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Chances are good you’ll learn several interesting things on your homebuyer’s journey. For example, there are several ways lenders measure your finances to decide if they can approve a mortgage loan for you. It’s important for homebuyers to understand what lenders work with to determine the risk of loaning you money. One of the biggest … Continue reading Understanding Loan-to-Value Ratio
You’ve accepted the terms on your new home, the inspections have been done and the loans have been approved. You’ve booked movers and set the time for the big day. It’s an exciting, heady time as a homeowner. Yet before getting the keys to your new home, you’ll need to attend the closing. This is … Continue reading The Home Loan Closing Process
You’ll make a variety of decisions when you’re purchasing a home. One of them is whether you should “buy down” your mortgage. Not sure what that means, or if it’s right for your specific situation? Read on to help you decide. What does it mean to buy down mortgages? If buyers want to lock in a … Continue reading Can I Buy Down My Mortgage?
There are several indispensable people you need in your corner throughout the homebuying process. One of those is a loan officer. After all, unless you’re independently wealthy, without a mortgage loan, you can’t get a house. Choosing the right loan officer is important. You may be planning to find a loan officer online, get a … Continue reading The Benefits of Working With a Loan Officer
In 2021, the conforming loan limit will be increased for the fifth consecutive year by the Federal Housing Finance Agency. The move, which increases the limit by 7.5% from $510,400 to $548,250, follows a trend that began in 2016; previously, the agency hadn’t increased the limit in 10 years. In what has been an unusual … Continue reading Increasing Conforming Loan Limits: What It Means and Why It Matters
Mortgage and interest rates are far from a one-size-fits-all approach. For this reason, it is important for anyone interested in buying a home to consider the many options available to them. Finding the right mortgage is important because this can lead to major financial savings. Take a look at some of the top mortgage options … Continue reading What Type of Loan Is Best for You When Purchasing a House?
For many hopeful homeowners, the monthly mortgage payment isn’t the biggest obstacle they face when trying to buy a house. The challenge that thwarts their dreams is usually the down payment. Fortunately, multiple down payment assistance options are available for homebuyers to secure the funds needed to get their mortgage and purchase their home. Each … Continue reading Your Complete Guide to Down Payment Assistance Loans
The Federal Housing Finance Agency (FHFA) recently announced that maximum limits for conforming loan mortgages will increase in 2020. This is positive news for those who are thinking about purchasing a home in the new year. Since home prices are increasing, buyers who may have otherwise needed a jumbo loan to pay for their new … Continue reading New FHFA Maximum Conforming Loan Limits for 2020
There are a wide variety of loan programs for consumers looking to buy a home. For members of the military, there is a program that offers even more attractive benefits and advantages: the VA Loan. How does this type of loan work, why was it created, and who is eligible to use it? Read on … Continue reading History of the VA Loan
PITI is an acronym that is a crucial aspect of qualifying for and paying for the purchase of a home. Learn about each of the four components, what they stand for in relation to buying a home, and the importance of considering all of these factors when planning to buy a home. What is PITI? … Continue reading What Does PITI Stand For?
If you want to become a homeowner, chances are good that you will need a mortgage to accomplish that goal. If you’re a veteran, you have additional options available to you. Since 1944, over 18 million veterans and military members have used the VA Loan Guaranty Program to buy or refinance their homes. The VA … Continue reading Essential VA Loan Tips to Get Approved
Issued by a FHA direct endorsement, an FHA loan allows borrowers with lower credit scores and/or limited assets to obtain a mortgage. These loans are insured by the Federal Housing Administration. FHA loans tend to come with low minimum down payment options and are available to those with lower credit scores. Down Payments Current FHA … Continue reading A Snapshot Overview of FHA Loans
