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: With 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 at 5%. That’s an…

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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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