Home mortgage refinancing is a great idea for many homeowners, but there are situations in which it is not possible or desirable. In some situations, refinancing may not make financial sense, especially if you plan to sell your home in the next few years. Before committing to refinancing your home, you should ask the following … Continue reading Questions to Ask Before Refinancing
Purchasing a home requires having enough money on hand for a down payment, a history of on-time payments over the past couple of years, and a steady income; but do you necessarily need a perfect credit history? While a high credit score will often bring more favorable loan terms, you can still buy a home … Continue reading Buying a House with Bad Credit
After you’ve found a home you like, made your offer, and have been pre-approved for a mortgage, you might think the job is almost done. However, there is still one important hurdle to clear, and that is getting a final approval from an underwriter. So what exactly can you expect? Think of an underwriter as … Continue reading What Do Underwriters Do?
If you have been in the market to purchase a home, you have undoubtedly heard terms like “fixed rate” and “adjustable rate,” but which is best for you? The low initial cost of an adjustable-rate mortgage, or ARM, is tempting to many homebuyers, but they do carry more uncertainty than the alternative. A fixed-rate mortgage … Continue reading Adjustable vs. Fixed Rate Mortgages
When you’re in the market for your home, you undoubtedly have questions, concerns, and no shortage of emotions. It’s no secret that purchasing a home is one of the largest financial decisions you’ll make, and of course, you don’t want to make a mistake. It is natural to have questions regarding buying your first home, … Continue reading Common Concerns of a First Time Homebuyer
An LTV, or loan-to-value ratio is a way of comparing the size of a home loan to the value of the property securing that loan. Many lenders use an LTV ratio to determine how risky a loan is, and it is often used in the loan approval process or to determine if mortgage insurance is … Continue reading What is an LTV Ratio?
Millions of people in the US are eligible for home financing with a VA home loan, and even though many veterans may have already used their VA loan benefits, it is possible to purchase a home again with VA financing by either using the loan entitlement that is remaining from the first purchase, or by … Continue reading The Benefits and Limitations of a VA Home Loan
Mortgage loan giant Fannie Mae has announced that it intends to raise the acceptable debt-to-income ratio for acquiring a home loan. This comes as huge news for aspiring homeowners, as debt-to-income ratio is the number one reason for mortgage application rejection, according to Kenneth Harney of The Washington Post. As of now, millennials make up … Continue reading Fannie Mae to Raise Debt-to-Income Ratio
The best thing someone can do for their future is to prepare for it now, and this holds especially true for the aspiring homeowner who needs to lay the foundation for buying the home of their dreams. Something that many first-time home buyers fail to realize is that ‘pre-qualification’ and ‘pre-approval’ are two different things, … Continue reading What You Need to Know About Pre-Qualification
With the housing market steadily on the rise, millennials are beginning to get their hands on more and more houses. A report by Zillow shows that 50% of home buyers are under the age of 36 which is great for the real estate industry, as the average age of first-time homebuyers has been on the … Continue reading Millennials are Finally Getting into the Home Buying Market