for another, you may be relieved to know that for most buyers there are still low down payment options available. $0 Down: VA (Veterans Administration) and USDA (US Department of Agriculture) both offer a zero down…

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Home Loans

FHA loans VS Conventional loans

There are many different factors to consider when choosing the best loan program option. That is where the skills and knowledge of your loan officer will play a significant role in your decision. One of those choices is the option between FHA Home loans vs Conventional loans. Here are some pros and cons of these…

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Home Loans

USDA Home Loans

There are 3 main types of home loans that you are get, today we’re going to be discussing what a USDA home loan is and why it’s been a great option for home buyers looking outside of city limit and smaller towns. USDA loans offer $0 down-payment for qualifying buyers who are looking to buy…

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Home Loans

MHDC Down Payment Assistance

MHDC which stands for Missouri Housing Development Commission has made some modification on all loans reserved on March 2, 2015. MHDC has been a great option for first time home buyers for down-payment assistance and help with some of the closing cost. Prior to the new changes MHDC down-payment assistance program was offering 3.5% as…

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Home Loans

Watch out, It is a USDA home loan….

USDA home loans have been popular in the last few years due to the crash of subprime market and the credit restrictions. USDA loans are one of the only loans beside VA loans that offer 100% financing and with their low monthly MI, it makes them a great option, but you need to watch out…

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Home Loans

FHA Loan, is it the right loan for you?

FHA Home Loan could be the right loan program for you. FHA is a government loan which has been around for several years. FHA requires just 3.5% down-payment. Which means it will finance 96.5% for your home loan. FHA will have a 1.75% up-front MI (Mortgage Insurance) which can also be financed to your loan.…

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Home Loans

MHDC Loan First Time Home Buyer

MHDC which is also known as, Missouri Housing Development Commission, is a first-time home buyer program, which is offered by the states. MHDC is a form of the FHA loan which does allow down-payment assistance. When considering a new home you should go by these guidelines: MHDC will allow borrowers to use 3% down-payment assistance…

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Home Loans

Renovation Loan

Are you considering doing a renovation? You should consider using the Renovation loan. This loan is a form of FHA financing, allowing for refinance or purchase, this loan has all that FHA has to offer, plus allowing home buyers and owners to use the future value of the home and get money for the renovation.…

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Home Loans

VA home Loan in Missouri

I should say one of my favorite home financing options is VA home loan, with the $0 down payment option and no MI (Mortgage Insurance) they are superior to any other loan out there. VA Loans do offer very competitive interest rates as well, and USA Mortgage has a lot of different options on closing…

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Home Loans

Who Can Benefit From A FHA Loan?

1. First-time home buyers. The typical first-time FHA home loan applicant is young and in the early phases of their careers, and they may still have student loans and other debt. An FHA home mortgage often costs less and is more lenient to indiscretions with credit and payments. FHA home loans don’t require a big…

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